The Role of Business Goals
With an articulated mission statement and strategic priorities or values that align with the mission, a company can set specific goals and objectives for a particular time period, typically annually or biannually. These goals create a culture of accountability and serve as the basis for evaluating performance and adapting company policies and strategies.
Understanding Business Goals
Business goals are what a fashion brand company expects to accomplish within a set time frame. These goals evolve as the company grows, reflecting changes in the business environment, competition, customer characteristics, technological advancements, and other trends. Business goals can be related to benefits for the company, employees, customers, or society.
Examples of Business Goals
- Profitability: For a new fashion brand, a common goal might be achieving profitability within two years.
- Market Share: An established brand might aim to increase its market share among competitors.
- Employee Development: Goals can include enhancing professional development opportunities for employees.
- Environmental Impact: Companies may aim to reduce the environmental impact of their products.
- Quality Assurance: Ensuring products are made in fair and responsible factories.
Effective Business Goals
Effective business goals should be realistic yet aspirational, ensuring they provide specific direction for both business and social objectives. Decision-makers need to consider the company’s mission, overall business environment, competition, technological advancements, and other trends when setting these goals.
Case Studies
Eileen Fisher
Mission: Inspire simplicity, creativity, and delight through connection and great design.
Business Goal: Achieve a sustainable production model that aligns with their mission, ensuring ethical and timeless clothes are part of a responsible lifecycle.
Adidas Group
Mission: Be the best sports company in the world.
Business Goal: Increase market share in key cities and ensure all products are sustainable, aligning with their “Creating the New” strategy.
Key Elements for Aligning Mission and Strategy
- Clarity: Clearly define the company’s purpose and values.
- Integration: Ensure all business decisions and strategies reflect the mission.
- Sustainability: Commit to ethical practices and environmental responsibility.
- Consumer Focus: Prioritize consumer needs and preferences.
- Innovation: Foster a culture of continuous improvement and innovation.
Conclusion
Aligning business goals with the company’s mission is essential for authentic and effective internal decision-making and communications. By doing so, fashion brands can drive business growth while staying true to their core values and purpose.
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