Wax Perfection is a small vinyl records business, which sells vinyl records and associated campaign. Since the business already exists, it probably has survived. If not, the business main aim should be survival. This is vital because without surviving no business will exist. If it had already survived for a year or so, then the business can move towards a new aim for the coming year. Assuming that the small business has already come passed the surviving face, the next set of aims and objectives for next year would be the increase brand awareness. Since they already have experience in the field, their confident level would have increased and they would be looking forward to improve the business in various ways. The business’ main aim could possibly increase awareness of brand and increasing market share, which would result in attracting more customers. This is important in second year because if they don’t find ways to improve the profit of the company then the company will be shut automatically. With good plan, Wax Perfection will be able to achieve their aim. In order to help the business achieve the aim, they should have SMART objectives that are very much related to the aim. These objectives can be very helpful for a business to achieve their aim as it guides the business and its’ employees in a specific path to achieve the aim in over a certain time period.
Specific – Validating from secondary research and aims of the business, it is clearly know that all the objectives are specified for increasing the brand awareness of Wax Perfection, in order to attract more customers and maximise profit. Wax Perfection should focus on selling products and services with good quality and customer service to satisfy customers and also to create a powerful image that Wax Perfection is not only a music store but also a business that satisfy its customers’ entertainment needs. Serving customers in this manner would enhance customer experience, and eventually help achieve the objective of the company.
Measurable – if the objectives are implemented accordingly, Wax Perfection can expect to achieve a
Achievable – Business should have a good vision of what they are going to do. And in order to make it achievable, they have to have all the important and suitable resources that the business needs to achieve the aim. Employees and resources are the essential assets for any company to achieve the aim. Since Wax Perfection already exist and presumably has survived, they should have some if not all of the resources already. If they don’t, they have to get funded in order for them to get the resources to achieve the aim. With proper implantation of the specific objectives, the aim and all the objectives can be achieved.
Timed – When it comes to achieving the aims of Wax Perfection, time is a very significant factor. The specific objectives would allow the business to increase brand awareness and maximise in profit without fail. Judging from the research of the market, research on the company and the available resources, the targets can be achieved within the span of 2 years. This time period might decrease or increase depending on the plans and management of the business,