A business driver is a measurable resource that drives performance to achieve maximum profits for a business. Business Objectives can be seen as ‘How much’ or ‘By when’, where drivers can be seen as ‘what influences’ these objectives.
Drivers vs. Objectives
Business objectives is that exact metric (target) that you hope to achieve through the enforcement of your drivers. To use an analogy: If you imagine a steam train that is trying to attain it’s fastest speed.
A business driver can be seen as the amount of fuel given to the engines, whereby the speed is the target or objective of the train. A business strives to reach their objectives through the measuring and optimisation of their key business drivers.
A business driver is something that changes your performance, but to measure your performance, and to understand how it can be changed, you must have metrics or business objectives to strive for. A driver is not a plan on how these can be achieved but rather it contains principles that will guide actions in achieving your business objectives.
Your business objectives must always be measurable (and have a target date) in order that the drivers (or strategies) can measure the achievement of these goals.
Examples of how objectives and drivers work together:
Before you can compare drivers/objectives you must first identify your own business drivers. For example lets say one of your drivers is an up-to-date SEO marketing strategy. This SEO strategy is your goal to achieve more traffic to your site and build your brand awareness. It is also something measurable i.e. data can be collected on traffic through analytics.
Your business objectives is the exact metric or target traffic of that goal (example from 500k website visits per month to target 600k). This target is measurable and can have a target date. You can now measure the achievements of these goals i.e. new marketing strategy is achieving goal.
If you are finding it difficult to identify your drivers or you’re not sure which of your company objectives need priority it is worth taking the time to sit down and exam the workings of your business more closely. If this fails, give us a call, we’ll be happy to help you!