“HOW TO DEVELOP STRATEGIC OBJECTIVES FOR YOUR EMPLOYEES TO GROW YOUR BUSINESS?”
What is a strategic objective? What could an individual or organization take into consideration when setting strategic objectives?
When we speak of objectives, we are discussing a broad range of categories. Objectives are non-dated, can’t be measured and are continuous. An individual or organization converts a motive into an action by establishing objectives.
What is Strategic Objective?
Strategic objective commences with individuals deciding where their current position is at now and to communicate with oneself or among individuals in an organization where they foresee themselves to be in a couple of years. Strategies would be devised on the basis of what could possibly bring these individuals to their desired future. Upon deciding on the plan, details of plan implementation are worked out. Strategic objectives plays a pivotal role in driving performance, keeping attention on a plan, assess its success and where required – to revise the plan.
How to Initiate Strategic Objective?
Let us walk you through a few criteria in evaluating your Strategic Objectives.
- Is my objective broad?
- Is my objective non-measurable?
- Is my objective continuous, ongoing, and non-dated?
- Does my objective help to sustain my competitive advantage?
- Does my objective convert my mission/vision into action?
- Could I assign a person to be responsible for this area of activity?
When initiating strategic objectives, it is important to know the two subtypes of it. Strategic objectives encompasses of short-term objectives and long-term objectives. Individuals and organizations are encouraged to incorporate both short-term and long-term objectives as they define the path in achieving the goals.
Here we have explained the differences and relations between these two subtypes of objectives which could work as a guide when you would like to establish your own Strategic Objectives.
Differences between Short-Term Objectives and Long-Term Objectives.
Having a clear understanding between short and long-term objectives would help you navigate your paths from present to the future and progress towards achieving your desired goal while driving your performance.
Long term objectives are fundamentally more strategic as compared to short-term objectives. Long-term objectives shape the overall direction of an individual’s work or an organization as a whole. A method of measuring the success of a long-term objective is by considering how well the individual or organization conforms to their mission respectively.
On the contrary, short-term objectives are a reflection of how well the individual or an organizations are performing. An effective short-term objectives would require establishment, monitoring and achieving these objectives to aid with an individual or organizations progress.
The Relation between Short-Term and Long-Term Objectives
If you have a long-term objectives that stretches to a couple of years, there should be sequences of shorter term objectives within it. Upon establishing a long-term objectives, one should define the essential steps in achieving it. These steps are examples of a shorter term objectives.
Both short and long-term objectives have their own distinct purpose in helping and individual or an organization in achieving their goals. In determining goals for both these categories, the individuals or organization has to begin with determining their current position and where they would like to be in three to ten years.
An effective strategic objectives in both categories are commonly well-thought-out. The significant part in establishing short-and long-term objectives is to understand their differences and how they work hand-in-hand in achieving goals and driving performance.
At Alchemy Resources, we provide performance management consultancy to help our clients drive performance while achieving the company’s goals. Contact us to find out more on how we may work together in driving performance and achieving goals through strategic objectives to improve your company’s performance.