A strategic objective is an organization’s long-term goal or target to guide its overall direction and decision-making. It is a key component of strategic planning and involves defining an organization’s vision, mission, and goals while outlining the approach to achieving them.
Strategic objectives align an organization’s activities and resources towards a common purpose. They provide a clear focus and help prioritize actions to drive progress and success. These objectives typically span several years and are developed based on understanding the internal and external factors affecting the organization.
Strategic objectives must be specific, measurable, achievable, relevant, and time-bound (often called SMART objectives). You should align them with the organization’s vision and mission, breaking them into smaller, actionable steps or initiatives.
Let us take an example to understand this better. For an IT company, a strategic objective might be to increase market share by 20% within the next three years through product innovation and expansion into new markets. Strategic objectives would guide the company’s decisions on investing in research and development, launching new products, and entering new geographical regions.
Overall, strategic objectives serve as a roadmap for an organization, providing a clear direction and goals. It can thus achieve long-term success and competitive advantage.
Drive company success by enabling the success of every person across the company.
