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Your objectives must also include factors such as KPI’s, resource allocation and budget requirements.Now is the time to put some meat on the bones of your strategy by translating the strategic objectives into more detailed short-term plans.
Like the vision statement, this defines the organisation’s purpose, but it also outlines its primary objectives.
This focuses on what needs done in the short term to realise the long term vision.
All the planning and hard work may have been done, but it’s vital to continually review all objectives and action plans to make sure you’re still on track to achieve that overall goal.
Managing and monitoring a whole strategy is a complex task, which is why many directors, managers and business leaders are looking to alternative methods of handling strategies.
Both should include a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) and be reviewed regularly so that they’re up to date.
The business plan is a broader, more preliminary document that sets your course when your company may still be nothing more than a twinkle in your eye.
It’s often the founding document of a new business.
There’s a lot of overlap between the two, but there are also some crucial differences you should understand. Its purpose is to define where you want to take your business.
By taking a look back at your review in step one, in particular the SWOT and PESTLE analysis, you can incorporate any identified strengths and weaknesses into your objectives.
Crucially, your objectives must be SMART (Specific, Measurable, Achievable, Realistic and Time-related).