Strategic Objectives are one of the fundamental building blocks of your strategic plan. For the intensive purpose of this post, we’ve put together below a short list of common strategic objectives.
As a quick refresher, remember that strategic objectives are long-term and should be aligned with your organization’s mission and vision. If you need an in-depth explanation of strategic objectives and how to identify and create them, click here to watch the video.
We prefer to organize these objectives into these four buckets:
Financial Strategic Objectives
- Financial Growth: To exceed $10 million in the next ten years.
- Financial Growth: To increase revenue by 10% annually.
- Financial Efficiency: To decrease expenses by 5%.
- Financial Efficiency: To increase net profit by 10% annually.
Customer/Constituent Strategic Objectives
- Current Customer: Expand sales to existing customers.
- Current Customer: Increase customer retention.
- Current Customer: Achieve and maintain outstanding customer service.
- Current Customer: Develop and use a customer database.
- New Customer: Introduce existing products into a new market.
- New Customer: Introduce new products to new and existing markets.
- New Customer: To expand sales to the global marketplace.
- Customer Service: Improve our service approach for new and existing customers.
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Internal/Operational Strategic Objectives
- Product/Service/Program Management: To have all product meet standard of excellence guidelines. (Some businesses prefer to list their individual product or services as separate objectives.)
- Operations Management: Capitalize on physical facilities (location, capacity, etc.).
- Operations Management: Increase community outreach.
- Technology Management: Increase efficiencies through use of wireless or virtual technology.
- Communication Management: Improve internal communications.
- Customer Management: To execute and maintain a CRM process that is producing results.
- Marketing Management: Develop and implement a promotional plan to drive increased business.
- Alliance Management: Establish one new strategic alliance annually.
- Channel Management: Improve distributor and/or supplier relationships.
People/Learning Strategic Objectives
- People: Employ professionals who create success for customers.
- Training: To develop the leadership abilities and potential of our team.
- Culture: To align incentives and staff rewards with performance.
- Knowledge: To continually learn and adopt current best practices.
Remember, these are just examples of strategic objectives. Sometimes seeing an example makes understanding the process easier.