Without a strategic objective, a business will make haphazard progress based on a short-term vision instead of being focused on a long-term vision inspired by the primary aim. Moreover, the set standards can be used to measure progress and build strategy.
The definition of strategic objective.
A strategic objective is a clear statement of what your business will do for you to achieve your primary aim. It is different from a business plan because it is linked to your primary aim, or what you want to do with your life. Your strategic objective consists of certain standards, which you can choose. Hence, the strategic objective is a scale to measure your company’s progress.
The common standards used to define a strategic objective.
Some common standards include money, an opportunity worth pursuing, and location. Money includes the amount of gross revenue you want from your business. An opportunity worth pursuing means that your business will solve a major problem experienced by a large number of people. Location means whether you’ll sell locally, nationally, or internationally.
Create your own strategic objective.
After knowing your primary aim, you have to define your strategic objective using certain standards.