What Are Strategic Objectives? (With Examples)
Companies often create specific and measurable goals for progress. Strategic objectives allow businesses to plan steps that help make their vision a reality. Understanding what strategic objectives are and why they're important can help you better take part in and shape these objectives through your contributions to the workplace. In this article, we explain and give examples of strategic objectives companies use to meet these goals.
What is a strategic objective?
Strategic objectives are purpose statements that help create an overall vision and set goals and measurable steps for an organization to help achieve a desired outcome. A strategic objective is most effective when it is quantifiable either by statistical results or observable data.
Businesses create strategic objectives to further the company vision, align company goals and drive decisions that impact daily productivity from the highest levels of the organization to all other employees.
Related: SMART Goals: Definition and Examples
Types of strategic objectives
Businesses often group strategic objectives into categories to achieve multiple goals. You can set strategic objectives based on your specific industry or brand strategy with each objective as part of a broader category. Companies often set strategic objective in the following categories:
Financial strategic objectives
Financial strategic objectives are created to help companies make projections for profits, shape budgets and measure costs for their organization. They allow a company to focus on the monetary needs of their organization with specific steps to increase or decrease costs, re-evaluate spending, analyze revenue trends and plan for financial growth.
Growth strategic objectives
Businesses use strategic growth goals to make actionable statements about expanding and increasing their company influence in the market and developing new internal processes. Strategic objectives for growth can help a company plan for the future of the business with specific steps on how to achieve those long-term goals.
Training/Learning strategic objectives
Companies create strategic objectives for learning by planning to increase staff knowledge and capabilities with specific actions. Strategic objectives for training are ways that a business can plan to invest in their employees to address overall performance goals.
Business processes/operations strategic objectives
Changing or restructuring the way a business operates is the focus of strategic objectives for business processes and operations. To effectively make goals for production, a business may choose to adjust and evaluate how they create a product with the objective of implementing a more efficient process. Other process and operational objectives might involve business to business strategies or business to consumer tactics.
Customer strategic objectives
Some businesses want their strategic objectives to focus on the customer experience. A business may want to work toward creating value for their consumers based on the cost of a product or service. Or, a company may want to set goals for outstanding customer service with actionable objectives to help achieve this outcome.
How to create a strategic objective
To create a strategic objective, follow these steps:
1. Determine clear goals based on your vision
Before you make a strategic objective, decide on your overall goals and desired outcomes. Plan what areas are most important to your devolvement strategy. Think about how many objectives you need to achieve your overall vision. Consider discussing these ideas with colleagues and team members to get their input before you create specific strategic objectives.
2. Make a purposeful statement
To create a strategic objective, form a statement that shares how you will move from point A to point B in a certain amount of time. This formula ensures you've stated what you want to achieve and how you will make it happen. Choosing a timeline also helps make an objective measurable rather than something general that you are working toward.
3. Use actionable steps
Make your objective actionable, meaning your plans can be achieved through a series of steps or specific actions. Consider how much time it will take to complete the objective and the measured outcomes that will prove you have met it. Use specific data figures like percentages and years or quarters.
4. Check in on your progress
Plan to reassess your progress as you work to meet strategic objectives on your chosen timeline. Evaluate how you are using your action steps to make a change toward your overall goals. Adjust any objectives that need different action steps, or create new strategic objectives based on what you observe.
Related: How To Write Project Objectives
Examples of strategic objectives
Below are categories and examples of strategic objectives that can contribute to the overall goals of your organization:
Examples of financial strategic objectives
Here are examples of financial strategic objectives to help your organization better plan your financial future:
Increase internal revenue over the next three years
Decrease overhead spending
Budget additional funds for marketing initiatives
Increase stockholder shares every year for the next five years
Reduce waste over the next year
Create more diverse revenue streams
Increase market position
Attract more sales
Increase investment portfolio
Create initial public offering within two years
Lower incurred expenses
Related: How To Write Marketing Objectives
Examples of growth strategic objectives
Here are some strategic growth objectives to plan your organization's expansion and success in your industry:
Increase business intelligence team by five members next year
Enter two new overseas markets in the next two years
Grow national sales
Obtain more regional market shares by next year
Acquire small competitive company within next two years
Create online teams
Restructure internal evaluation system
Create feedback opportunities for staff
Open ten new locations in three years
Renew company vision statement with team input
Increase product options
Examples of training/learning strategic objectives
The following strategic objectives for training and learning can help your organization identify ways to refine skills, gain up-to-date industry knowledge and master job-specific tools and processes:
Increase professional development offerings to staff
Initiate monthly lunch-and-learn seminars
Fund certificate training for IT employees
Create digital learning platforms
Offer conference travel opportunities
Fund advanced degree studies
Offer certificate programs
Participate in a leadership summit
Conduct safety training
Implement leadership training
Start a mentoring initiative
Examples of business processes/operations strategic objectives
These strategic objectives for business processes/operations enable your organization to streamline and improve processes and policies:
Use business intelligence projections to increase growth across all markets
Promote customer growth through marketing
Increase productivity throughout the year
Reorganize production processes
Maintain sales partnerships
Implement a new internal communication system
Create new research and development structures
Contribute publications for expert knowledge
Diversify digital marketing strategies
Reduce energy usage across facilities
Increase brand partnerships
Examples of customer strategic objectives
Here are examples of customer strategic objectives to help your organization attract and retain clients and consumers:
Create excellence in customer service
Increase five-star ratings
Offer product replacement
Offer competitive pricing
Increase product value based on cost
Start a new product offering
Create a customer retention initiative
Lower call center wait times for the next two quarters
Increase repeat customers
Initiate customer satisfaction surveys
Shorten delivery time
Offer more cross-sale products
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