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Business Planning – What is a Strategic Objective?

Strategic objectivesMany business owners may not have had the time to define what success looks like for them and no matter how hard they work, they may not feel successful. Others may define success in unrealistic terms and become despondent when they continually fail to meet their goals.

The purpose of a Strategic Objective is to ensure that everything that you and your employees do will move your business towards your vision. The objective of a Strategic Objective is to have a clear written statement of your vision of success - what your business will be when it is complete and how it will perform when it is fully developed. Your Strategic Objective is a detailed picture of the future of your business.

Because changes occur so rapidly in financial services, your Strategic Objective should be stable but not static. Your business should be able to respond to shifts in regulation, competition and consumer trends, while progressing toward your ultimate vision.

Working toward strategic objectives takes various components into consideration.

Example Components of a Strategic Objective

Basic Components  Unique Components
Line of business (Products and services)  Market and client segmentation
Business size (Number of offices, employees and clients) Service differentiation
Business growth (Revenue, profitability, asset value) Distinctive marketing methods

 

A strategic planning process can help you to understand what you really want for your business, to determine how you will actually get there, and most importantly, how your goals will ultimately enable you and your employees to make the most of your lives (and serve your Personal Objective).

 

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Support material

Business transition – the importance of business planning

Business transition

 – the importance of business planning. By Mike Leeson

Read the article
The business plan: Ready! Aim! Fire!

The business plan:

Ready! Aim! Fire! By Mimi Pienaar

Read the article
Management: a key indicator for business success

Management:

a key indicator for business success. By Mimi Pienaar

Read the article
Download the Business Planning module as a PDF

Business Planning

The four key areas

Download the PDF