Objectives
Examples of Strategic Objectives
To give you some sense of what strategic objectives look like for real companies, the following have been drawn from my clients over the past several years, grouped by type of SO rather than by client. Each SO ended with a date phrase such as “by 2001.” These dates have been dropped here. You can assume a short-term sounding SO had a date for achievement soon after the completion of the plan. Indeed, sometimes an SO was achieved before the strategic plan was formally adopted and disseminated!
Growth
Achieve $1 billion in annual revenues with $60 million in profits.
Maintain a net profit rate equal to or better than the best world class companies in our industry.
Have investment policies and fiscal procedures to foster aggressive growth and profitability.
Have a comprehensive business development plan.
Have 6 projects in 3 countries.
Management
Have a management team capable of meeting our strategic objectives.
Have a complete management team.
Safety
Have an injury free workforce.
Administrative
Have standardized cost management and financial systems.
Have standard operating procedures.
Employees
Have a comprehensive career development program.
Achieve an employee turnover rate less than 5%.
Define and communicate organizational roles, responsibilities, and expectations for all employees.
Natural resources
Produce coal on our lands.
Physical plant
Have all digital equipment.
Have a replacement equipment financing plan.
Have a technology development and implementation plan.
Quality
Complete the ISO 9000 certification of all projects.
Achieve zero errors and omissions claims.
Achieve compliance with federal, state and local environmental mandates.
Your Homework – Draft Your Strategic Objectives