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Business Strategy

The major outcome of strategic road-mapping and strategic planning, after gathering all necessary information, is the setting of goals for the organization based on its vision and mission statement. A goal is a long-range aim for a specific period. It must be specific and realistic. Long-range goals set through strategic planning are translated into activities that will ensure reaching the goal through operational planning.

Many people believe they plan; they consider the future and/or contemplate how they might increase profits. However, merely thinking ahead will not produce either an efficient or an effective plan. Planning is a process that involves the development of goals and objectives, and determining methods or strategies for reaching them. It also involves re-evaluation: making sure that the plan is viable and correcting the plan if not.

By setting goals and objectives, you are establishing the outcomes you wish to achieve, first in a broad sense (goals) and then more specifically, in measurable terms (objectives).

Objectives are the targets which must be achieved in order to fulfil the corporate aims. These will vary greatly according to ownership, size, industry etc. however, some objectives are at the core of the majority of businesses. Examples of objectives include:

· Maximise profit – this is usually the primary objective of any business in the private sector.

· Maximise shareholder wealth – This is often presented by the Board of Directors within large Public Companies.

· Business growth – this can be in a variety of forms depending on the type and current size of the company.

· Spreading risk – most often in the form of diversification. The long-term survival of the company can be supported when the company does not rely on one main product. For example, the chocolate manufacturer Cadbury is now Cadbury Rowntree Schweppes as it has diversified into soft drinks and sweets.

· Increasing market share

Article by Staff of ACS Distance Education

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