The importance of Short-Term Objectives in a Business Decision
Probably you think, how short term decision can help you with long term planning.
Short-term objectives help businesses meet long term objective, making them an important element of any businesses decision. For example, suppose a company's long-term goal is to double its customer base. To do so, it creates a plan that involves a series of short-term objectives. The company then moves from one short-term objective to the next, knowing each completed objective brings it closer to its overall goals. We can define few types:
Type of objectives
What we can counts as a short-term objectives is depend on a business's needs/ In the contestant of a small project, short-term objectives might be daily or even hourly tasks necessary to meet a deadline. A company might set Short-term goal in several years. For example, a businesses that hopes to expand into another region might break down it's long term growth strategy into a series of short-term objectives.
Verifiable
Short-term objectives must be verifiable to be valuable, according to the book "businesses Policy and strategic management" by AzharKozami. "A businesses owner must to be able to measure whether a short-term objectives has been met". Example: A businesses owner who aims to improve her company's customer service department can implement customer surveys. Over the course of several months and measure changes in consumer attitudes to track where is meeting the company short-term objectives.
Early indicators
Even the best long-term plan can fail, which is another reason short-term objectives are important. If a businesses owner is failing to achieve the short-term objectives required by his long term plan, that's a sure sign he should reevaluate his strategy. Perhaps he failed to account for some expense or overestimated his strategy's effectiveness. In any case, it's better to know early on that he is stalled or heading in the wrong direction. In the businesses owner fails to measure his progress with short-term objectives, he might waste years on an ineffective strategy.
Consideration
No single approach to setting objectives works in all cases. Instead businesses owners must decide for themselves how to factor short-term objectives into their businesses decisions. One effective approach is to break down a long-term objective into a series of steps. If possible break down individual steps into smaller steps. After you have a series of specific and measurable short-term objectives, use them as a guide when making businesses decisions.
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