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Written Report Bitch-1

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24 views

Written Report Bitch-1

Uploaded by

John Axelle
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Written Report

BSBA FM IV-4

Strategic Management

Presented by:
Liparto, John Axelle C.

Presented to:
Mr. Romualdo Del Agua

A.Y. 2024 – 2025


LESSON 2
Setting Strategic Objectives

Reporter: Liparto, John Axelle C.

TOPIC:

WHY SHOULD YOU CREATE OBJECTIVES?

There are many good reasons to develop objectives for your initiative. They include:

● Having benchmarks to show progress.

Explanation:

Benchmark is a valuable tool for companies to use in the creation of strategic objectives. By
comparing their performance against industry benchmarks, companies can gain valuable
insights, identify best practices, stay competitive, and track their progress towards their goals

Measurable Goals: Benchmarks provide clear, quantifiable targets that help organizations define
specific objectives, making it easier to track progress.

Performance Assessment: They allow for regular evaluation of performance against established
standards, highlighting areas needing improvement.

Continuous Improvement: Benchmarks encourage a culture of continuous improvement, as


organizations regularly assess their performance and set new, more ambitious objectives.

● Completed objectives can serve as a marker to show members of your organization,


funders, and the greater community what your initiative has accomplished.

Explanation:

Achieving objectives often reflects a company’s operational efficiency and effectiveness,


signaling to investors and customers that the business is performing well. Objectives provide a
clear direction for teams, ensuring that everyone understands priorities and works towards
common goals.

● Creating objectives helps your organization keep focused on initiatives most likely to
have an impact.

Explanation:

Creating objectives is essential for staying focused on initiatives. Objectives provide clarity,
motivation, and direction, helping to keep individuals and teams on track towards achieving their
goals. By setting specific and measurable objectives, teams are able to prioritize tasks, plan
effectively, track progress, and ultimately succeed in their initiatives.

● Keeping members of the organization working toward the same long-term goals.

Explanation:

Creating objectives that align with long-term goals is essential because it ensures consistency
and focus across all efforts. Here are key reasons:

Cohesion: It fosters teamwork and collaboration, as everyone is working toward a shared vision,
minimizing misalignment and confusion.

WHEN SHOULD YOU CREATE OBJECTIVES?

Your community organization should create objectives when:

● Your organization has developed (or revamped) its vision and mission statements, and is
ready to take the next step in the planning process.

Explanation:

Organizations need to develop or revamp their mission and vision statements to ensure they
reflect current values, market dynamics, and strategic goals.
Relevance: As organizations evolve, their mission and vision should capture their current
purpose and future aspirations, aligning with market changes and stakeholder expectations.

Set Specific Objectives: Develop specific, measurable, achievable, relevant, and time-bound
(SMART) objectives that align with the revamped mission and vision.

● Your organization's focus has changed or expanded.

Explanation

An organization's focus change or expansion is crucial when creating objectives because:


Alignment with Strategy: As focus shifts, objectives must align with new strategic priorities to
ensure that all efforts contribute effectively to the organization's goals.

Market Responsiveness: Changes in focus often reflect shifts in market dynamics or customer
needs, requiring objectives that address these evolving circumstances.

For example, perhaps your organization's mission relates to care and caring at the end of life.
You have recently been made aware of new resources, however, to positively affect the lives of
those deeply affected by the death of a loved one. If your organization were to apply for this new
grant, it would expand upon your current work and would require objectives as you developed
your action plan.

● The organization wants to address a community issue or problem, create a service, or


make a community change that requires: Several years to complete.

Explanation

For example, your child health organization might hope to increase the percentage of students
who finish high school - a task that may take several years to complete. A change in the
behavior of large numbers of people. For example, your organization may be trying to reduce
risks for cardiovascular diseases, and one of your objectives may be to increase the number of
adults who engage in physical activity in your community.
● A multi-faceted approach.

Explanation

Risk Mitigation: By addressing multiple areas, organizations can identify potential risks and
challenges, allowing for more resilient objectives that can withstand changes in one area without
jeopardizing overall goals.

For example, with a problem as complex as substance abuse, your organization may have to
worry about tackling related issues, such as access to drugs, available drug rehabilitation
services, legal consequences for drug use, etc., as well as reducing the prevalence (how often
or how much) of drug use.

HOW DO YOU CREATE OBJECTIVES?

So once your organization has decided that it does wish to develop objectives, how do you go
about doing so? Let's look at the process that will help you to define and refine objectives for
your organization.

Explanation:
Creating effective objectives involves several key steps:
● Define the Purpose: Understand the overall goals of your organization or project. This
provides context for your objectives.

● Use the SMART Criteria: Ensure that each objective is:


1. Specific: Clearly define what you want to achieve.
2. Measurable: Include criteria to measure progress and success.
3. Achievable: Set realistic objectives that can be accomplished.
4. Relevant: Align objectives with broader organizational goals.
5. Time-bound: Set a clear deadline for achieving the objectives.

● Involve Stakeholders: Engage team members and other stakeholders in the


objective-setting process to gain diverse insights and foster buy-in.
● Prioritize Objectives: Determine which objectives are most critical to achieving your
overall goals, and prioritize them accordingly.

● Break Down Larger Goals: Divide complex objectives into smaller, manageable tasks or
milestones to make progress more attainable.

● Document Objectives: Clearly articulate the objectives in writing, ensuring they are
communicated effectively to all relevant parties.

● Review and Revise: Regularly assess progress toward objectives and be open to
making adjustments based on feedback and changing circumstances.

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