Companies or organizations sometimes use the terms “goals” and “objectives” each other. Especially, when discussing business strategy ,to use these terms more effectively, there needs to be an understanding of the differences between a goal and an objective. Let’s first define “What is a goal” and “What is an objective?”
A goal is a broad aim you set up to start business planning process. When you plan your business future, you will generate a list of potential targets that you want to reach. These are goals. For instance, growing sales revenue of your company in Canada can be considered a goal. An objective is a specific milestone that you reach on the way for achieving your goal. Increasing your network can be an object which used to reach your goal.
Importance of Goals and Objectives
Setting goals help define the direction that your business will take. So, your business goals must be align with your company’s mission and vision statements.On the other hand, businesses or organizations use objectives to measure their success and progress toward their goals. Without objectives, it is impossible to reach goals. Objectives can be motivational for employees and business owners. If your objectives are easy to write , that means your business strategy is on the right track. Instead, strategic planning is important when setting your goals.
After you have planned your goals and objectives , you can get even more particular in your business planning by creating strategies and tactics to reach your objectives. Strategies are more intangible than tactics. Tactics are the keys of achieving your objectives. For instance , a strategy can be “Be effective in Social Media to increase the sales” for the objective “Increase sales by %20 next quarter. For that objective a tactic can be “Post an advertisement on company’s social media accounts every day during the next quarter.