Strategic, Long-Term and Short-Term Objectives

//Here, we discuss about the differences among strategic, long-term and short-term objectives of an Organization as the objectives of a firm are very much critical for its success. //

 Strategic Objectives: Strategic objectives refer to the purposes that an organization strives for. Strategic objectives relate with an organization’s vision and mission. Strategic objectives of an organization have multi-year timeframes for the achievement of determined objectives. Strategic objectives are multi-functional, which means that they require intensive endeavors from the all members of an organization.

 Long-term Objectives: Long term objectives are the goals that represent a state at which an organization want to be in the near future. In the long term objectives, setting out of strategies is not possible, as these goals are long term. Long term objectives are less substantial and experimental due to the longer time horizon.

 Short-term Objectives: On the other hand, the short term objectives are the additive efforts in the direction of achieving long term objectives. Short term objectives are much more experimental and easier to determine and their culmination time is short.

//Above, we discussed about the differences among the short-term, long-term and strategic objectives. Now, we will discuss about the relationship between objectives and goals along with some examples. //

‘Goal’ depicts what an organization hopes to accomplish in a future period of time. This represents a future state or an outcome of the endeavor put in now. In organizations’ a wide range of financial and non-financial issues are resolved by goals. Objectives are the ends that state particularly how the goals shall be attained. They are actual and detailed in contrast to goals, which are usually generalized. In reality, objectives make the goals operational.

The relationship between the objectives and goals can be understood with the help of an example of a Bank. A bank’s mission is to be...