Goals are what make people motivated. Setting a goal and achieving it makes a person or a group happy. But to achieve these goals, a list of steps to be followed must be made.
These steps should be followed to achieve the goal of succeeding in a particular mission. There are particular terms used to denote the steps and tasks to be followed in achieving a goal.
- Objectives define specific, measurable goals, while strategies outline the approach to achieving those goals.
- Objectives are quantifiable and time-bound, while strategies are more qualitative and flexible.
- Objectives provide the basis for evaluating success, while strategies guide the decision-making process throughout the project.
Objective vs Strategy
Objectives are specific, measurable, time-bound goals that an organization wants to achieve, and they define what an organization wants to achieve. Strategies are the plans and actions that an organization undertakes to achieve its objectives.
The objective is the list of simpler and specific tasks set to achieve a greater goal. Objectives must be crisp and clear. Objectives must be moderately challenging tasks that can be achieved without much hustle.
Objectives must form the steps to reach the major business goal. Deadlines must be set to achieve the objective effectively within the given time.
Strategy is the trick or witty approach a company makes to achieve its objectives. Strategies must be made with a thorough understanding of the business.
Knowing the strengths, weaknesses, scope, and drawbacks of a business is crucial before setting up the strategies. The strategy helps to succeed in the attempt to achieve the objectives.
|Parameters of Comparison||Objective||Strategy|
|Definition||Objectives are the tasks set to achieve the main goal||The tricks and tools used to achieve the objectives|
|Characters||Specific and goal-centered.||Smart and effective|
|Features||Must be specific, measurable, relevant, achievable and should include a timeline||Clarity, inspiring, help to measure growth|
|Framed based on||Understanding the goal and its outcomes||Must be framed depending on the objectives|
|Example||Marketing company trying to increase the number of content||Marketing company hiring more workers|
What is an Objective?
The objective is the steps or actions taken to achieve the main goal. Objectives must be specific and centred towards the goal. It helps the employees and the employers to understand the goal since it is very specific and clear.
Objectives quantify the process, and thus it is easier to analyze the outcomes of the objectives.
The objective is normally framed by keeping in mind the characteristics collectively called SMART. Every letter in SMART denotes a feature that an objective must contain.
The objective must be specific, that is, and the objective must be framed to achieve the main goal alone. Additional or unnecessary activities must not be included in the objective. The objective should have clarity.
The objective must be measurable. The objective can include several milestones, so when the milestones are achieved, you can measure how far you have made in achieving the objective. It must be an achievable one.
Objectives must not be very complicated to achieve. It must motivate people to achieve it.
It can also mention the efforts one must put in to achieve the objectives. Objectives must be relevant to the goal to be achieved. Setting a timeline to achieve the objectives is crucial.
Objectives are commonly framed in a way to motivate employers to achieve them, and they should also be rewarding.
What is Strategy?
Strategies are the techniques or ways in which the objectives are achieved. Strategies help to give a smarter and more effective way to succeed. Strategies must be planned by knowing the needs and motive of the goal.
Developing a successful strategy is important to achieve something within the given time.
The mission of the organization or company must be considered. The goal to be achieved eventually adds up to the mission of the company.
Strategies should enhance the impact objectives must-have on the targeted group of people. Strategy can also be subjected to a SWOT analysis to determine effectiveness.
SWOT evaluates the strategy’s pros and cons and helps improve it. It also helps to know the opportunities that the strategy may bring and also the threats.
So, when a strategic plan is evaluated using SWOT analysis, all the things that need to be changed can be understood.
The strategy should be formed based on the project’s budget, the number of staff working, and the expected outcome. For example, if the objective of a restaurant is to increase its number of customers and to increase profit.
They can follow a strategy to provide food at a very low rate for a few days to attract people.
Main Differences Between Objective and Strategy
- Objectives provide the set of actions or measures to be followed, while Strategy gives the tricks by which the objectives can be achieved.
- Achieving the objectives depends on the strategies that are implemented, while Strategies are framed based on the goal to be achieved.
- To frame the objectives, characters like specificity, relevance and, Timeline are considered, but in Strategy, the strengths, drawbacks, weaknesses and, scope are taken into account.
- An example of an objective is a boutique expecting their production to be doubled within five months while the strategy is hiring a few designers to increase the number of outfits designed.
- Specific objectives are framed to achieve one goal, but many strategies can be used to succeed in one objective.
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.