STRATEGIC OBJECTIVES 127
Your strategy will require resources, including some or all of the following:
investment and working capital;
direction, management, and operating and support personnel;
premises, plant, machinery, equipment, etc.;
raw materials, components, finished goods;
Look back at what you have (see Chapter 4) and list the additional resources that you
might need. You will need to confirm the feasibility of obtaining any additional resources.
If you think you can get them, draw up a timetable for bringing them on board. If the
requirements are unreasonable, it is time to revisit your strategy.
So, you have decided on a strategy. Now it is time to specify strategic objectives. These
identify what your strategy has to lead you towards and what your plans have to achieve.
If you found setting a strategy exhausting, you will be relieved that deriving the objec-
tives is rather easy. Simply identify the key things that you need to achieve to make your
strategy a success, and write them down. Remember to make these objectives as specific
and measurable as possible – try to include target dates, and quantities or values to be
achieved or milestones to reach.
It might assist your thinking if you consider that objectives are tempered by constraints
and responsibilities. Constraints might be an upper limit on the amount of working capital
available, restrictive practices imposed by a unionised workforce, an inefficient corporate
infrastructure that will take time to change, or other internal factors. Responsibilities are
external restrictions such as government regulations that affect the way that you can oper-
ate. Both might include your corporate values discussed in Chapter 4.
Do not understate your objectives. Stretch yourself and your organisation. It is
remarkable how clearly defined objectives ‘happen’ , however tough they are.