3b. 'Setting long-term strategic objectives for a website is unrealistic since the rate of change in the marketplace is so rapid'. Discuss
Long-term strategic objective defines as performance goals of any businesses that aim to achieve over a long period of times. Long-term objectives usually incorporate specific improvements in the organization’s competitive position, technology leadership, profitability, return on investment, employee relations and productivity, and corporate image. (“Long Term Objectives”, 2018)
Setting long-term strategic objective for any company or any websites is not unrealistic. However, it can be argued both ways depending on the situation and plans. In general, it is true that setting long-term strategic objective is unrealistic due to constant change in the market. Nevertheless, setting long-term strategic objective is a management tool which work as a guide for business to achieve certain goals and success. It is framework for business to succeed and there are no rules that you can’t change the framework along the line. Long term objective helps business to determine where are they sitting now and where they want to be in future to gain achievement. A good long term planning includes various steps and outlines that should be consider. Such as goals should be “S.M.A.R.T.” (specific, measurable, actionable, reasonable, and timely).
The key to a successful long-term strategic planning process is to identify the core competencies required, and then begin immediately to develop or to acquire those core competencies so that company will be strongly positioned for the markets and competition in the future. Job is to constantly be thinking about the future. Through your strategic planning process, you must take the necessary steps in the short-term to guarantee that you will achieve the profitability that you desire in the long-term. This ability to think long-term has never been more important or more valuable than it is today. It is a real key to profitability. (“Strategic Planning Process: How to Set Long-Term Goals”, 2018)
Additional essentials for creating a thorough and effective strategic plan.
- Define your company vision
- Define your personal vision
- Know your business
- Establish short-term goals
- Outline strategies
- Create an action plan
- Foster strategic communication
- Review and modify regularly
- Hold yourself accountable
- Be adaptable
- Create a strategic planning team
It extremely important for any businesses to keep eye on the future and plan for any obstacles that company/website could face. Adopting change as it comes and walking with current trends along with long-term plan will not be unrealistic since having a plan is always better then not having any plan.
Reference list:
- 9 Steps to Creating a Strategy for Long-Term Growth | Small Business BC. (2018). Retrieved from https://smallbusinessbc.ca/article/9-steps-to-creating-a-strategy-for-long-term-growth/
- 11 Tips for Creating a Long-Term Strategic Plan – Bplans Blog. (2018). Retrieved from https://articles.bplans.com/11-tips-for-creating-a-long-term-strategic-plan/
- Enterprise, L., & Jeffery-Morrison, M. (2018). Long Term Planning vs. Strategic Planning | Articles | Chief Strategy Officer. Retrieved from https://channels.theinnovationenterprise.com/articles/long-term-planning-vs-strategic-planning
- Long Term Objectives. (2018). Retrieved from https://www.monash.edu/business/marketing/marketing-dictionary/l/long-term-objectives
- Strategic Planning Process: How To Set Long-Term Goals. (2018). Retrieved from https://www.briantracy.com/blog/business-success/the-strategic-planning-process-how-to-set-long-term-goals-thinking-about-the-future-how-to-set-goals/
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