The business strategy is to identify and create plans that help achieve overall goals such as increased profitability, expansion, diversification, debt reduction, risk management, and employee retention or tax reduction. The strategy begins with the ultimate objective and does not initially specify the tactics or methods by which the objectives will be achieved. However, strategic objectives are specific financial and non-financial objectives and outcomes that the company aims to achieve over a specified period, usually over the next three to five years. Moreover, strategic objectives are one of the three things that the company management team must clarify as part of the strategic planning process. The following are some of their most important advantages:
· Setting priorities
· Guidance on resource allocation
· Guidance on creating and maintaining budgets
· Influencing the team formation
· Providing focus and motivation for employees
· Providing focus and motivation for employees
· Defining the objectives of Marketing, Public Relations and Human Resources departments
· Providing comprehensive data used to measure team performance
