Long Term Strategic Goals Is The Key To Sucessful Business

Learn to determine a long-term strategy the successful business.

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How To Set Strategic Goals For Your Business

If you want to succeed in your life then this article is just for you. Here, we have written about the ‘Strategic Goals‘,  and how Long-Term Strategy can help you in achieving success?

But before starting with the article, let us first have a brief understanding of the term ‘Strategic Goal’ and how it is different from the term ‘Objective’?

Strategic Goal is a broad primary outcome of the business whereas the objective is measurable steps to achieve this goal.

For example, to become India’s most successful organization is Strategy Goal and to achieve 20% growth in this financial year is one of the objectives to achieve this goal.

Importance of Strategic Goals in a Business

Strategy Goal is always critically important to the success of a business. A Cleared and Focused Strategy provides a sense of direction and highlights measurable goals of the business.

In simple language, it converts your vision and mission into achievable and measurable targets. You will get succeded if you achieve these targets.

Types of Strategic Goals

There are two types of strategic goals. First, Long-Term Strategy Goal and Second, Short Term Strategy Goal.

Types of Strategic Goals
Types of Strategic Goals

As the name suggests, Long-Term Goals are the goals set for a longer period of time say 4 to 5 years or more. On the contrary side, Short-Term Goals are the goals set for a short period of time say 1 year.

Now a question may arise to your mind, how long-term Goals is key to business success? To know the answer, please read below.

Long-Term Goal is Key to Business Success

According to one study, Amazon owns 44 cents out of every e-commerce dollar spent in the U.S. One of the reason for its success is ‘Long-Term Strategy‘.Amazon believes in long-term growth over short-term benefits.

Amazon
Amazon

In 1997, Jeff Bezos issued a manifesto called “It is all about the long-term”. Through this manifesto, he laid out his approach to business and running Amazon. You will find the letter at this link.

Confused? Still not clear how long-term strategy is key to success? Let us understand this as an example.

Have you ever thought, how Amazon company is laying its foundation in India? You will find it interesting to know that Amazon is approaching the Indian Market in the similar manner as it has the U.S. market. Amazon company is spending lots of money on lowest price and fastest delivery. The Amazon Prime is the best example for this.

Amazon Prime Benefits
Amazon Prime Benefits

All these benefits are available at Rs.999 only.

From above image, you can clearly see that Amazon is focusing more on the delivery time. Do you know Why?

This is because Amazon knew that customers are not satisfied with the delivery time.

When a customer purchases goods online, he always wishes to get the delivery immediately. If Amazon gets succeeded in reducing the delivery time then no one can stop them from getting successful.

So, unlike other e-commerce companies, Amazon is not focusing on the short-term goals. For them, long-term strategy is very important.

Now your turn. What do you think? Long-Term Goals is the key to success or not? You can share your answer in the below comment box.

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