Business is an organizational entity that can work with a full-proof plan. “Your present circumstance doesn’t determine where you can go; it merely determines where you start” – Nido Qubein.
This quote best fits in when you don’t have specific goals, terms and objectives to accomplish.
What is the Difference Between Strategy and Tactics? Though all four terms are used interchangeably, there is a fine line between goals.
“Your present circumstance doesn’t determine where you can go; they merely determine where you start – Nido Qubein.”
So, if you want to reach somewhere, you will have to set a predefined goal. Now, having a specific plan is not enough; you will have to build strength in yourself, put in efforts and work hard on the struggles you will be going through to keep on growing with passing the time.
So, now before getting started, I would like to share a few things that people get confused on the start of their career in establishing their business entity. Many people get confused with understanding the different concepts of Goal, Objective, term strategy, and tactics involved to be implemented to build their business from scratch to a renowned platform.
‘GOST’ – is the basic foundation of your business. If you want your business platform to work and flourish, you will have to plan specific actions and execute “GOST” in a well-organized manner.
Here ‘GOST’ stands for:
G – Goal
O – Objective
S – Strategy
T – Tactics
These four main aspects of your business can either lead you or lag you behind. Many business owners time frame their objectives strategies on a high level in one single Goal. They often fail to understand that these terms are different and convey a distinct concept at different levels. I have elaborately explained these terms in the following lines to make them explicit.
Goals are dreams that you want to become a reality. Goals can be short-term or long-term and are not necessarily tangible. It focuses on ‘What’ you want to achieve and not on ‘How’ you want to achieve it.
Goals are used to help the business grow and achieve success, this is what you understand about business goals, but deep inside, it has a vast meaning in marketing. The Goal is the process of deciding what you want to accomplish and doing every possible thing to achieve it.
Measuring Goals setting emphasizes that goal setting is a three-part process. You have to do more than set the goals for better goal setting. You have to try everything to accomplish it, so you have to select plans to make it happen. Make it clear in your mind the personal goals that you define as a new year resolution and business goals have a different purpose, but they share a similar goal-setting process.
The formula and strategies that work for business goals also work for personal pursuits. The only difference is the strategies you use to accomplish your business goals will give you brighter success with achieving personal goals.
Goals provide the business with a structured framework. It directs the company in the right direction and assists the company in understanding whether the firm is successful. Therefore goals must be present in every business plan. Goals are a stepping stone to the end purpose of your business.
“Goals provide the business with a structured framework.”
Why is Setting Goals Important In businesses?
When you don’t know what you want to do, you will never get up push yourself to take action. When you are determined to achieve something, it drives you to get going and work towards that Goal.
– Helps The Business take specific steps to succeed
Business Owners are well guided if they know where they want to reach what steps should be taken to achieve their goals. For example, athletes know they have to win the competition, for that they take proper steps like practicing, taking healthy supplements, doing regular exercise to remain fit. These are the steps that can help them achieve their Goal. So similarly, if a business owner knows his Goal, he can understand the steps to help him achieve it.
– Goals sustain future growth
Entrepreneurs have sizeable egos, and I would say this is a positive point as every business person needs some ego level to complete the risky task. By setting comprehensive – goals, a business owner will be self-motivated to accomplish his goals.
Objectives are a more confusing term with the goals. If we ask a group of professionals the difference between objectives and goals, you cannot get an intelligent answer. No wonder they are confusing terms as the difference is a minute.
Goals and objectives go hand in hand, and goals define the objectives, while Objectives without goals go blindly wherever the direction is guiding. Objectives will help you gain what must be accomplished to achieve the goals.
Objectives are consistently targeted and number-focused, unlike goals that discuss the bigger picture.
Objectives should be accomplishable and measurable, which lets us determine whether we are making any progress or not.
When you have set a goal or a target that you want to accomplish, the next step you should take is to plan and develop a fixed time limit to achieve the targets. It will lead you to take small steps to help you move a level up towards accomplishing your Goal. Some of the main aspects that come under the Objective of any business enterprise are:
When you have just started as a small business enterprise, then existence becomes a very crucial part. To be a stand-alone startup site is a challenging thing and if you want your survival in the market, then planning short-term objectives to reach your Goal becomes a necessity.
Having a proper sales mechanism is very important for an organization’s existence. No matter how well your manufacturing unit is or how efficient your technology or financial investment is? But if you cannot match the sales growth, all your efforts and hard work will go in vain.
If you want to keep moving in your field, it becomes essential to make some rate of profit. The profit ratio of your company is the deciding factor of future existence in the market.
The objectives always keep on changing concerning time. The reason behind this is as follows:
The change in the technology may lead to a change in the product design; hence the Objective of the product or services may change.
Depending on the change in the market value of the product, the promotional objective changes.
The competitive environment in the market forces the company to get even better with passing time, and hence changes follow. It will result in changing the Objective.
The Strategy is the plan that will help to achieve goals. You have to decide which method can cope with the Goal. The process can also be the solution to a problem.
As you know, that Objective is considered the subset of the Goal, but the Strategy is not a subset. The Strategy is about what’s And not how’s. It t is the process of identifying what you will have to do to fulfill your objectives.
When you choose to serve a client, you must specify the complete no-no lists that your company ethics don’t follow. If you miss this or cannot play your cards well here, you will not be able to stand in the market for the long run. Taking a decision and sticking to it is very important. If the client realizes the quality of the services you deliver is up to the mark, then you will not have to compromise for anything.
The Strategy is a mixture of corporate moves and actions management uses to achieve a competitive market position; carry on operations. By making the best possible use of limited resources, to attract more and more customers to compete in the market productively and achieve the desired outcome with a long-term vision for organizational objectives. Good strategies are action-oriented and based on practicality, not on assumptions.
Here are some principles that you should be following to build a strong business foundation:
Focus on uniqueness
When you have an evident vision of your company and its product and services, then the one thing that you should be focusing on is in bringing out the uniqueness in your business in the best way possible.
Many believe that attaining some height in business is like winning or losing in a sports game. But the actual scenario is entirely different. In the field of business, there are so many diversities. All of them have a certain level of competition, but it’s not at all you will, and I lose kind of round, there can be many winners, and it depends on the uniqueness they show in their business strategy.
Never setback or generate a significant stock market; instead, focus on profit from your strategies. It would be best to focus on growing your business within a short period or focus on having a significant stock market. It will not help you with your existence in the market in the long run. You need to set yourself to make profits with your business; this will eventually result in the growth of your business. Hence, you will be able to walk forward with fewer hurdles in your path. It will help you reach a platform to make additional profit rates.
Know your industry better
It is essential to know the industry better as it’s a large ecosystem where lots of diversities can be found. Knowing your industry better is a source that will lead you to have a broader idea of the Strategy you are supposed to plan to reach your Goal. If you know the industry in a well-defined manner, then it is sure that you will understand the elements required to grandstand your uniqueness in the market.
Strategic planning/ scenario planning
You will have to be calculated the future consequences that you are going to face with whatever decisions you will be taking for your organization. Knowing the competitors well and the market value of your products and services along with the services provided by others becomes a crucial part in taking the next step for the organization’s development depending on the long-term goals planned for the betterment of the organization.
Strategize your business activities, keeping the essential business ethics in your mind that I have mentioned under Business Strategy.
Tactics are tricks and patterns developed to drive and support the Strategy and get closer to the Objective. For example, if we take the military, the tactics are defined as using weapons. So tactics are the specific techniques that go hand in hand with the strategies.
Tactics, Strategy, and goals are often used terms that are very confusing to maximum people.
Strategy and tactics are both ‘how’ to achieve goals.
Tactics are actions taken to reach a particular point, whereas Strategy is defined as a plan that helps the organization achieve its objectives.
If you have many strategies like Suntzu to implement, you will have different tactics for each. In short, tactical planning is a part of strategic planning. Therefore, both are supposed to work together. A management team carries out the tactical planning with very responsible people for getting the work done.
For them, it is very much necessary to understand the strategic goals. Tactical plans are popular among large businesses that don’t mean small companies don’t need them, but because small business owners don’t have time to formulate them. Tactics moves are bound with time.
But I will suggest if you own a small business and have not taken the time to implement business strategy or tactics, try to make goals and plan them strategically. It may not be easy, but the results will be worth it.
I think now you must be very clear with the difference between Goals, Objectives, Strategies and tactics and how these terms are used.
Whether one–person company, one department, one small company or a huge multinational company, these are the essential points to take the business to unpredictable growth. Before you set your marketing objectives, you need to consider these as important factors.
Develop the Goal and plan it strategically, hold to achieve it. Be flexible with the tactics that can help you fulfill the Strategy.