They can be thought of as setting the overall direction of a goal.
The key to planning an effective initiative is to ensure they are action oriented.
Section 1: Executive Summary The Executive Summary of your strategic plan should be completed last, and this section merely summarizes each of the other sections of your plan.
The Executive Summary is important since it will help other key constituents, such as employees, advisors, and investors, quickly understand and support your plan.
More specifically, that they clearly state what you are going to do and how doing it will help you achieve your objective.
For instance, if your goal was to increase your client workload within 12 months, a strategic initiative would be: You can see that this strategic initiative easily ties back to your overall objective and vision. Although this is the last step in the action planning process, it is one of the most important.
For example, a basic KPI such as Total Sales is critical for understanding if the company is performing well. For example, if sales are affected by 1) number of visitors to your website, 2) number of visitors who complete a contact form, 3) number of proposals you issue to these leads, and 4) the proposal closing ratio, then each of these KPIs should be tracked.
Then, if for instance, the number of visitors to your website decreased, you would know and fix this immediately, rather then waiting until sales plummet later.
Objectives are essentially the goals that help move you closer to your vision.
They can be part of a bigger overarching company or department goal, but ensure they are unique to you and your position.