The process of formulating long term objectives involves several key steps:
1. Vision and Mission Statements: Start with a clear understanding of the company's vision and mission. These statements provide the foundation for long term objectives. 2. SWOT Analysis: Conduct a SWOT analysis to assess the company's strengths, weaknesses, opportunities, and threats. This helps in identifying areas that need focus and improvement. 3. Stakeholder Input: Gather input from key stakeholders, including employees, customers, and investors, to ensure the objectives are comprehensive and aligned with stakeholder expectations. 4. SMART Criteria: Ensure that the objectives are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound).