To achieve long-term prosperity, strategic planners commonly establish long-term objectives in seven areas: profitability, productivity, competitive position, employee development, employee relations, technological leadership, and public responsibility.

Seven criteria that should be used in preparing long-term objectives are:

1. Acceptable. Managers are most likely to pursue objectives that are consistent with their preferences.

2. Flexible. Objectives should be adaptable to unforeseen or extraordinary changes in the firms competitive or environmental forecasts.

3. Measurable. Objectives must clearly and concretely state what will be achieved and when it will be achieved.

4. Motivating. Studies have shown that people are most productive when objectives are set at a motivating level - one high enough to challenge but not so high as to frustrate or so low to be easily attained.

5. Suitable. Objectives must be suited to the broad aims of the firm, which are expressed in its mission statement.

6. Understandable. Strategic managers at all levels must understand what is to be achieved.

7. Achievable. Finally, objectives must be possible to achieve.

Pearce & Robinson. (2005). Strategic management (9th ed.). New York: McGraw-Hill

What are a few long-term objectives for your company that exhibit these seven qualities that will have the greatest impact on your company?