We can briefly discuss the four important reasons for the importance of annual objectives for strategy implementation. First, they can be the basis for allotting resources; second, they can be a means for assessing managers; third, they can be a primary tool for checking progress toward attaining long-term goals; and lastly, they can create priorities for the different divisions of the organization (David, 2011).
Annual objectives are like building blocks of an organization. They refer to a not-so-distant future that is significant to organizational success. Without these annual objectives, strategy implementation may not be effective. Organizations should devote much of their effort and many of their resources to guarantee that annual objectives are properly planned, coherent with long-term goals, and helpful of the planned strategies. The organization’s resources have to be distributed to the various departments and projects
There are various ways in implementing annual objectives, and people who respond in formulating them should be creative and must take into consideration the various factors for which the founders formed the organization. Annual objectives are like rules that managers and employees have to follow. They can be a basis for the authenticity of organization activities and serve as a benchmark for organizational performance.
References
David, F. (2011). Strategic management: Concepts and cases (13th ed.). Upper Saddle River, New Jersey: Prentice Hall.