Strategic goals are the long-term goals of a corporation to attain its overall mission and vision. These goals provide direction for the organization and function a roadmap to success.
Should you’re not acquainted with the term strategic goals, you will have heard of it otherwise. Also described as goals which might be specific, measurable, achievable, relevant and time-bound (WISE), these goals guide the organization in decision-making and resource allocation.
There are various the explanation why you desire to to include strategic goals into your organization. It’s greater than just the goals or each day tasks you accomplish. These are elements of your organization’s strategy that require serious thought and commitment.
In this text, we’ll discuss a few of the steps your organization should take to develop strategic goals, some examples to get you began, and a few ways to trace progress and measure success.
Strategic goals and objectives
OK, so at first I assumed each of those concepts were the identical thing. So in case your brain goes there, you should not alone! Nonetheless, upon further review and research, goals and strategic objectives are two different processes.
Although each goals and strategic objectives are interrelated, they implement different concepts. Goals are broad, long-term aspirations that the organization intends to attain, while strategic goals are SMART steps that support achieving these goals.
Generally, goals are sometimes qualitative in nature and will be more abstract than strategic goals. They supply a way of direction for the organization and will be set for a very long time horizon, reminiscent of five or ten years. Goals often do not need a particular timeline for completion and can’t be broken down into smaller, manageable steps.
Strategic goals, nonetheless, are more specific and might be extremely detailed. These are actionable steps that a corporation takes to attain its goals. They are sometimes quantitative and SMART in nature and could have a shorter time horizon, for instance one to 3 years.
Goal example:
Develop into the leading widget provider within the southern Florida region.
Example of a strategic goal:
Over the subsequent 12 months, launch a brand new line of widgets which might be more efficient and cheaper than the present widget offering for industrial and industrial customers.
6 Examples of strategic goals
Strategic goals vary depending on the organization’s size, industry, and goals. Nonetheless, some common strategic goals include revenue growth and improvement consumer satisfaction, increasing market share, reducing costs and increasing operational efficiency. Examples of strategic goals to grow your corporation include:
- Revenue growth
- Improve customer satisfaction
- Increase your market share
- Reduce business costs
- Increase operational efficiency
- Strengthening innovation and research and development
1. Increase revenue
Increasing revenues is a typical strategic goal of enterprises. Achieving this strategic goal may involve expanding into latest markets, introducing latest services or products, improving sales and marketing strategies, or increasing customer retention.
2. Improve customer satisfaction
Customer satisfaction is crucial to the success of any business. Customer satisfaction might be improved by supply efficient customer servicedeveloping latest services or products to satisfy customer needs or offering improved, personalized service.
3. Increase your market share
Increasing market share is how corporations scale and expand their product reach. Firms can achieve this through campaigns targeting latest customer segments, acquiring competitors, or partnering with other corporations to achieve a foothold in latest markets.
4. Reduce costs
Cost reduction is a strategic goal that might help corporations improve profitability. Firms trying to improve operational efficiency may consider renegotiating supplier contracts or outsourcing non-core functions. For instance, you could determine to alter your current, expensive communication channel to a simpler and budget-friendly one business telephone service.
You may take a look at sites like TheNewWorkforce.com for more information on outsourcing your tasks.
5. Increase operational efficiency
Improving operational efficiency is a strategic goal that might help corporations streamline processes and reduce costs. Firms can strive to attain this goal by implementing latest technologies, improving worker training or implementing Lean Manufacturing processes.
6. Strengthen innovation and research and development
Supporting innovation i R&D (research and development) is a strategic goal that encourages corporations to stay competitive and adapt to changing market requirements. This goal might be achieved by allocating funds for encouraging research and development activities creative considering and idea generationand promoting a culture of experimentation and continuous improvement.
Easy methods to track your strategic goals?
Should you cannot track your strategic goals, how do you already know how much progress you make toward achieving them? Strategic goals should not only a set-it-and-forget-it process, but have to be continually assessed and measured to attain success.
To make sure you meet and even exceed your strategic goals, follow these five suggestions to make sure you achieve them:
- Establish key performance indicators (KPIs): Measurable metrics help organizations track progress toward strategic goals. Organizations should discover an important KPIs for every variety of proposed strategic goal and establish specific benchmarks for achievement.
- Progress monitoring: Recurrently monitoring progress towards strategic goals will help your organization discover areas for improvement and make crucial adjustments.
- Submit results: Communicating results to stakeholders and colleagues might help organizations construct support for his or her strategic goals. It also allows the team to rejoice successes and discuss any failures.
- Customize your strategies: As organizations track progress toward strategic goals, opportunities arise to discover and adjust strategies as needed. Organizations needs to be flexible and willing to alter strategies to make sure they continue to be relevant and effective.
- Use tracking software: Using a project management software platform or goal tracker can be your best friend. With so many moving parts to strategy, using a software platform that may communicate, generate reports, and automate processes to avoid wasting time will provide help to stay on target and your team members within the loop.
By implementing the following pointers in your strategic goal tracking process, you may ensure you make regular progress toward achieving each goal. Due to this, you’ll set the pace for achieving your strategic goals and ensure your success. Should you set your goals and pursue them, you’re guaranteed to enhance your results, achieve success, and construct support for his or her mission and vision.
Using Hive to set goals
Are you ready to start out setting strategic goals together with your team? You are in luck – Hive’s newest (and most enjoyable) feature is Goals. Everyone desires to know the way they’re growing their organization, and your team is greater than only a project. With goals, you’ll be able to set different goals, visualize your progress, and keep everyone in a single centralized dashboard. You too can:
- Create one, ten, twenty or more goals to your team so everyone knows what they’re contributing to.
- Centralize and automate goal tracking and reporting.
- Pull data from other systems into Hive to streamline operations and reporting.
- Share your goal or goals, assign the goal to appropriate team members, track activity, and set yourself a deadline.
- Understand how your team and organization are moving towards achieving a person goal or set of goals.
- Color-coded markings make it easy to grasp what’s on the track.
- When it is time to review your progress, achievements and achievements, easily export all of the relevant information.
Help your organization track strategic goals. Start today with free 14-day trial of Hive!
