The Hidden Value of Strategic Goal-Setting
Basic Goal-Setting
It's no revelation to say that goal-setting is an important part of business strategy. The standard advice is to make goals specific, measurable, and within a timeframe. In the scope of the full potential of goal-setting, this is just marginal advice.
Strategic Goal Setting
Strategic goal-setting takes the concept of goal-setting to a more practical and impactful level. Use the following ideas to uncover the full potential of goal-setting.
Make Goals:
1. Comprehensive: don't just set goals in one area of the company such as sales; expand them to every area.
2. Close-Looped: ensure that all goals are linked to one another i.e. they form a continuous and never-ending chain that encompasses strategic initiatives from beginning to end, and then begin the process again. For example, goals that begin in lead generation should continue through sales, extend to customer continuity and then begin a new loop.
3. Relevant: identify and include all actions or touchpoints.
The purpose of strategic goal-setting is to:
1. Catch course deviations early.
2. Identify remedial actions precisely.
3. Identify areas from which resources may be taken to provide resources for remediation.
Strategic goal-setting is best suited to companies that believe in measuring and reporting everything.
Need help with strategic goal-setting? Contact a specialist.
What to learn more about measuring and monitoring performance? Please consider our Business Strategy area.
Mission: To help small and mid-size businesses sell more.