We’ve all been in a team where goals have been created, to then sit at the bottom of a pile for the rest of the year not to be thought about until the next goal setting meeting comes along, achieving nothing but wasted time and an irritated workforce.
But the goal-setting process is a vital part of business growth that when managed effectively, can skyrocket a business into the space of success. In this article, we explore how to set strategic business goals that will help an organisation to thrive.
First, let’s look at what strategic business goals are
Strategic goals focus on the long-term objectives for a business, the bigger picture if you will. Strategic business objectives are set to ensure the business is heading in the intended direction, offering a clear path to where you see your organisation in the future. They allow businesses to reach long term ambitions by defining purpose and current positions, offering clarity on what is required to move forward.
Strategic goal examples
Strategic goals should focus on what will move the business forward towards the end goal. It can be applied to any business type, size or industry. Some common examples include:
- Going international and reaching global markets
- Improve customer satisfaction
- Increase company’s overall market share
When planning strategic goals, it’s important to consider internal and external factors, including social and political factors, which could affect the plan. Whilst no one could have predicted a global pandemic putting most businesses on hold for over a year, it’s vital to plan for factors and events that could hinder the process of reaching goals.
The benefits of setting strategic business objectives
When managed effectively, strategic business goals are the driver of growth and success. Here are some of the key benefits of setting goals:
1. Motivated workforce
When employees understand what they are working towards and how they can get there, achieving these results feels much more in reach and therefore your people are motivated to get there.
2. Aligned teams
You know we’re all about alignment at TBG. Setting out clear goals and a path to reach them, results in the whole team working in the same direction. Which always makes for an easier ride.
3. Defined priorities
When priorities are set out, it is clear to see where the team need to focus their time, energy, and resources. This helps to guide resource allocation and creating and maintaining budgets.
4. Provides data
Who doesn’t love data? If you don’t have goals set out, how do you know what to measure? If you don’t measure, how do you know you’re moving in the right direction? Setting goals provides clear areas to be measured, providing data to analyse performance.
How to ensure you achieve your business goals
You can use the OKR framework to set business goals that will supercharge your business growth strategy. Obviously, we’re slightly biased but we believe OKRs are one of the best ways to push you and your business out of your comfort zone and achieve growth.
Here are some steps to follow to ensure you achieve your business goals…
It’s ALL in the planning. Identify your business objectives, how will you achieve these, who is involved in each goal, who is to manage the goal and when you expect to reach them.
- Tracking and Transparency
To avoid goals fading into the background, keep track of your goals in a shared space so that everyone can follow how they are performing.
- Involve employees from start to finish
When employees feel that their opinion is valued, they are more likely to perform better. Involving people from the planning stage and throughout the implementation will ensure everyone is committed to reaching objectives.
- Link individual goals to strategic business objectives
Employees work more effectively when they can see how their individual goals are linked to the business objectives. It encourages accountability and higher performance.