Planning, goal-setting and execution are essential to achievement, business and personal.
Last week’s post on goal-setting laid out a seven step process to increase the effectiveness of your business planning activities. To understand the importance of planning, we don’t have to look far; Georgia Simmerling, Ski Cross competitor and two-time Olympian, knows the significance of planning, training and putting in hard work to achieve. With the end of Ski Cross season nearing, effective execution of current strategies is paramount and preparations for next season’s strategic objectives are in process.
Like competitive sports, businesses strategic objectives should be forward looking and project far enough into the future to identify the completion on a business phase.
Here is a six step plan to help create effective strategic objectives for your business:
1. Take inventory – identify strengths and weakness in your business
2. Analyze your business environment – identify direct and indirect competitors, as well as the direction of your industry
3. Draft your plan – develop leadership, management, marketing, financial, operational and sales goals
4. Ask for feedback – distribute strategic objectives to key stakeholders for feedback
5. Finalize your strategic objectives – take into consideration any information from the feedback and produce a final copy
6. Regularly evaluate your progress – your strategic objectives are a dynamic living document and should be revisited on a regular basis
For more insight into your businesses strengths and weaknesses take the Business Strength Test now and use the report to help you with your strategic planning process.