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Strategic objectives and key strategies

In this day and age, it is still somewhat of a head-scratcher that many business leaders do not understand the difference between goals, objectives, strategies and tactics GOST when developing a strategic business plan. We are not trying to insult. It might help to think of GOST as musical instruments and the business plan, a symphony. What is the function of each instrument in creating the overall symphony?

It presents itself as a broad statement of what your organization hopes to achieve. It is more qualitative than quantitative in nature. And, goals are supported by measurable objectives. Some examples of strategies include:. Tactics are actionable. A strong strategic plan will assign due dates to each action along with the names of those responsible for executing each tactic.

Examples of some tactics include:. When goals, objectives, strategies and tactics are elucidated in a strategic plan, it is like all instruments playing together to create the perfect opus — for success! Work Team Blog Careers Contact. Some examples of strategies include: Educate current and potential podiatric physicians on the benefits of using XYZ device for patients and practitioners to generate awareness among our primary market. Outreach to trade and social media with information on the product and its benefits to maximize interest among potential customers and the industry at large.

Examples of some tactics include: Develop educational materials including product brochure, video and fact sheet Obtain lists of board-certified podiatrists in the U. KNB Communications. Subscribe to Email Updates. Subscribe to Our Newsletter. Moving minds in healthcare.Organizations around the globe develop strategic plans. They carefully create a vision of their future and the strategies needed to get there.

But many fail to realize their vision and fail to deliver the expected strategic results. Unfortunately, executive teams cannot pinpoint the reasons for this dilemma so they repeat the strategic planning cycle over and over, always hoping that the next strategic planning session will bring better results.

In our experience, there are 5 critical factors that will ensure your strategic plans are successfully implemented. Strategic Planning is a process not an event. A key element in the process is the engagement of all levels of staff throughout the organization.

Staff engagement generates additional input and helps build their commitment to the end plan. It is essential to involve employees in the planning of strategy and direction for the organization. The senior management team will not execute the strategies — staff will. Engage them and your strategy execution success rate will increase dramatically. Harvard Business School.

Strategic Planning processes are successful when a bottom up and top down communication approach is taken. It starts off with a communication to all levels of employees informing them that a Strategic Planning process will be undertaken. It includes how they will be involved in this process. This is the bottom up communication. Employees will provide input to the strategic planning process through feedback surveys, focus groups, meetings, etc.

It is followed by the top down communication. Senior management will share the strategic plan with employees. They will communicate to all employees how their engagement will help ensure success in the execution of these strategies. Yet if they try something that is a little dangerous and new, they will realize true innovation. Some strategic plans include strategies to develop a new product or deliver a new service or re-structure a department, etc. They put teams of individuals together to work on these major initiatives and give them investment money to ensure success.

This is wrong!! This is not a failure of execution. It is the lack of an Innovation Process to manage the strategy that led to the failure.

strategic objectives and key strategies

The senior management created strategies that required innovation to achieve them.For a company to survive and thrive, it needs to operate intentionally and strategically. Strategic business objectives are concrete goals that can be measured and quantified, which is vital because a non-measurable goal serves no practical purpose for a company. Company management and leadership are often tasked with setting these business objectives and establishing the direction the company is aiming to go in.

The following are six examples of strategic goals and objectives. Efficiency in operations is one of the vital measures of a company's strength. In order to achieve higher profits, companies continuously aim to improve the efficiency and productivity of their operations. This could include streamlining tasks, improving technology or cutting back on production waste. Cutting back on unnecessary paperwork, for example, allows companies to save money on supplies, as well as gives employees a chance to use that wasted time more efficiently in other areas.

Improving operational efficiency comes down to one thing: improving a company's bottom line. If costs can be cut without sacrificing business productivity, that is a win-win for businesses. For a company to sustain competitiveness, it needs to introduce new products, services and business models every so often. Business models are the processes in which businesses make money from their products or services, and remaining stagnant is a sure-fire way for a company to become irrelevant.

Even the most successful companies have had to divert away from their initial bread and butter and introduce new products, services and business models to remain relevant and competitive in an ever-changing business landscape.

When a company truly knows its customers well, that allows them to serve those customers better. They know what their customers want, when they want it and how they want it. In return, customers tend to become loyal and increase spending over time, which, of course, increases a company's revenues and profits. The same applies when it comes to relationships with suppliers.

The more interactions between a company and a supplier — particularly with improved communication — the more likely it is that services can be tailored for a particular company and costs can be lowered.

Before the prevalence of easily accessed and readily available data, most company leadership had to make decisions based on best guesses and forecasts by analysts. Now, with the availability of real-time data, company management is much more equipped to set company strategic objectives based on accurate, real-time information. Data-driven decision-making is much more effective for improving business functions. Whether it is a company's ability to perform a service more efficiently, charge less for a product or provide better customer service, they must maintain a competitive advantage to remain viable in the marketplace.

Sectors are continuously being disrupted by newer, more innovative companies, and to survive, companies must provide something to their customer that they cannot receive from their competitors.

Doing so almost inevitably increases a company's revenues and profits. The business landscape is steadily changing, and with an increase in innovation and available information, it is showing no signs of slowing down or becoming stagnant.

To survive, companies must adjust with the times. These changes can happen on an industry level, like with the introduction of ATMs in the banking industry, or they can be byproducts of government regulations, such as the banning of television advertisements for tobacco companies.

After college, he went on to work sales and finance roles for a Fortune company before founding two tech companies. He is also the author of Finessin' Finances, a full-length book on personal finances. Five IT Functions in an Organization.We prefer to organize these objectives into these four buckets and have provided some examples of each:.

Remember, these are just examples of strategic objectives. Sometimes seeing an example makes understanding the process easier. Most CEOs struggle with shifting demands that make keeping their long-term vision connected to weekly priorities chaotic.

strategic objectives and key strategies

So we created a framework and software to make adapting strategy, goals, and priorities easy. When your team contributes directly to the big picture, you deliver results consistently. She has developed the format and the user interface for the award-winning OnStrategy on-line strategic management system. Erica has developed and reviewed hundreds of strategic plans for public and private entities across the country and around the world.

Back to resources. Some businesses prefer to list their individual products or services as separate objectives. Operations Management: Capitalize on physical facilities location, capacity, etc.

5 Key Factors to Successful Strategic Planning

Operations Management: Increase community outreach. Technology Management: Increase efficiencies through use of wireless or virtual technology. Communication Management: Improve internal communications.

Marketing Management: Develop and implement a promotional plan to drive increased business. Alliance Management: Establish one new strategic alliance annually. Training: To develop the leadership abilities and potential of our team. Culture: To align incentives and staff rewards with performance. Knowledge: To continually learn and adopt current best practices. About OnStrategy Most CEOs struggle with shifting demands that make keeping their long-term vision connected to weekly priorities chaotic.

A Dose of Strategy. Actionable tips, case studies, best practices in your inbox every other week.Most strategic and operational plans ignore the definition of strategic objectives. Someone compiles these lists, puts them into a three-ring binder, and attempts to update them on a monthly or quarterly basis.

Generally, the task lists originate from a well-orchestrated and energetic planning retreat. During which the management team agreed on the major initiatives and goals for the business. This leads us to fall into the trap of believing that our lists actually have benefits.

So how do we write objectives that actually support strategy execution best practices? The definition of strategic objective is simple. A strategic objective is a business need that can be defined in quantifiable and measurable terms. That means when writing strategic objectives, they need to be phrased in a way that answers two simple questions:. We must know the level of improvement required and how much time we have to achieve the established targets.

If either of these elements is missing, the strategy becomes less actionable, and execution will likely suffer. The key to successful strategic objectives is making them a key business objective, or goal, within your strategic plan. Baselines and targets help provide a current performance benchmark and desired future performance for the business.

Time provides an idea of how aggressive the strategy needs to be. In reality, they are strategies or tactics. Implementing strategies and tactics without knowing how to measure success is a recipe for failure. Your goal is to execute an action plan designed to achieve quantifiable, measurable outcomes by a specific due date.

However, be aware of accidentally turning your strategic objectives into strategies. An objective is an outcome measure, not the measure of a process designed to achieve the outcome.

The relationship between Strategic Objectives, KPIs and Initiatives

For an objective to be quantifiable, it must reflect an amount of something. Strategic and operational planning most often use time, dollars, percentages, and numerical counts to measure strategic goals.

For example, a mortgage company might want to reduce the time required to process a loan. A residential construction company might want to reduce the time required to frame a house.

A hospital might want to reduce the time an E.

This is the most common metric used to meet the definition of strategic objectives. For example, a mortgage company might want to decrease its loan processing costs. A construction company might want to increase the average margin on new home construction. A hospital might want to decrease average supply costs per E.

Using our previous examples, the mortgage company might want to increase its market share percentage for total loans closed. The construction company may want to decrease the percent of lumber rejected for failing to meet its internal specification requirements. The hospital might want to increase the percent of E. The mortgage company might want to increase the number of loans processed.

The hospital might want to increase the number of E. There are many other units of measure. You could use length inches or feetmass poundsvolume gallontemperature degreesarea square feetheat BTUand pressure pounds per square inch.

Each of these can quantify and measure an objective. AchieveIt is the platform that large organizations use to get their biggest, most important initiatives out of the boardroom and into reality. What does it take to actually guide these initiatives all the way through to completion? Subscribe for plan execution content sent directly to your inbox. Joseph Krause.Not sure which plan you participate in? Learn More.

Examples of Strategic Objectives

It includes your annual increase, your pension amount, current beneficiary information and information about your R tax form. Access the document from the "Display Annual Documents" link under the "Documents" section of your Employer Access account. If you have questions about your employer's rate notice, contact IMRF at Our four Strategic Objectives define our approach to realize our Vision, and as such, constitute the focus of our Strategic Plan for These four inter-related objectives address internal and external strategic advantages, challenges and opportunities.

The objectives and corresponding strategies are aligned with our Vision across all key result areas. This integration is critical to the success of our Strategic Plan, as these objectives must be considered as four parts of one plan. The Plan highlights the four Strategic Objectives.

The Plan also provides an overview of the Key Strategies designed to support the Strategic Objectives.

strategic objectives and key strategies

These Key Strategies will change throughout the three years of the Plan, as some will be completed or combined with another strategy. The Horizon Project our most important strategic opportunity will be deployed during the Strategic Plan cycle.

Strategic Objectives and Key Strategies

Therefore, we limited the amount of competing initiatives to help ensure the success of this critical project. Listed below are six Key Strategies we will utilize to help us achieve our four Objectives. Strategic Objectives.

Member Access. Home Wages and Contributions. Tiers and Plans. Tier 1 Regular Plan. Original ECO Plan. Understanding Plans and Tiers Not sure which plan you participate in? Employer Procedures. Investments Team. About IMRF. General Information. Email Directory Field Services.

Forms and Publications. Annual Financial Reports General Memos. Outperforming the total portfolio benchmark over 3, 5 and 10 year basis Key Strategy Utilize portfolio construction tools and principles, including asset liability models, portfolio optimization, cost control, evaluation of various investment program structures, and relevant performance measurements to increase net returns.From Forbes Magazine : A company can promote its offerings and leverage peer-to-peer trust by amplifying customer testimonials and mobilizing organic brand ambassadors.

The areas focused on in the strategic plan can run the gamut from branch planning, to membership growth, asset growth, loan products, operating services, technical development, and the credit union culture. Every single portion of the credit union strategic plan includes marketing, either internally to staff, or externally to existing and potential members. Strategic planning is designed to provide a credit union, its divisions, departments, and individual staff or volunteers with a game plan or road map to achieve specific goals and objectives.

Both internal and external effects and opportunities are identified in the strategic plan and need to be considered in the creation of strategies and tactics. From a marketing standpoint, strategic planning might help to identify new market opportunities in addition to new competitive threats. A number of people and several steps are involved in any strategic planning process. Ultimately, the marketing staff, with input from other executives in the credit union, should contribute and develop a strategic marketing plan to implement the overall strategic plan as part of the planning process or immediately afterward.

To develop a strategic plan, your credit union will need to identify the overall planning goal, invite participants, gather data related to the internal and external environment, conduct a SWOT strengths, weaknesses, opportunities and threats analysis, develop specific objectives, create strategies and tactics, and design a measurement and reporting process.

In many organizations, the overall strategic plan provides direction for the creation of sub-plans. Here is where the strategic marketing plan development comes into play.

The components of a strategic marketing plan include goals and objectives as set forth by the strategic plan and, strategies and tactics to meet those goals and objectives.

Goals are broad and provide general direction in terms of what the credit union and the marketing component would like to achieve, for example, an increase in non-interest income. Objectives are tied to goals and provide more specific, measurable outcomes — for example, increase membership around a specific branch for a specific product, by a certain amount or by a specific date. Strategies and tactics indicate how goals and objectives will be met.

Strategies are broad: for instance, implement a social media strategy. Tactics are more specific and indicate the individual tasks to achieve the strategies — for instance, set up a Twitter account or establish a YouTube channel.

An overall strategic plan might outline broad objectives for marketing; the marketing plan would detail more specific objectives for the marketing department to monitor and report on.

The results achieved — whether they fall short or exceed expectations — provide input used to consider changes or adjustments in the plan. Ongoing measurement and reporting can help to ensure the strategic plan continues to achieve measurable results.

However, your goals, and how you intend to reach them, may change as your credit union changes from year-to-year. For that reason, your marketing plan should be reviewed annually to update your implementation strategy. The beginning of a new calendar year is a good time for this exercise. The purpose of your marketing plan is to outline how you will reach your target audience and sales goals for each branch and department of your credit union.

To do this, it is critical to develop a strategy to promote your products or services. Placing details in your marketing plan helps you analyze its success at a later date and update it as needed. For example, if your target customer is a teenager to grow youth accounts, and you initially planned to promote the credit union to that demographic on social networking sites, examine whether you met your marketing goal and if it was productive. It might be more successful to promote youth accounts to parents or grandparents who realize the value of a savings account.

To develop your marketing plan and strategy for the year, review your progress from your last plan. Focus on seasonal sales and how to improve during lulls and busy times.

Repeat the strategies that were most effective and include the cost estimates for each one. Look at your competitors in the market including other credit unions and banks to see what they promoted throughout the calendar year. A good competitor file is key for understanding how their marketing plans evolve.

Once you understand what you need to accomplish to grow the credit union based on the strategic plan and through your new marketing strategic plan, implement your strategy by matching the strengths and talents of your coworkers or marketing firm to different segments of your plan. For example, if a goal is to increase your online presence, you might have a staff member with experience and success with web content, advertising and social media who can take the lead.

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