Wednesday, February 17, 2010

Your Road Map to Excellence (Part 3- Your Goals)

I don’t know if you’ve noticed yet, but the strategic plan is the business version of connect-the-dots. This internal document starts with your big view and ends with the detailed plans. My first blog in this series talked about the big picture. The next blog was still fairly generic in that it discussed how you were going to achieve that picture in terms of what you were going to do and who you would have to be. However, neither one was an outline or step-by-step guide of how to execute a plan to realize your vision and mission. At this point, your mission still leaves you with the big elephant to eat. How do you eat an elephant? One bite at a time. Your goals will let you know what part of the elephant you plan to eat and by when, which puts you a step closer to an action plan.

Your goals should be Specific, Measurable, Attainable, Realistic and Timely. If you haven’t heard the acronym SMART before, now you have. In order for your goals to be SMART, they must be:

  • Clear about what you are trying to achieve (Specific)
  • Something where the progress can be monitored (Measurable)
  • Reachable and practical (Attainable and Realistic)
  • Deadline driven (Timely)

There are many types of goals that you might have. For example, your goals can be revenue driven, performance related or client focused (to name a few). I recommend that you lay out a road map for your vision. Have a picture of what you plan to achieve in the short term (one year), mid term (two years) and long term (three years). If you recall, I recommended that as a startup, your vision should be your ideal organization in three years. For instance, our goals this year will support my strategic efforts to establish my brand, validate my core services and generate enough revenue to make funding the growth stage of my business more obtainable. Our mid-range goal will be process improvement, quality and client retention, and the long-term goals will be tied to growth. I will restate my own vision, mission and then share my goals below.

Vision Statement

By 2013, jowanna inc™ aspires to be known as THE firm aspiring entrepreneurs turn to in order to successfully plan and implement their startup and the firm those companies stay with in order to grow profitably in a controlled and sustainable manner.

Mission Statement

jowanna inc’s reason for existence is to contribute to the health of our economy by shortening the time it takes for startups to plan and implement sustainable businesses within the communities they aspire to serve. Our company will do this by empowering our clients through partnership and service. Our service will evolve with the changing needs of our clients.

Goals

  • Publish 4 new blog series by the end of the year
  • Establish a Facebook fan base of 5,000 by end of the year
  • Achieve $180,000 in sales with a 20% profit margin
  • Achieve an average revenue of $2,500 annually per client
  • 100% client satisfaction

If you look at my goals, you can see how they tie into my branding strategy, building a market share and preparing for growth. These goals must pass the SMART test. I find that the ultimate validation is with the tactical plans—which detail what we will have to do to achieve our goals. Your plan of action will allow you to see if you can achieve everything you would like given the time and resources you have at your disposal. Throughout the strategic process you should not be afraid to refine and adjust your plan. Strategizing is an internal process to help your business succeed. It helps you with your business plan and all your organizational efforts. The next blog will tie these goals to plans of action—these plans of action will help you effectively mind your business!

02/18/2010 – Correction: Before we get to the plans of action, I will discuss strategies—which is the high-level approach or game plan for achieving your goals.

Related Links

The Strategic Plan: Your Road Map to Excellence (Part 1- Your Vision)

The Strategic Plan: Your Road Map to Excellence (Part 2 – Your Mission Statement)

http://www.goal-setting-guide.com/smart-goals.html

About The Author

Jowanna Parris-Daley owns and operates jowanna inc™, a small business consulting company that offers services that include business plan writing, e-consulting, website design and technology services for startup businesses.

 

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