Goals And Strategies In Strategic Planning

The company must engage in strategic planning with clear objectives and evaluate both internal and external situations to formulate strategies and make adjustments as needed. Goals and objectives provide the foundation for strategic planning. Goals are the outcome statements that needed to be accomplished. On the other hand, objectives are precise, clear, understandable, and directly support the completion of the goals. The first step is reviewing your company’s vision and mission statement. Therefore, from your mission statement, you could be able to define your goals leads into specific objectives. After setting goals and objectives, an analysis of the current situation is needed to help an organization define and measure progress toward

One of the critical parts of SWOT analysis is the data which you have use to set new strategies and goals for the company. For instance, create a plan to build up strengths, set goals to reach the opportunities your company may have, how to minimize and avoid falling under weaknesses and possible threats. What is more, there are lots of tools which help designing a strategy. For instance, Boston Consulting Group Matrix, included four quadrants: stars, question marks, cash cows and dogs; also Porter’s 5 Forces and many more. Strategy design and choice refers to the process of choosing the most appropriate action responsible for the realization of organizational goals and objectives and thereby achieving the organizational vision and mission statement. The best way is actually chosen after considering organizational goals, organizational strengths, potential and limitations as well as the external opportunities. A successful implementation plan will have a great leader, as he communicates the vision, behaviors necessary for achievement. Everyone in the organization should be engaged in the

Strategic implementation is crucial to a company’s success, addressing the who, where, when, and how to reach goals and objectives. A strategic implementation may include developing an organization having potential of making strategy successfully; disbursement of resources for strategic activities; rewarding policies for employees’ improvement; etc. The next step is to monitor the economy in general and the environment in which the company operates. This includes reviewing the competitive position of the organization. The purpose of this review is to ensure that the key factors for successful competition in the market can be discovered so that management can identify their strengths and weaknesses and strengths, and the weakness of the opponent. In addition, the organization must make an important assessment of the organizations in the implementation process, current conditions and desired future conditions. An effort is made by the organization to estimate its possible future situation if current trends persist. There may be variations that need to be analyzed, while measuring actual performance and comparing it with performance standards. The degree of tolerance limits between which the variance between actual and standard performance may be accepted, needed to be considered by the