Strategic Objectives Are Your Company’s Big Goals
Strategic objectives are the big goals that your company is going to achieve over the next year or two; we usually do strategic objectives for each fiscal year to match up with the budget and the annual marketing and strategic plans. They are the most important goals in the business, and I recommend only having one to three of them – no more.
Strategic Objectives Become Strategic Plans
The next step to achieve your strategic objectives is to translate them into your strategic plan – your strategic plan lays out exactly how you will achieve your strategic objectives. You take your strategic objectives and break them down into smaller goals – this becomes your strategic plan.
Strategic Plans Become KPIs
Your next step is to break down your strategic plan and turn it into Key Performance Indicators (KPIs) for yourself and your staff that will help you achieve your strategic objectives. These KPIs get attached to job descriptions and put into calendars so that you systemize everyone in your company helping you achieve your strategic objectives.
What Are Your Exciting Goals and Dreams?
I ask every business owner, “What are your really important, really exciting goals and dreams for your life?” Once you have decided what your important, exciting goals and dreams are for your life, your next step is to figure out the amount of money you need from your business to achieve these goals and dreams.
A question I drill down into with every business owner is, how much money does your business need to make for you to achieve your goals and dreams? It takes A LOT out of you to be a business owner. It is risky, it takes a lot of time, it takes a lot of patience, it takes a lot of emotional intelligence, it takes a lot of leadership, it brings a lot of stress.
With everything that you put into being a business owner, I want to make sure that you get what you want out of life from your business. Your business should be a systemized, profitable, money-making machine for you, that will run even without you being there every day. This article describes how to make your staff more productive (hint: it’s you being a better leader).
BDC defines Strategic Goals or Objectives as “the specific financial and non-financial objectives and results a company aims to achieve over a specific period of time, usually the next three to five years.
Strategic goals are one of three things a company’s management team must articulate as part of its strategic planning process, with the others being its key success factors (the important elements required to achieve its goals) and its strategic scope (the products and services that will be offered, to whom and where).”
My Number One Strategic Objective
My number one strategic objective is happy employees. I do a quick employee feedback survey on Google forms each month – my goal is to have my employees be a *minimum* nine of out of 10 on this monthly employee satisfaction survey.
When I’m setting things in place and planning things for my business, I remember that my number one strategic objective is to have happy staff. For example, I don’t hire anyone that my team doesn’t choose, for these reasons:
- My number one goal is keeping employees happy; they have to choose who they want to work with.
- To make sure our staff help me preserve our culture.
- When employees are part of decisions, they are much more excited about the decisions and much more bought in.
Strategic Objective Number Two
My second strategic objective is to have my business be debt-free by end of 2022, with $100,000 in the bank all the time for any risk mitigation. In the past when my business had a lot of money, I have donated it or used it to pay off other debts – I’m not going to do that any longer. I have decided to always keep the business bank account healthy in case things come up so everyone feels peaceful and not stressed.
Strategic Objective Number Three
My third strategic objective is to achieve our business revenue goals. One of our business revenue goals is $100,000 online revenue per month – this has been assigned to a staff member as her KPI. The coaching revenue goals are shared between me and the other coaches; the debt-free business and $100,000 in the bank objectives will be on my and other staff’s KPIs, to be checked when we look at our budget review every month.
These are TMH Business Coaching’s actual strategic objectives for this year, and the plan for achieving them. As I have shown with my real-life examples, strategic objectives are big, important goals for your company, that you break down into pieces that you and your staff work towards every day, to get you where you want to go.