Formulating goals is the foundation of a successful strategy. Mistakes at this stage can lead to inefficient resource allocation and missed opportunities. In order for a project to bring maximum benefit, it is important to clearly separate key and secondary goals, as well as focus on the main priorities. Let's figure out how to do it correctly.
- Separation of key and secondary goals
One of the most common reasons why strategic projects fail is because priorities are unclear. Companies often try to do everything at once, but this approach reduces efficiency and blurs focus.
Key objectives - these are the ones without which the project loses its meaning. They require 80% time and resources. Secondary goals — tasks that can be solved simultaneously, if additional opportunities are available.
Example: The company has scheduled a strategy session to set business priorities for three years. However, the owner adds: “It is also important to increase team engagement.” In this situation, the key task remains strategy development, and team building is secondary.
Clearly defining your goals helps you focus on what's important and avoid wasting time on less important tasks.
How does goal delineation work in practice in the format of a strategic session?
A strategy session is a powerful tool for setting goals and engaging a team. However, its effectiveness depends on a well-thought-out structure.
Main steps:
- Analysis of the current situation. Identification of strengths and weaknesses, opportunities and threats.
- Discussion of key tasks, determination of the direction of movement.
- Fixing secondary goals. They are noted, but do not take up the main time of the session.
The internal content in turn depends on what goals were declared. Thus, if we take the example above, then within the framework of solving the issue of cohesion, different feedback mechanisms at the end of the session can be used, but the main discussion will not turn into a team-building training with elements of discussing strategic tasks.
- Focus on the main task
One of the main mistakes in strategy development is the desire to solve several major problems at once. As a result, resources are scattered, and no goal is fully achieved.
Example: As part of generating strategic initiatives, the company developed several alternatives that would allow the owners’ vision to be realized:
- optimize operational processes,
- launch new products,
- enter a new market.
More often than not, a strategy with so many focuses will not be able to be implemented because at the implementation stage it will face a serious problem of lack of resources to run in 3 directions at the same time. The developed initiatives and ideas always need to be prioritized in terms of which of them will best implement the vision of the owners.
- Practical tips for setting goals
- Vague wording leads to confusion and reduced effectiveness.
- Use measurable metrics, such as: “Increase profit by 20% over three years.”
- Review your goals regularly, external conditions change, so it is necessary to adjust priorities.
Setting goals is not just a starting point, but the foundation of the entire strategy. A clear division of key and secondary tasks, a focus on priorities, and competent resource management will help create a strategy that can lead the company to long-term success.
Want to know more - watch the video "Developing a Business Strategy: 6 Key Tips to Get You Started" in which Alexander Pankov shares valuable advice for companies starting to develop a strategy.
