Strategic Goal Examples for Use in Your Strategic Plan and Balanced Scorecard
SME Strategy is a strategy consulting company that specializes in aligning teams around their vision, mission, values, goals and action plans. Learn more about how we can help you and your team accomplish your strategic goals with our strategic planning and implementation services.
As it has been famously said by management guru Peter Drucker: "What gets measured gets managed";
- How do you figure out what you need to measure and manage?
- How do you decide which KPIs you want to track?
What you need to track largely depends on where you are trying to go, and that's why doing the strategic planning process in its entirety is so important.
You can create endless examples of strategic goals, but if they don't align with where you're going or with your strategic priorities, then you're going to be wasting your time, energy and resources. You need to be focusing on the goals that will move the needle on your mission or vision.
A non-exhaustive list of strategic goal examples and KPI examples:
If you use the Balanced Score Card in your organization (you should), then below you'll find sample "objectives" or strategic priorities. For each objective or strategic goal, you must have an accompanying measurement.
A rule of thumb for measurement is going from X (current state) to Y (desired future state) by date - Set a deadline for achieving your specified strategic goal.
For example, if one of your strategic priorities is to "Enter new markets", then you can use these different sample strategic goals to measure your progress:
- Enter X, Y, Z markets by date.
- 20 total regional markets by date.
- 20% market share in each new market by date.
They all technically fall under "Enter new markets", but they all have different measurements that will affect how you chose to implement your strategy.
You can sort the priorities themselves under whichever category makes sense to you. What matters is that you measure the progress and set targets.
Examples of strategic goals for finance:
- Create and launch a new product(s)
- Increase customer conversion
- Become market leader
- Sales: Company’s sales growth/Market sales Growth -> must be >1
- Customer satisfaction
- Gain market position
- Explore new customer segments
- Increase revenues
- Attract investment
- Return on Assets
- Shareholders dividend
- Diversified revenue streams
- Number of products in portfolio (BCG matrix)
We can help you align your team around a clear vision, mission, values, goals and action plans,
so you can lead your organization more effectively and get better results.
Examples of strategic goals for learning and growth:
- Improve internal communications
- Number of Online and in-person team updates
- Number of Reporting tools
- Number of internal newsletters a week
- Communication skills training programs
- Surveying your teams (monthly survey?)
- Build on momentum
- Implement performance review and reward system
- Build culture and align across the organization
- Open new locations
- Number of locations per city/region/country
- Going international
- Percentage of sales abroad/local
- Number of exported products
- Create and implement a training program
- Decrease employee turnover
- Improve employee satisfaction (Employee Engagement)
- Employee Net Promoter Score : eNPS = (promoters-detractors)/total respondents
- Balance employee utilization rate
- Improve training programs
Examples of strategic goals for customers:
- Improve customer satisfaction
- Decrease the number of product returns
- Increase net promoter score
- % of defaults on products
- Response time to complaints
- Number of followers/likes on social media
- Number of returning customers
- Improve our service approach for new and existing customers.
- Strategic partnerships
- Create impact measurement
- Customer Delivery time
- Increase in new customers
Examples of strategic goals for business processes:
- Increase web traffic
- Number of publications
- Number of backlinks
- Vendor performance
- Restructure organization
- Implement software project
- Grow through acquisition
- Increase the value of projects and manage growth
- Lower production costs
- Build capacity for the future
- Decrease defects
- Improve supplier relationships
- Increase team size
- Find new volunteers
- Launch and complete special projects
- Per unit costs
- Per unit yield
- R&D development time
- Improve resource allocation
- Reduce financial waste
Some examples of how to measure the progress in these strategic priorities:
- Increase revenue per transaction: from X to Y by DATE
- Increase total revenue per customer: from X to Y by DATE
- Increase frequency of transactions: from X to Y by DATE
- Improve daily production from X to Y by DATE
- Enter X, Y, Z markets by Date
- 20 total regional markets by date.
- 20% market share in each new market.
- Acquire 2 companies with at least 5 million dollars in revenue by date.
- Reduce accounts receivable from 60 to 45 days within 6 months.
- Reduce customer wait times from 10 minutes to 5 minutes within 12 months.
- Increase the number of prospects in the pipeline from 100 to 200 in 6 weeks.
And so on...
Those are just a few strategic goal examples that you can use when outlining your strategic priorities and building your strategic plan.