A methodology for capturing and translating the organization’s vision, goals and objectives into executable, actionable and measurable events appropriate to each level of the organization.
There are 4 steps:
- Strategy setting: selecting a vital few goals, 5 at most.
- Strategy deployment: Translating objectives into activities along the value stream (you must know your value streams) that will support the objectives along with how performance will be monitored
- Strategy Implementation: Plans, actions, time phases and responsibilities are laid out on a Gantt Chart
- Strategy Evaluation: Routine review of targets, with updated actions to correct deficiencies.
The above process is conducted on an annual cycle.
Strategic Goal:
A statement describing where you want your company to be in the long term
Objectives:
Milestones that are measurable and time-constrained along the path to the strategic goal.
Example:
Strategy Goal: to be the market leader in sales through superior quality services
Objective: Increase sales by 15% this year and 12% next year