Karen, Strategy Specialist at GBC, 2 min read
I’m sure you know the importance of setting financial objectives. Your company’s long-term health and ultimate survival can be jeopardised without adequate profitability and financial strength. Besides, sub-par performance puts yours and your teams’ jobs at risk, alarms shareholders and warns off creditors. However, financial performance by itself is not good enough. Of equal or greater importance is your company’s strategic performance. With StratPlan, you create a robust set of strategic objectives under 5 minutes. Including Financial objectives, strategic objectives include: Customer, Process and Talent & Teamwork.
So, to be clear, a company’s financial performance measures are really lagging indicators that reflect the results of past decisions and organisational activities. But as we all know; past or current financial performance is not a reliable indicator of its future prospects. This is why, strategic objectives are the best and most reliable leading indicators of your company’s future financial performance and business prospects. StratPlan incorporates the most widely used framework for balancing financial objectives with strategic objectives – Balanced Scorecard.
The Balanced Scorecard is a widely used method for combining the use of both strategic and financial objectives, tracking their achievement, and giving management a more complete and balanced view of how well a company is performing.
When you use StratPlan in your business, you are empowered to evaluate your existing company objectives or craft new objectives in under 10 minutes; making it simple for you to incorporate ”SMART” principles for a great set of objectives. There are just a few steps when crafting a set of new or evaluating your existing objectives…11 to be exact.
- Click Company Objectives.
- Click Financial Objectives.
- Click “Add New” and Type in or copy & paste your first Financial Objective. Add as many financial objectives as you like.
- Click Customer Objectives.
- Click “Add New” and Type in or copy & paste your first Customer Objective. Add as many customer objectives as you like.
- Click Process Objectives.
- Click “Add New” and Type in or copy & paste your first Process Objective. Add as many process objectives as you like.
- Click Talent & Teamwork Objectives.
- Click “Add New” and Type in or copy & paste your first Talent & Teamwork Objective. Add as many Talent & Teamwork objectives as you like.
- Click the check boxes to select the SMART principles that describe your Company Objectives.
- If the strength of your objectives is weak, then amend the specific objectives to strengthen your company objectives.
That’s it…you’re done! In under 10 minutes.
Here’s how it works…
11 steps. All you need to do is Click Company Objectives, insert your objectives and evaluate its strength. Here’s a secret too. You don’t even need to click Save to save your plan. StratPlan automatically saves your changes.
P.S. Curious about other features to help in the strategy making process? Go to our useful help videos or send us a message, we’d love to help.
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