It is that time of year when many companies begin to think about their course of action for the second half of the year. Strategies for this year, next year and beyond are reviewed, modified or established. Performance Focused Organisations take this time seriously and make sure that enough time is allocated to the process and activities.
Today we will demystify three common terms associated with strategy and strategic planning, and how they are used within Performance Focused Organisations.
Strategic Goals are high level goals for the organisation. They seldom change and therefore do not need to be rethought each year.
Performance Management: Strategic Goals are usually not suitable for performance planning and performance management of business units or individuals.
Strategic Priorities are specific, annual areas of focus which will have a direct impact on business units, branches and individuals. They represent an annual prioritisation of activities and directions which will move the organisation closer to its Strategic Goals. They will be modified each year.
Performance Management: Strategic Priorities are moderately to highly suitable for performance planning and performance management of business units and individuals.
Strategies are the high level actions required to achieve an objective. They elaborate on the Strategic Priorities, and will be modified each year.
Performance Management: Strategies are highly suitable for performance planning and performance management of business units and individuals.
Do you need help with your strategic processes or your strategic planning cycle? Contact us to discuss your requirements.