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Strategic Planning and Goal Setting: Overview

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Title: Strategic Planning and Goal Setting: Overview


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(No Transcript)
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Strategic Planning and Goal Setting Overview
  • In this lesson youll learn about the
  • Importance of Strategic Planning and Goal Setting
  • Factors that influence goal setting process
  • Personal vs. business goals
  • Role of employing an integrated process in
    strategic planning
  • Strategic planning process
  • Integrated Management Planning
  • SMART goals
  • Goal selection and tactical objectives

3
Strategic Planning and Goal Setting
Strategic Planning and Goal Setting
  • Strategic goals should be openly identified,
    discussed and prioritized before management
    decisions are made

4
Strategic Planning and Goal Setting
External Factors and Internal
Factors
  • Goals are influenced by
  • External factors
  • Global economics
  • Government policies
  • Environmental factors
  • Internal factors
  • Resources
  • Management philosophy
  • Risk attitude

5
Strategic Planning and Goal Setting
Changing Your Attitude
  • Insanity has been defined as doing thing the same
    way and expecting a different result
  • Carrolls advice still applies in business and
    life today asking the questions
  • Where are you going in business?
  • What do you want to achieve?
  • What are your goals?
  • Be specific about where youre going- choose your
    goals make a map or plan, and follow through on
    that plan
  • Which road are YOU choosing?

6
Strategic Planning and Goal Setting
  • Change is the Norm
  • In todays business world, change is becoming the
    norm while stability is becoming the exception
  • Focus on integrating processes and life-long
    learning to make your goals into realities

7
Strategic Planning and Goal Setting
  • Organizational Structure of Management
  • An integrated process is needed to manage
    resources
  • Changes and variations in resource quality and
    quantity must be accounted for
  • The goals of the manager and/or owners must be
    kept in mind

8
Strategic Planning and Goal Setting
9
Strategic Planning and Goal Setting
10
Strategic Planning and Goal Setting Risk
Management
  • Manage your risk by
  • Identifying the potential risks and areas
    affected
  • Understanding the potential size of the risk
  • Determining the probability of the risk occurring
  • Formulating an action plan to handle the risk

11
Strategic Planning and Goal Setting Strategic
planning
  • Tells you where you are heading and what it might
    look like once you arrive
  • Keeps the operation focused to the established
    goals
  • Allows for proactive management

12
Strategic Planning and Goal Setting Strategic
thinking
  • Ties your mission statement to your resource
    inventory

13
Strategic Planning and Goal Setting Integrated
Management Planning
  • In the Integrated Management Planning
  • The overall operation is like the tree top
  • Strategic goals are like the branches and leaves
  • Mission statement is like the root and trunk of
    the tree

14
Strategic Planning and Goal Setting Strategic
Goals
  • Why do I need to use strategic goals?
  • They clarify whats important to my operation
  • They provide a basis for evaluating my progress
  • They provide direction and focus for my plans
  • They are a proactive strategy

15
Strategic Planning and Goal Setting Teams and
Goals
  • Use a management team concept
  • Identify the key people and their roles in the
    management team
  • spouse, parents, children, siblings
  • partners, employees, technical or financial
    advisors
  • you
  • Determine accountability for each aspect of the
    operation
  • Seek input and consensus from the team members


16
Strategic Planning and Goal Setting
  • Your Strategic Goals To-Do List
  • Write concise goal statements
  • Project realistic levels of achievement and
    establish time-lines for accomplishment of goals
  • Prioritize your goals
  • Estimate the goal costs
  • Avoid preoccupation with tactics and tools until
    your strategic goals are well-defined

17
Strategic Planning and Goal Setting SMART Goals
  • Specific- Clearly defined and stated goals
  • Measurable- Meet objective standards
  • Attainable- Realistic goals with appropriate
    effort
  • Related- Goals that are not in conflict with
    other goals or your values
  • Tractable- Progress that can be monitored over
    time

18
Strategic Planning and Goal Setting SMART Goals
  • S- M-
  • Specific goal example- to generate enough income
    to allow us to maintain ownership of the
    operation
  • Measurable goal example- to generate 10,500/year
    for a mortgage payment, allowing us to maintain
    ownership of the operation

19
Strategic Planning and Goal Setting SMART Goals
  • A- R-
  • Attainable goal example- to generate 10,500/year
    for a mortgage payment, allowing us to maintain
    ownership of the operation
  • Realistic goal example- Realistic only if the
    operation usually returns more than 10,500 over
    direct expenses each year

20
Strategic Planning and Goal Setting SMART Goals
  • R- T
  • Related goal example- Related to other goals that
    move the operation toward higher returns and
    long-term ownership
  • To generate 10,500/year for a mortgage payment,
    allowing us to maintain ownership of the
    operation
  • Tractable goal example- To generate 10,500/year
    for a mortgage payment, allowing us to maintain
    ownership of the operation while not requiring
    more time or new skills from management

21
Strategic Planning and Goal Setting
Strategic Goals - An Example
  • Warm Springs Ranch Strategic Goals
  • Pay off 5,000 of non-current liabilities a year
    and be debt free in 20 years
  • Develop a livestock enterprise that will generate
    income for two families
  • Increase the tonnage of alfalfa produced on the
    farm to 2,000 tons per year by increasing the
    amount of ground under tillage and increasing
    yields
  • Invest 250 a month into a college education fund
    and 250 a month into a retirement fund
  • Develop a range management plan that will
    increase forage availability by 10 and also
    promote the sustainability of the range resource

22
Strategic Planning and Goal Setting Goal
Directed Management
  • A strategic planning process in which
    high-priority goals provide focus and direction
    is goal-directed management
  • In goal-directed management, several facts are
    recognized

23
Strategic Planning and Goal Setting Goal
Directed Management (Cont.)
  • In goal-directed management
  • The farm or ranch business unit and the family
    unit are closely linked and interact with each
    other
  • Business operations and family life put competing
    demands on physical, financial and human
    resources
  • Goal conflicts and resource limitations can best
    be dealt with through prioritization and tactical
    planning

24
Strategic Planning and Goal Setting
Organizational Changes
  • Changes in the organization demand changes in
    priorities
  • Goals are not final or unchanging
  • Resources will change over time
  • New interests and goals will emerge
  • Priorities will change
  • Management will change priorities and goals

25
Strategic Planning and Goal Setting
  • Why Strategic Goals?
  • Do you remember what the Cheshire Cat said to
    Alice?
  • Select goals that will get you to where you want
    to go.
  • Concentrate on six to eight goals that have the
    highest impact
  • Review long-term strategies
  • Prioritize your goals
  • Identify goals that support your mission
  • Select goals that are likely to be accepted by
    the team
  • Make the goals visible to the organization

26
Strategic Planning and Goal Setting
  • Strategic Goals - Benefits
  • With your goals prioritized on paper, assigning
    costs to them makes them seem real
  • Estimating the costs of each goal helps you
    measure each step of the process
  • Goal accomplishment leads to greater satisfaction

27
Strategic Planning and Goal Setting Tactical
Objectives - TO
  • Tactical objectives relate to strategic goals and
    the mission statement
  • Try to start each objective with to and then
    add your action
  • For example
  • To reduce
  • To increase
  • To replace
  • To grow

28
Strategic Planning and Goal Setting Operational
Plans
  • Operational plans should answer these questions
  • What information exists about each action?
  • What resources must be included in the action
    steps?
  • What are the interrelationships among the various
    resources?
  • What is the ordering and timing of the various
    steps?
  • Who should be accountable for completion of each
    of the action steps?

29
Strategic Planning and Goal Setting Goal
Setting Format
  • Decide the goal setting format that best suits
    your needs, but make sure it includes
  • Each strategic goal
  • Costs associated with each goal
  • Tactical objectives
  • Operational plans

30
Strategic Planning and Goal Setting Summary
  • In this lesson, you have learned
  • Some of the basics for setting goals for your
    operation
  • That written goals are like a road map for your
    mission statement
  • How to write objectives
  • That your goals must be SMART
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