Strategic planning, setting high-level goals, tops many companies’ priority list. Here are 22 mind-blowing facts on strategic goal-setting. See how you stack up!
Strategic planning consistently heads the list of large corporations’ priorities, according to Bain & Company. Two-thirds to three-quarters of large organizations struggle to implement their strategies; to start working towards achieving high-level goals.
80% say they are committed to doing their best to execute the strategy, even though they would like more clarity on what the strategy actually is. Ask yourself the following questions to become a strategic planning champ.
Are your strategic goals clearly defined?
- More than 80% of managers say that their goals are limited in number, specific, and measurable.
- 36% of organizations have a standard, enterprise-wide approach to goal-setting.
Are your strategic goals aligned?
- 80% of companies have one or more formal system for managing commitments across silos, including cross-functional committees, service-level agreements, and centralized project-management offices.
- 20% of managers believe that formal systems for managing commitments work well all or most of the time.
- 30% say failure to coordinate across units is the greatest challenge to executing strategy.
- 76% of organizations cascade goals.
- Two thirds of senior managers can’t name their firms’ top priorities.
- 51% of top team members say they have a clear sense of how major initiatives and priorities fit together.
- 30% of those directly reporting to senior executives clearly understand the connections between corporate priorities.
- 16% of front-line employees clearly understand the connections between corporate priorities.
- Then again, reportedly, 84% of all staff members of one London-based professional services firm are clear on their company’s top priorities.
Does your organization announce strategic goals publicly?
- Those who write down goals achieve more than those who don’t.
- Those who send commitments to friends achieve more than those who just write down goals.
- Those who send weekly progress reports to friends achieve more.
Are your strategic goals constantly in line with the changing reality?
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- More than 80% of small business owners don’t keep track of business goals.
- 40% of people that write down goals don’t check whether they’ve achieved them.
- 46% of companies review or revise goals throughout the year.
- 50% of senior leaders and 33% of managers and 19% of front-line employees update their goals throughout the year as business needs change.
Forget it. Your Gantt chart will not survive contact with reality
To get the most out of these insights, here is what we suggest you do.
1. Formulate clear goals – Fill out your very own Definition of Success.
2. Align your goals – Build a goal tree. You’ll be able to see how one goal relates to another, who the goal owners are, and what everyone should be doing.
3. Update your goals weekly – Schedule a daily or weekly team meeting to communicate how everybody is doing and to update that goal tree you just made.
Ready to up your goal-setting game?