What Are Strategic Objectives? I Strategic Objectives Defined

Summary

In this whiteboard session, Erica from OnStrategy discusses the intricacies of defining strategic objectives, a critical yet challenging aspect of strategic planning. She explains that these objectives bridge the gap between a company's vision and its annual goals, serving as mini vision statements. Erica provides a framework for creating strategic objectives, emphasizing the importance of a clear label, strong verb, and statement of impact. She also outlines the anatomy of a strategic objective, including the intent statement with sections on current position, needed shifts, and approach. The session concludes with insights on how to use these objectives to roadmap plans and build an annual plan, ultimately transforming big ideas into actionable results.

Takeaways

• 🔍 Strategic objectives act as a bridge between a company's vision and its annual goals or actions.
• 📝 They can be referred to by various names such as strategic priorities, goals, pillars, or planks.
• 📋 Strategic objectives are defined as broad statements of direction that translate the vision into actionable annual plans.
• 🏷️ A good strategic objective should start with a label, followed by a strong verb and a statement of impact.
• 📈 The intent of a strategic objective should be elaborated with details on current status, needed shifts, and the approach to achieve the objective.
• 📊 Strategic objectives are used to roadmap plans by year, providing a framework for planning with a long-term horizon.
• 📉 They also serve as a foundation for building an annual plan, with each objective leading to specific annual goals.
• 🔑 The structure of strategic objectives answers the questions of 'where', 'what', and 'how', guiding the strategic planning process.
• 🔄 The script suggests a two-part series, with the first part focusing on defining strategic objectives and the second on building them into a framework.
• 📢 The session encourages viewers to subscribe to social channels for more content on strategizing and planning.

Q & A

What is the main focus of the whiteboard session presented by Erica from OnStrategy?

The main focus of the whiteboard session is on defining strategic objectives, which Erica identifies as a critical yet challenging part of strategic planning.

Why does Erica consider strategic objectives as the hardest part of strategic planning?

Erica considers strategic objectives as the hardest part of strategic planning because they serve as a bridge between a big vision and translating that vision into actionable annual goals or actions.

What is the purpose of strategic objectives according to the session?

Strategic objectives serve the purpose of connecting the big idea with what is actually getting done, providing direction and forming the basis for an annual plan.

How does Erica suggest defining strategic objectives?

Erica suggests defining strategic objectives as broad statements of direction that act as mini vision statements, translating the overall vision into actionable steps.

What are some alternative terms for strategic objectives mentioned in the script?

Alternative terms for strategic objectives mentioned include strategic priorities, strategic goals, pillars, planks, kumquats, and oranges.

Can you provide an example of a well-structured strategic objective as described in the session?

An example of a well-structured strategic objective is 'Market growth: Strengthen our competitive position,' which starts with a label, followed by a strong verb and a statement of impact.

What should be included in the intent statement of a strategic objective?

The intent statement of a strategic objective should include the current context, the shifts needed for realization, and the approach or method for achieving the objective.

How can strategic objectives be used to roadmap a strategic plan?

Strategic objectives can be used to roadmap a strategic plan by structuring them by year, which helps in building a plan with a clear horizon and direction.

What is the relationship between strategic objectives and annual planning?

Strategic objectives are used to build out an annual plan by defining specific annual goals that align with and advance the objectives, thus creating a cascade of actions.

What is the significance of the 'where,' 'what,' and 'how' components in strategic planning as mentioned in the session?

The 'where,' 'what,' and 'how' components in strategic planning are significant as they answer the questions of direction, intended outcomes, and methods of achieving strategic objectives, respectively.

What is the recommendation for viewers after understanding strategic objectives?

The recommendation for viewers is to watch part 2 of the series for an example of how to build a framework with strategic objectives and to subscribe to OnStrategy's social channels for more insights.