1. Business Goal Statement– To the degree possible, every business goal
statement should be “SMART” (see below). At the very least, each
business goal statement should be both measurable and time-specific.
- Specific
- Measurable
- Action-driven
- Realistic
- Time-specific
2. Tactics (actions) – Tactics are the detailed actions required to accomplish
the business goal. Each tactic statement should be as explicit as
possible.
3. Ownership– Ownership means naming the person(s) who will be
responsible for carrying out a specific tactic.
4. Timeline– Each tactic statement should have a timeline or deadline for
completion. The timeline may include a range of time (e.g. Q1 2023 –Q1
2024) or a deadline for completion (e.g. July 1, 2024).
5. Assessment – Specify the assessment or evaluation measures for each
specific tactic. For example, if the tactic is to hire a new IT manager, the
assessment measure might be as simple as “IT manager hired.” Some
tactics may require more detailed assessment or evaluation measures.
For example, if the tactic is “create and implement capital allocation
protocols for every department,” the assessment/evaluation measures will
be more lengthy and detailed.
6. Budget – Specify the supplementary funding (above and beyond the
normal operating budget) needed to accomplish each tactic. Identifying
the supplementary funding needed separates the normal operating budget
from the proposed business goals and allows the management team to
evaluate and prioritize each tactic and also calculate the total cost to
implement the plan.