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.

  1. Specific
  2. Measurable
  3. Action-driven
  4. Realistic
  5. Time-specific

2. Tactics (actions) – Tactics are the detailed actions required to accomplish

the business goal. Each tactic statement should be as explicit as


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.