Episode A.013 Converting Initiatives into Goals

The Purpose of a Strategic Initiative
A Strategic Initiative is an investment of resources dedicated to accomplish an organizational aspiration. It is based on an analysis of the market to determine long-term opportunities & threats, and short term impact on the businesses strengths & weaknesses. It needs to provide enough information to create goals (results) and objectives (activities) required to execute the Initiative.

View Strategic Initiatives as Aspirations

What a Strategic Initiative Should Contain

• Intention: a description of the end result required over a specified period of time;
• Measures: how the end result will be measured;
• Targets: describe the success level;
• Potential Goals: a list potential business goals required to achieve the desired result.

Example
IBGR Strategic Initiative 1

• Intention: IBGR is the Number 1 global source for business owners providing tools for small business growth by the end of the 2020;
• Measures: with .1% of global (English as a first language) business owners in the audience;
• Targets: spending 2 hours a week listening to live shows or podcasts;
• Potential Goals: Build a Subscription Base, Provide Basic Tools to Subscribers, Build A Community of Users

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SI#1: IBGR is the Number 1 global source for business owners providing tools for small business growth by the end of 2020 with .1% of global (English as a first language) business owners in the audience spending 2 hours a week listening to live shows or podcasts.

The Purpose of a Business Goal
Business Goals are based on identified Strategic Initiatives to clarify intended results, serve as the basis of Business Objectives, and provide the backbone of a yearly Strategic Plan.

View Business Goals as aspirations turned into Results and forms the basis of Management's Scorecards.

What a Business Goal Should Contain

• Intention: a description of the end result required over a specified period of time;
• Measures: how the end result will be measured;
• Targets: describe the success level;
• Potential Objectives: a list potential business objectives required to achieve the desired result.

Example
IBGR Strategic Goal 1.1

• Intention: IBGR will build a subscriber base (both free and fee) of small business owners by the end of 2020;
• Measures: with the balance of communication between IBGR and subscribers;
• Targets: at 50% (45-55%) between outreach and requests, and 20% of subscribers for fee;
• Potential Objectives: Create a Membership Site (standalone or extension of current website), Build a Survey Engine to Solicit Programming Topics.

BG#1.1 IBGR will build a subscriber base (both free and fee) of small business owners by the end of 2020 with the balance of communication between IBGR and subscribers at 50% (45-55%) between outreach and requests, and 20% of subscribers for fee.

The Purpose of a Business Objectives
Business Objectives are based on Business Goals to detail activities required to achieve results and provide the implementation steps of a yearly Strategic Plan.

View Business Objectives as results turned into Activities and forms the basis of Employee Dashboards.

What a Business Object Should Contain

• Intention: a description of the activity required over a specified period of time;
• Measures: how the activity will be measured;
• Targets: describe the success level.

Example
IBGR Business Objective 1.1.1

• Intention: IBGR will build a membership site (standalone or extension of current website) for small business owners by the end of QTR2; 
• Measures: that creates programming for QTR3;
• Targets: with 20% of members responding.

BO#1.1.1: IBGR will build a membership site (standalone or extension of current website) for small business owners by the end of QTR2 that creates programming for QTR3 with 20% of members responding.

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Next Show: ​A.014 Converting Goals Into Business Objectives