Setting Strategic Goals For Your Startup
At Allied Legal we help startups scale their ventures every day. The first step of this process generally begins with strategic goal setting. Strategic goals provide a roadmap for startup success, and is driven by specific processes including: resource allocation, setting priorities, and implementing systems to determine measurable results.
Setting the right goals and then executing them can be challenging, as you must identify where your startup needs to go, and how your startup will get there. As a founder, this means being intentional throughout every stage of planning.
Here are some tips to assist your startup in creating and implementing strategic goals:
Identify Your Startup’s Target Market
Basically identify who you will be selling to. It is crucial, particularly in the founding stages, that you establish an understanding of your consumer base. Whether you’re selling B2B or B2C, identify who will need your offering. This will narrow your goal-setting efforts.
Your Goals Should Correlate With Your Startup’s Mission
Do your short-term goals align with your startup’s overall strategy? If not, it may be time to reassess and re-define your startup’s priorities. Each component of your startup’s vertical should be moving toward a central mission.
Your Startup’s Goals Should Be S.M.A.R.T
Use S.M.A.R.T goals (specific, measurable, achievable, realistic, and time-bound), or an alternative measurable system to ensure your strategic goals are clearly defined. For example, “plan a marketing strategy” is too broad. Ensure your startup’s goals include transparent and concise language rather than general aims or intentions.
Check Your Startup’s Resources
Reviewing your resources can help you to maintain your startup’s budget. Balancing your resources can also prevent your startup from overspending or allocating resources where they aren’t needed.
Communication is Key
You should always communicate your goals effectively to your startup team. Each member, from the ‘ground floor’ up, should be aware of your startup’s long-term goals. This ensures that every sector of your startup is focused, motivated and working toward a unanimous goal.
Strategic goal setting provides the foundation of your startup. The right goals can assist you in driving focus, defining your startup’s priorities and managing capital. Developing goals, particularly in the founding stages of your venture, is crucial to your startup’s overall success.
Need help? Contact us
At Allied Legal, not only do we use strategic goals every day, we help startups who don’t. Give us a call on 03 8691 3111 or email us at firstname.lastname@example.org to enquire about our startup specific offerings.
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