Step 5 - Complete the Goals and Long Term Plan

When the current position is known and the mission and SWOT are clearly understood, the organisation should be in a position to decide where it wants to get to: the goals, and how to get there: the long term plan.

Deciding the goals is a way of quantifying the mission in relation to the market conditions. Where do you want to be and when?

The goals could be quantified in a way which matches the balanced scorecard:

  1. Shareholder measures
  2. Customer measures
  3. Operational measures
  4. Innovation measures

The key to maintaining and improving shareholder value in the financial services industry is to understand and respond to the needs of targeted customers by providing cost effective products and services. This can only be achieved by knowing which customers to target and how to provide the quality products and services through the best distribution channels using cost effective, efficient processes, taking account of the risks associated with the business and the physical infrastructure necessary to support it. Performance can only be maintained or enhanced by matching the strengths of the organisation with the profitable delivery of products to customers.

Defining goals which are . . .

  1. Specific
  2. Measurable (sales volumes or values, market share, cost reduction, profitability…)
  3. Achievable
  4. Realistic
  5. Timely

. . . is not easy. It is often helpful to have an independent facilitator to work through the process with you. The strategy will then be the programs and priorities necessary to achieve the goals over the next three years.

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