It is critical that when we are conducting strategic planning we all have a clear understanding of what the key terms mean.
Describes core business and broad purpose of the organisation
Values are the principles by which the organisation works. Values sum up what is critically important for the organisation. Values underpin strategic planning and form the criteria for decision-making, behaviours and action.
A vision is an inspirational scenario of where the organisation will be in the future. It builds on the mission and incorporates values and is the outcome of a successful strategy plan.
Goals or objectives
Goals or objectives are broad statements of purpose that show how the organisation will fulfil your mission and will achieve its vision within the framework of its values. Goals will be developed for:
- Broad areas of business or major projects
- Support and infrastructure like financial management, HR, OHS, quality assurance
Strategic planning should incorporate goals that are SMART or SMARTI
Each goal or objective in a strategic plan has a series of strategies and action plans per strategy that identify how you are going to achieve the goals/objectives, who is responsible and what the timeline is.
Success measures or key performance indicators specify how you will know that you have been successful such as an increase in factors like participation or profit margin, or decrease in what is problematic like absenteeism or workplace accidents. For each measure it is customary to set specific, quantifiable targets.
A balanced scorecard refers to a measurement framework that includes both operational and strategic measures or combines financial with people measures.
The triple bottom line refers to strategic planning with measures that address goals or objectives that are: