Question

What are the Primary strategic goals of business? what are its performance measures?

Answer 1

Primary strategic goals of the business: Strategic goals are goals created to identify the intended accomplishment of a business strategy. The primary goals of the strategic plan are to provide a sense of direction and outlines measurable goals. It is a tool that guides day to day decisions and evaluates progress. strategic goals are prepared in the direction of the vision of the organization. strategic goals decide the outcome of the business effort. For eg, if a company is promoting the newly developed product organization may create a strategic goal for its advertising in order to attract more customers.

Performance Measures: A strategic performance measurement is an approach to make the execution of the strategic goals. It provides an ongoing mechanism to monitor progress towards achieving goals through continuous performance measures. Strategic performance measurement is a powerful tool that can bridge the gap between strategy and execution.  

The action plan should be prepared which supports business strategy and as a performance tool action plan should be quantifiable.

As a performance measure, strategic objectives with respect to financial, operational efficiency and environmental impact should be clearly checked.

Timely measure the strategic actions in order to achieve a strategic plan on time.