In our recent meetings, we have been talking with companies about goal setting and strategic planning for 2016. Some organizations are struggling. Their financial performance is healthy, the economy is still looking strong, but goal setting and planning have taken a back seat.

Here are two of the most common challenges we see and a few tips to help you effectively plan for 2016.

Too Many People Involved in the Goal Setting Process

Some companies involve too many people (or layers of the organization) in the goal setting process. We find executives do this in an effort to achieve consensus and build a list of objectives that are reasonable for all parties involved.

In our experience, too many planners results in delays. The firm becomes mired in goal setting and planning sessions that simply result in more meetings, too many PowerPoints, and a strategic plan that doesn’t materialize until March or April.

By then, a quarter of the year is behind us. Management (and all the contributors to the planning process) have spent too much time planning and not enough time executing the business.

Our Suggestion: Keep your strategic planning team small. A small and focused team will maximize the probability that you will wind up with a strategic plan that is both succinct and timely.

Too many goals being set for 2016

This is a very common problem. It is far easier to set goals than it is to achieve them. Also, once you’re in the process of setting goals — adding a few incremental objectives doesn’t seem like a big deal. Unfortunately, it is. And setting too many goals is just as bad as not setting goals at all.  Why?

Every company has only a handful of strategic-financial objectives that will meaningfully improve profit and growth. Beyond those core objectives, everything else is simply an opportunity for distraction.

Superfluous goals will not only fail to generate an improvement in profit and growth, but they provide a distraction that steers the company off track — away from the core strategies and KPI’s that will make the business more valuable.

How We Can Help

At Bridgesphere, we help our clients generate a succinct set of goals that will maximize the profit and growth of the business. Our proprietary financial models assess each client’s financial profile, identifying the handful of KPI’s that drive cash flow, growth, and the value of the business.

Case Studies & More

To read a short case study on how our strategic planning services helped a client take their business to the next level, click here. You can also call us at (888) 995-0818 or click the button at the bottom of this page to schedule a free consultation!

Happy New Year & The Best of Success for 2016!