Three Top Tips to Manage Strategic Objectives
With the end of Q1 nearing, it is time to revisit and review your Q1 goals and priorities.
At the start of a new quarter, it can be tempting to simply start a new list of priorities. However, this does not allow for evaluation and without effective evaluation you will never know what you did and did not achieve.
Before you think about adding any new objectives to your list, review your previous goals and assess what you achieved and what you didn’t. Why did you not achieve everything you set out to? With this information you can think about what you’re going to stop doing. We all have limited bandwidth and increasing demands on our time. Consider whether your initial list of goals for 2018 was too ambitious and unrealistic of your capacity. A possible solution could be to delegate a project to another team member within the business. If you fail to evaluate and review your objectives you will lose focus on what is priority to your business success.
Consider all of your work commitments
In most businesses, projects and tasks get added to your to-do list throughout the year. Now would be a good time to take a look at that list of commitments and re-evaluate what you’re doing and why you are doing it. If you don’t know the ultimate why behind that action, is that action actually priority? Would your time be better spent elsewhere? Take a step back and look at the bigger picture. Does your current to-do list still fit within the context of the market in which your firm is operating? An ongoing project from last year may no longer be relevant.
How much bandwidth do you have?
Time is a fixed asset (although we like to see it as a mindset). We cannot make more of it but we can spend it more efficiently. Now that you have assessed your list of priorities, you should focus on how you are actually going to achieve your objectives within the time that you have available. Calculate the actual physical amount of hours you have available and then calculate how long each project you have assigned will take. If you are over-capacity before you start, you will not achieve your goals. Look at ways to reduce the time projects need. A good way to do this is to reduce time spent in meetings. Question whether you need meetings for certain projects as well as their frequency and time.
At SRK we have daily team huddles every morning for 15 minutes. This is an opportunity for all team members to address areas they are ‘stuck’ and get an answer there and then. This makes our team more efficient as they do not need to chase team members and likewise team members do not need to answer questions throughout the day.
Create a business case for any new objectives
During the year things will change. Inevitably new objectives will be added to your to-do list. In order to avoid becoming overwhelmed, be strategic in terms of new projects that you accept.
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