Key Performance Indicators (KPI) are clear, specific metrics that measure an organization's progress toward a corporate goal. They generally have a time component, because they track the execution of a corporate strategy. They are the "scorecard" part of a balanced scorecard. To develop KPI's, it helps to divide them into three categories: Target Relative Progress Target... [Read More]| ProjectEngineer
When I was a middle manager, I saw many goals that ended up as roadkill on the business superhighway. Whatever the flavor of the year was, that's what was reflected in the business goals. Things like: reducing dependence on one client, diversifying our service offerings, and others made the rounds through our business units. One... [Read More]| ProjectEngineer
In today's ultra-competitive business environment, strategic planning is more than ever a necessary tool to growing a successful business. Even large companies are not immune to sharp downturns and failed strategic plans. Strategic planning is a process that results in the development of a strategic plan (really!). The strategic planning model in use by businesses... [Read More]| ProjectEngineer
Corporate Strategy refers to the methods with which an organization achieves its goals. In the world of corporate strategy, the development of strategy is the third in a three step process, in this order: Corporate vision defines the state the organization wants to be in over the long term. Corporate goals define the metrics to... [Read More]| ProjectEngineer
In this article, we will take a leisurely stroll through the strategic planning process. This includes the model most used in textbooks and courses on corporate strategy. The strategic planning process consists of the following steps: Vision Statement Mission Statement Corporate Goals Corporate Strategy Metrics Vision Statement A vision statement is a statement of where the... [Read More]| ProjectEngineer