How to measure the success of your strategic plan (2024)

FAQs

How to measure the success of your strategic plan? ›

To measure plan success, first, define clear objectives aligned with project goals. Second, select appropriate key performance indicators (KPIs) to track progress and outcomes. Third, consistently collect and analyze data related to these KPIs to assess performance.

To measure plan success, first, define clear objectives aligned with project goals. Second, select appropriate key performance indicators (KPIs) to track progress and outcomes. Third, consistently collect and analyze data related to these KPIs to assess performance.

SPM has four elements: (1) aligning and cascading strategic objectives down to day-to-day operational goals; (2) developing balanced scorecards for reporting; (3) making reporting easier and focusing on “metrics that matter”; and (4) testing and validating operational and strategic decisions.

One important internal factor to consider when measuring success is happiness and fulfillment. These two factors include pursuing your passion, having positive relationships, and having a sense of purpose. They're considered internal factors because your happiness is up to you—it comes from inside.

Successful strategic plans require clear, measurable, purpose-driven goals and full team buy-in. That way, individuals can be motivated to embrace their role in reaching larger strategic goals that can make a company thrive.

Key performance indicators (KPI) have been identified as important items that monitor, at a glance, progress on the strategic plan. These indicators are all quantitative in nature and are measured annually, either at the beginning of each fall term or at the end of each fiscal year (June).

The first step in measuring your impact is to define what you want to measure and how. Impact indicators are measurable and specific outcomes that reflect your strategic objectives and mission. They should be SMART: specific, measurable, achievable, relevant, and time-bound.

How do you evaluate strategic decisions? ›

This involves identifying the specific goals, objectives, and indicators that you want to achieve or measure as a result of your decision. These criteria should be SMART: specific, measurable, achievable, relevant, and time-bound. They should also be aligned with your vision, mission, values, and strategy.

Some metrics will be financial, such as profit, revenue and cash flow. You may also decide to track metrics related to marketing and/or sales goals (e.g., conversions, repeat business), operational efficiency (e.g., value creation index), safety (e.g., hours lost to injury) and environmental impact (e.g. energy use).

By defining your KPIs, setting targets, collecting data, analyzing results, communicating outcomes, and continuously improving, you can achieve your goals and ensure that your strategic plan is a success.

Successful strategic plans require clear, measurable, purpose-driven goals and full team buy-in. That way, individuals can be motivated to embrace their role in reaching larger strategic goals that can make a company thrive.