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Setting Strategic Goals For Your Startup

Setting Strategic Goals For Your Startup

AtĀ Allied LegalĀ we helpĀ startups scaleĀ their ventures every day. The first step of this process generally begins with strategic goal setting. Strategic goals provide a roadmap for startup success, and is driven by specific processes including:Ā resource allocation, setting priorities, and implementing systems to determine measurable results.

Setting the right goals and then executing them can beĀ challenging, as you must identify where your startup needs to go, and how your startup will get there. As a founder, this means being intentional throughout every stage of planning.

Here are some tips to assist your startup in creating and implementing strategic goals:

Identify Your Startup’s Target MarketĀ 

Basically identifyĀ who you will be selling to. It is crucial, particularly in the founding stages, that you establish anĀ understanding of your consumer base. Whether you’re selling B2B or B2C, identify whoĀ willĀ needĀ your offering. This will narrow your goal-setting efforts.

Your Goals Should Correlate With Your Startup’s MissionĀ 

Do your short-term goals align with your startup’s overall strategy? If not, it may be time to reassess and re-define your startup’s priorities. Each component of your startup’s vertical should be moving toward a central mission.Ā Ā 

Your Startup’s Goals Should Be S.M.A.R.T

Use S.M.A.R.T goals (specific, measurable, achievable, realistic, and time-bound), or an alternative measurable system to ensure your strategic goals are clearly defined. For example, ā€œplan a marketing strategyā€ is too broad. Ensure your startup’s goals include transparent and concise language rather than general aims or intentions.Ā Ā 

Check Your Startup’s Resources

Reviewing your resources can help you to maintain your startup’s budget. Balancing your resources can also prevent your startup fromĀ overspendingĀ or allocating resources where they aren’t needed.

Communication is KeyĀ 

You should always communicate your goals effectively to yourĀ startup team. Each member, from the ā€˜ground floor’ up, should be aware of your startup’s long-term goals. This ensures that every sector of your startup is focused, motivated and working toward a unanimous goal.

Strategic goal setting provides the foundation of your startup. The right goals can assist you in driving focus, defining your startup’s priorities and managing capital. Developing goals, particularly in the founding stages of your venture, is crucial to your startup’s overall success.

Need help?Ā 

Contact us

At Allied Legal, not only do we use strategic goals every day, we help startups who don’t.Ā GiveĀ us a call onĀ 03 8691 3111Ā or email us atĀ hello@alliedlegal.com.auĀ to enquire about our startup specific offerings.