Every healthcare organization has established Strategy Reporting Solutions that help them track and maintain their strategy and strategic goals. Setting strategy is just the first step of the, there has to be the implementation, execution, and maintenance of set strategic goals. Let’s break down these steps and talk about them in more detail.
Setting Good Strategic Goals with Strategy Reporting Solutions
Any organization that’s serious about achieving its strategic goals must understand the importance of setting good strategic goals. This is so important that there is a common acronym that is used as a guide to see if a strategic goal has all the qualities to determine if it’s good or not. SMARTER: SMARTER acronym stands for goals that are specific, measurable, achievable, relevant, time-bound, evaluated and re-adjusted. Following these rules when setting goals will lead to a higher probability of strategic success. Goals also need to be specific. Setting vague goals with no detail on how they can be achieved leaves it to the possibility of it never happening. Strategic goals also have to be time-bound. If there is no time frame for a strategic goal to be achieved or implemented, it will go on forever. Parkinson’s law states that “work expands so as to fill the time available for its completion”. A strategic goal must also be relevant to the overall mission and vision of the healthcare organization. It must align with other existing strategies or at least not work in contrast to them. The strategic goal must also be adjustable and able to change to fit with any new strategy reporting solutions.
Setting A Strategic Plan of Action
In order for a strategic goal to be viable and achievable, then there has to be planning involved. You’ve heard the saying, “if you fail to plan, then you plan to fail”. This is very true in the case of strategic goals. Planning helps bring the goals to light with step by step laid out processes that can be taken till the end goal is achieved. A plan can be refined, edited, and improved to fit with evolving strategies or change in external factors or variables. A good plan is a flexible plan with certain fixed aspects that cannot be changed or compromised.
Stay on Course with Strategy Reporting Solutions
Once a strategic goal is set, the organization must make sure they stay on course and not sway from the set plan. In both small start-up companies and larger organizations, it can be easy to go off course and abandon a strategic plan. In a large organization with many levels, department, employees, and targets, a strategic goal can get lost in translation, forgotten or just plainly abandoned for lack of time, resources or interest.
It is important that the organization puts together a strategic team responsible for tracking the progress of the strategy and making sure every involved party is doing their part toward making sure it is achieved. For start-up companies abandoning a strategy can also happen rather easily. In this current innovative climate, there is always new technology, new management approaches or new ideas that claim to be the best thing to do. It is important that start-ups maintain their set strategy instead of jumping from one strategy to another.
If the strategy needs to be changed, then it should be carefully analyzed, studied and all the pros and cons listed clearly before any decision is made. By instilling this kind of process into the organization’s culture, strategic goals would have a better likelihood of being implemented to completion and any decision being made will be more viable and more likely to produce positive results for the company.
Create a Strategy Committee
I already mentioned a strategic committee briefly above. A strategy committee is a group of people tasked with the responsibility of bringing the strategic goal to completion. The team is responsible for the planning, implementation, allocation of responsibility and any other activity required to achieve the strategic goals that have been set.
This kind of team can be called different things like strategy committee or a task force or an executive management team. Whatever they are called, their mission is always usually the same thing, to make sure the strategy is implemented correctly. Each team member usually has a role to play and the team meets regularly like monthly, weekly, or even daily if needed to compare notes, review past activities, and plan their next course of action.
Engaging Mid-Management with Strategy Reporting Solutions
Some strategic management experts would argue that mid-level management is the most important tier of management. Mid-level managers usually possess a lot of insight on the intricate workings of an organization. They are not lower management so they have access to higher level information about the workings of the company, and they are close enough to lower management and employees that they have enough insight into the day to day workings of a firm.
This gives them a holistic knowledge base on the organization’s strengths and weaknesses. For this reason and many more, mid-level management should be involved. Mid-level manages to provide learning opportunities for junior managers and can also train them.Engage mid-management in strategy formation and execution.