SMART Goals for Balanced Scorecard
SMART Goals for Balanced Scorecard
Prepared by: [YOUR NAME]
Company: [YOUR COMPANY NAME]
SMART Goals Template
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S - Specific |
Detail the specific strategic initiative or objective that the executive or department head desires to achieve. Example: Increase customer satisfaction rate across [YOUR DEPARTMENT] by the end of Q2. |
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M - Measurable |
Identify how you will measure the success of the strategic initiative. Example: Track the rate of customer satisfaction through surveys and feedback forms. |
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A - Achievable |
Outline how the objective is achievable for [YOUR DEPARTMENT]. Confirm resources, budget and strategy in place. Example: By implementing a robust customer feedback system and continuous training for personnel. |
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R - Relevant |
Explain why the objective is relevant to the overall business strategy and goals of [YOUR COMPANY NAME]. Example: Satisfied customers tend to be more loyal and can help enhance [YOUR COMPANY NAME]'s reputation. |
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T - Time-bound |
Specify the timeframe for achieving the objective. Example: The initiative will be implemented over 6 months, starting from Q1 and will be measured by the end of Q2. |
Action Plan:
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Identify key stakeholders for each objective.
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Allocate resources and establish timelines for goal achievement.
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Implement regular progress tracking and reporting mechanisms.
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Conduct periodic reviews to assess performance and make necessary adjustments.
Accountability:
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Executive leadership team: Accountable for overall strategy alignment and resource allocation.
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Department heads: Responsible for cascading objectives to respective teams and ensuring alignment with departmental goals.
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Project managers: Tasked with overseeing the implementation of action plans and monitoring progress towards SMART goals.
Notes:
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SMART goals should be periodically reviewed and adjusted based on changing market dynamics and organizational priorities.
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Regular communication and collaboration among stakeholders are essential for goal attainment.
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Celebrate achievements and recognize individuals or teams who contribute significantly to goal accomplishment.
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Embrace a culture of continuous improvement to sustain long-term success.
