In Today’s Issue, We Will Be Mastering Strategic Objective Setting

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Setting Achievable Objectives in Business VPMOSA

Today we're diving deep—ocean floor deep—into the anatomy of an often overlooked yet fundamental element of building a solid business framework: Setting Achievable Objectives. Today's insights are foundational but deeply nuanced, and they offer a vantage point that even the most well-read business tycoons will find invaluable.

Part I: The Misunderstood Middle Child—Objectives in VPMOSA

In the hierarchy of VPMOSA—Vision, Purpose, Mission, Objectives, Strategies, Actions—the Objectives often seem like the misunderstood middle child. We romanticize the Vision, glorify the Mission, and are in awe of the Action. Yet, it is the Objective that often provides the clearest bridge between your sky-high dreams and your ground-level actions. Objectives are the answer to the entrepreneur’s constant conundrum: “How do I get there?”

For a change, let’s not just sweep Objectives under the proverbial business rug. They deserve our undivided attention because they hold the compass that directs every other element of your VPMOSA.

Part II: The Psychology of Objectives—It’s About Progress, Not Just Outcomes

There's a psychological brilliance in setting objectives; it's not just a to-do list etched in formal corporate language. Humans are programmed to relish progress. According to the Progress Principle by Teresa Amabile and Steven Kramer, the most potent motivator is 'making progress in meaningful work.' So when you set achievable objectives, you're setting psychological milestones that can keep you and your team fueled even when things get tough.

Part III: The Anatomy of a Good Objective—The SMART+ER Framework

We all know the SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound. But let’s evolve it further to SMART+ER:

• Ethical: In today's socio-political climate, businesses can't afford to be soulless. An ethical objective aligns with not just your business goals but also your social responsibilities.

• Revisitable: The ability to revisit and revise objectives makes your business adaptive, a trait increasingly crucial in our fast-paced world.

Part IV: The “How”—Turning the SMART+ER Framework Into Practice

To set objectives that work, you need to bring your entire team into the process—every department, every stakeholder. Here's how:

1. Start with a SWOT Analysis: Acknowledge your Strengths, Weaknesses, Opportunities, and Threats.

2. Align with your VPM: Make sure your objectives align well with your Vision, Purpose, and Mission.

3. Diversify: Have a good mix of long-term and short-term objectives to maintain motivation and focus.

4. Review Mechanisms: Implement regular checks and audits.

5. Make them Public: Transparency fosters accountability.

Part V: Objectives in Action—Case Studies

Even the most accomplished entrepreneurs swear by the discipline of setting achievable objectives.

1. Elon Musk's SpaceX: One of their objectives was to reduce the cost of space exploration by 10x. This audacious goal is a constant touchpoint for every project they undertake.

2. Jeff Bezos' Amazon: Back in the 90s, one of Amazon’s primary objectives was to expand their catalog from just books to include other forms of media. We all know how that story played out.

3. Howard Schultz's Starbucks: The objective of transforming coffee-drinking into a social experience was a defining milestone for Starbucks.

Part VI: Final Takeaways

1. Don't Wing It: Objectives are not a "set and forget" part of your business; they are the dynamic levers that can change your company's course for the better.

2. Be Ready for the Long Haul: Objectives may require years or even decades to achieve. Patience and persistence are your best allies.

3. Celebrate Wins, Learn From Losses: Each achieved objective is a win worth celebrating, and each miss is a lesson worth learning.

Objectives are a form of art that requires finesse, yet they're grounded in the science of strategic planning. They are both a map and a compass, providing direction and the inspiration to keep moving. Ignore them at your own peril.

Signing off with a challenge for you: identify one area in your business where your objectives are not as SMART+ER as they could be. Now, do the work to refine it.

Worksheet: Setting Achievable Objectives in Business VPMOSA

Introduction:

This worksheet is designed to complement our deep-dive newsletter on "Setting Achievable Objectives in Business VPMOSA." It will guide you through actionable steps to set SMART+ER objectives that align with your Vision, Purpose, Mission, Strategies, and Actions. Grab a pen, let’s get started!

Section 1: Understanding Your VPM

Task 1.1: Write Down Your Vision

• What is the North Star for your business? What’s the ultimate aspiration?

Task 1.2: Clarify Your Purpose

• What is the core reason behind the existence of your business?

Task 1.3: Define Your Mission

• How do you intend to fulfill your purpose and move toward your vision?

Note: Your objectives should be coherent with your Vision, Purpose, and Mission.

Section 2: The SMART+ER Framework

S: Specific

Task 2.1: Describe the objective in specific terms.

M: Measurable

Task 2.2: How will you measure the success or completion of this objective?

A: Achievable

Task 2.3: Is this objective realistic given your current resources?

R: Relevant

Task 2.4: How does this objective align with your mission, vision, and other objectives?

T: Time-bound

Task 2.5: What is the time frame for achieving this objective?

+E: Ethical

Task 2.6: Does this objective align with your values and social responsibilities?

+R: Revisitable

Task 2.7: When will you revisit this objective to evaluate and potentially revise it?

Section 3: Objectives in Action

Task 3.1: Diversify

• List 2-3 short-term objectives (1-3 months):

• List 2-3 long-term objectives (1 year+):

Task 3.2: Review Mechanism

• How will you track and review your objectives regularly?

Task 3.3: Make It Public

• Who needs to know these objectives for better transparency and accountability?

Section 4: Final Thoughts

Task 4.1: Your Next Steps

• List down the immediate steps you’ll take after setting these objectives.

Task 4.2: Accountability Partner

• Who will hold you accountable for these objectives?

Once you've filled out this worksheet, store it in an easily accessible place. Remember, setting objectives is not a "set and forget" affair; revisit and revise as necessary. We look forward to hearing about your progress!

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