How do you balance the short-term and long-term objectives in your MBOs and strategy map?
Management by objectives (MBO) is a method of setting and aligning goals across different levels of an organization. It involves defining specific, measurable, achievable, relevant, and time-bound (SMART) objectives for each individual, team, and department, and then monitoring and evaluating their performance and results. MBO can help improve motivation, communication, coordination, and accountability in your organization, as well as align your actions with your vision and mission.
However, MBO also poses some challenges, especially when it comes to balancing the short-term and long-term objectives in your strategy. How do you ensure that your MBOs are not only focused on the immediate tasks and outcomes, but also on the bigger picture and the long-term impact of your actions? How do you link your MBOs to your strategy map, which is a visual tool that shows how your strategic objectives are connected and how they create value for your stakeholders? How do you avoid the pitfalls of overemphasizing or neglecting certain aspects of your strategy, such as financial, customer, internal, or learning and growth perspectives?
In this article, we will explore some tips and best practices on how to balance the short-term and long-term objectives in your MBOs and strategy map, and how to use them effectively to guide and improve your performance and results.