RACO Investment founder Randall Castillo Ortega explains how SMEs can achieve strategic objectives

Although the principles of project management have not changed much in recent years, it is still difficult to apply the correct practices. Consistency is the key to this process. Whether you are aiming for business or personal goals, it is important that you take your commitments seriously. Randall Castillo Ortega is an entrepreneur and the founder of SME backer RACO Investment in Costa Rica and Panama. He explains how to reach the strategic goals of SMEs.

The organization’s vision should be followed by its mission. Strategic objectives should be a step in between. These objectives should be clearly defined, concise, and easily understood. They should also express the most important and ultimate goals that will allow the organization to achieve its corporate vision and mission.

Castillo asserts, “Offering services or selling products requires different processes that assure consistency at all levels. However, it is recommended that these processes be flexible to improve performance.” Many companies fail to improve their process because they view them as a guideline to follow and not key points for quality and efficiency.

A process is a series of decisions and tasks that work together to convert a time- or resource-investment into a product or service. Understanding processes is difficult because they involve many aspects. They must first be defined. They must be clearly defined and documented with measured measurements. The Project Manager can assist you with the definition of the tasks.

The process must be repeatable. A process is a series of activities. The work teams must communicate, understand, and execute them consistently. They must also be predictable.

To ensure the planned activities are carried out consistently and achieve the desired results, they must be stable. It is also important that processes can be measured. Measurables ensure that all activities are performed to the highest quality and provide information about their results.

For a company to achieve its strategic goals, it is crucial that they have people who are skilled. Adds Castillo, “Every organization is made up of people. Unfortunately, robots are not as smart yet.”

People create for others. It will not make a difference if you refuse to accept that humans are what sustains any business system.

The beginning point in creating a plan is strategic planning. To achieve this, people must agree on a common goal. This is based upon the mission and vision. The mission is about what your company does, and how it differs from other companies. The vision describes how you see your business today, and the ideal scenario where your company creates value for customers.

To ensure that the above elements work properly, you need to conduct several analyses of the environment, competitor, scenario, and forecast of results. These analyses are an integral part of any strategic planning. Once they have been completed, they can be used to determine the right strategic goals for a company regardless of its business line.

The time required to plan will vary depending on the strategy being used. However, it is important to note that planning times are often divided into three categories: short (one to three years), medium (up to three years) and long (more than three years). These three tools are essential to accomplish the task.

Benchmarking is an important tool. It helps to identify the most valuable characteristics and processes for a product or service and then use these values to improve your company’s products and processes. To give an industry leader’s perspective, the company is usually compared to the other.

A SWOT analysis is a must. This is a description of an analysis of the strengths and weaknesses, opportunities, threats, and threats that could impact your ability to achieve your goals. This tool allows you to diagnose the current situation of the subject of your study and allows you to make informed decisions that are in line with your policies and objectives.

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