The conventional wisdom of goal setting is so deeply ingrained that managers rarely stop to ask if it works. The traditional approach to goals — the annual cycle, privately set and reviewed goals, and a strong linkage to incentives — can actually undermine the alignment, coordination, and agility that’s needed for a company to execute its strategy.

Goals are powerful tools for driving strategy execution — but they have to be frequently discussed, ambitious, specific, and transparent. Take the quiz to find out if your company’s approach to goal setting passes the FAST test.

In this webinar by MIT Sloan’s Donald Sull, participants learn the fundamentals of strategy development. A good strategy is one that offers concrete guidance for identifying and reaching strategic priorities while retaining flexibility so the company can respond to unexpected opportunities and challenges.

Companies used to spend years clarifying business requirements before they would even think of launching new software. Today, cheaper cloud-based apps mean that implementation decisions are made on the fly — and there’s no going back.

A strong governance with a steady hand assures that a company achieves a given purpose properly, within the boundaries of ethics and law.

The traditional “SMART” approach to goal setting may no longer offer companies the best path forward. In a continually changing competitive environment, companies should develop their goals in the context of current conditions.

Research shows that most organizations fall far short when it comes to strategic alignment. The authors’ analysis of 124 organizations revealed that only 28% of executives and middle managers responsible for executing strategy could list three of their company’s strategic priorities. How do leaders close this dangerous strategic-alignment gap?

It’s common practice to develop a handful of strategic priorities to focus strategy — but formulated correctly, they’re also useful communication tools for both internal and external stakeholders. Clear, credible priorities linked to explicit metrics offer a framework for assessing progress toward the company’s goals, in a way that abstractions like vision or mission cannot.

Success in managing digital transformation starts with clarification of priorities, effective feedback, open development communications, and a willingness to take risks. These four behaviors, which allow employees to share ideas more freely and embrace taking risks, can lead to higher-performing teams during digital transformation.

When developing strategy for execution, managers often want to start by setting their strategic priorities, but that’s a mistake. Management teams should start by identifying the corporate vision and critical vulnerabilities — both of which help clarify and shape priorities.

Despite the many differences between the nature of digital strategy at digitally maturing companies, our research demonstrates that these strategies still share a number of common characteristics. Understanding these shared characteristics can help ensure that your company’s digital strategy is on the right track.

Businesses develop strategies to address complex, multi-layered business environments and challenges — but to execute a strategy in a meaningful way, it must produce a set of specific priorities focused on achieving clear goals. Rather than trying to boil the strategy down to a pithy statement, executives will get better results if they develop a small set of actions that everyone gets behind.

A company’s financial reports can provide critical insights into its strategy — if you know where to look.