Formulating effective strategic goals involves several steps: 1. Environmental Analysis: Assess internal and external environments through tools like SWOT analysis and PESTLE analysis. 2. Stakeholder Input: Engage various stakeholders, including employees, customers, and investors, to gather insights and align goals with their expectations. 3. SMART Criteria: Ensure goals are Specific, Measurable, Achievable, Relevant, and Time-bound. 4. Alignment with Vision: Align goals with the company's vision and mission statements to ensure coherence and consistency.