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Prioritising Strategic Initiatives

With so many strategic initiatives to pursue, we take a look at how companies can choose the best ones

10Dec

The modern day company demands more from its employees than ever before, with companies often requiring their workers to be in the office until late and even when they leave, online and accessible constantly.

The rise in individual workloads is partly down to the number of strategic projects companies undertake simultaneously, with certain organisations going well beyond the suggested level. As a rule of thumb, no more than five strategic projects should be pursued as this amount gives management enough scope to actively reach their strategic goals.

When there are multiple strategic initiatives going on at once, prioritisation can become an issue. Each initiative will be someone's 'baby' and they'll believe in it unreservedly. This makes prioritisation difficult as stakeholders fight to make sure that it their project's given the best funding and resources. Given this, it's hardly surprising that organisations often find it difficult to come up with a definitive list of strategic priorities.

With this in mind, how do companies actually go about the prioritisation process? The most important considerations are feasibility, strategic fit and risk. Strategic fit is the most essential, with companies needing to ensure that they can align their overall organisational goals with the strategic initiatives they are deploying - the closer the fit, the more priority it should be given.

Value added must also be analysed, with all proposals looked at in terms of their ability to make money for the company. However, this isn't the easiest thing to gauge, with Innovation initiatives taking time to come to fruition. Due to this, strategic planning has to be utilised, with long-term projects continuously marked to see whether they're profitable.

Prioritising strategic plans is something that will take time and effort to undertake successfully. First and foremost, companies should understand that there should be a limit on the amount of strategic initiatives they undertake and that going over than amount will add unnecessary strain to their workforce. Above all, the strategies that fit in with your company's overarching goals and objectives should be approached more readily than those that are less related. 

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