Join Mike Figliuolo for an in-depth discussion in this video Creating multiple diversification views, part of Strategic Planning Fundamentals.
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- Strategic plans can be complicated…because you're trying to drive multiple objective functions.…So it's important, once you've built your priority list,…to make sure that you have balance across all of the…objectives you're trying to achieve.…The way I like to do that is to create multiple looks…through a two-by-two matrix and see where my…highest priority initiatives are showing up on that matrix.…So for example, let's say I've got 30 initiatives…on my entire list and five of them…are my top priority initiatives.…
So first, I evaluate them based upon growth rate,…how fast will they help my company grow,…and profitability, how profitable is this initiative,…this particular product.…And when I plot all 30 initiatives,…those five top initiatives help us grow very rapidly…and they're very high on that axis…and they're very profitable,…so they're very high on that axis.…And looking at the portfolio through that lens…of growth rate and profitability makes sense.…
But we're not done.…Now let's look at other objectives that we have,…
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- Avoiding strategic planning risks
- Assessing the market
- Conducting a SWOT analysis
- Defining your direction, mission, and vision
- Determining core competencies
- Evaluating and prioritizing opportunities
- Assessing your initiatives
- Organizing for success