Learn how to choose an appropriate cadence for ongoing initiative prioritization and how to explain the value of this process. This equips you with the ability to enact organizational change.
- Once you've been through your first strategic planning process, you'll have done a lot of the hard work. Because you defined the filters for evaluating opportunities. And you've taken that initial list of ideas that you had before. And filtered and screened and evaluated all of them. That's a great deal of work. Don't let that work go to waste. Put in place an ongoing evaluation process so when new ideas are brought forward, you can run them through the process, assess the idea and get it onto your prioritization list. The way that process works is first, you have to define an owner for the process. Somebody should be responsible for collecting all new ideas, and then running a regular prioritization meeting. I recommend at least a quarterly prioritization meeting. Anything longer than that, you're going to have a large backlog of ideas. And many times you don't have enough new ideas to run a process like that every, single month. So quarterly ends up being about the right cadence. This ongoing process consists of first, people generating new ideas. There are new initiatives coming up every single day. Next, they're going to do some preliminary discovery. Defining what the idea is, articulating a basic value proposition. Understanding where it might fit in the overall strategy. Then you'll pull out your strategic filters and do that preliminary assessment. If it fails on several of the filters, kill the idea. Document it so it doesn't get put back in the process a year later. And if it passes the filters, move it onto next stage, where you do deeper analysis. Once you've done the deeper analysis, the next step is assessing where does it fit in the overall prioritization list. So take your list of initiatives you're pursuing now look at the new idea, and see where it ranks against those initiatives that are already underway. If it's below the line and you don't have any resources right now to pursue it, put it on the list and get to it when you do have resources available. If it's a huge opportunity, consider moving some initiatives down and stopping work on them to pursue this new idea. Or ask for additional resources so you can tackle it now. Then you launch the ideas, monitor their progress and iterate as needed. So if you need to fix the idea, document whatever the fix is. Put that fix back in the prioritization process and pursue it as appropriate. If you put in place this ongoing prioritization process you'll find that those strategic filters will keep your initiatives focused on your overall strategic goals. And you're going to be able to get more ideas done, more quickly because you're going to focus your resources on the highest value initiatives.
- Define the principles of strategic planning.
- Identify forces used to assess the market.
- Explain how to conduct a SWOT analysis.
- Articulate how to establish guiding principles and set goals.
- Explain what strategic filters are used for.
- Describe the steps of a strategic planning process.