In this video, author Mike Figliuolo shows you how to take a step back and assess the portfolio of what you're pursuing and what you're saying is high priority.
- Now once you have that understanding of here are the initiatives that are above the line, take a step back and assess the portfolio of what you're pursuing and what you're saying is high-priority. So what I like to do is take a look at the objective functions of the organization and what my goals are. Then, map those initiatives, all of them, not just the ones above the line but all of them against those goals and see how they perform. And then what I do, is I look at which ones are my high-priority ones, and which ones are my low-priority ones? And do I have a mix of that portfolio across high-priority things that are driving my agenda and not allocate resources to things that are low-priority. So let's look at an example. Let's imagine I have two goals in my organization. My first goal may be going global and my other goal may be launching new products and that's what I want to achieve in the organization. What I can then do is map all of my initiatives against how well they help me achieve those goals. Initiatives in this lower-corner don't really advance either of those goals, and initiatives up in the upper-corner advance both goals simultaneously. Now once I've laid out that portfolio, I need to pull out my prioritization list. And what I like to do is make sure that my high-priority initiatives are the ones that are advancing my goals the most. And I take that look by taking the prioritization list and I look at each initiative on that list. So each X representing an initiative, I'll start with the ones that are high-priority on my list and I'll circle them in green. Then I'll look at the bottom of my prioritization list and figure out which ones are lowest in importance. And I'll circle those initiatives in red. Now hopefully you'll end up with a distribution that looks like that. You may have some initiatives that aren't circled, and they're mid-level priority and that's okay as long as you've got a preponderance of high-priority initiatives in the upper-right, and your low-priority ones in the lower-left. Now you have a problem if your high-priority initiatives you find are all in this corner because that means you're saying things are high-priority and they're not really advancing my goals. So you have an inconsistency somewhere in your prioritization process. Either your strategic filters are incorrect, your goals are not the ones you should really be driving, or your assessment of the initiatives isn't mapping well to those strategic filters. So you just want to do this portfolio check once you've done your prioritization to make sure that you're going to be focusing your efforts on the highest priority initiatives that are going to be advancing your goals as much as possible. And if you're able to articulate that prioritization list, allocate your resources appropriately and draw the line, then focus your efforts on the high-priority initiatives, hopefully over time you're going to advance the goals of your organization more effectively than if you're not prioritizing at all.
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