Veteran author Mike Figliuolo shows you how to link your organization's vision and mission to the initiatives and develop a strategy that is consistent with your goals.
- Once you've defined your organization's vision and mission, you have to be able to link it to the initiatives you're going to pursue. Otherwise, it ends up just being often the ether, and nobody uses it, and you end up pursuing a strategy that is inconsistent with where you're trying to go. So the way you do that is you first have to define your core competencies because they will help you understand where you should compete and the types of initiatives you should pursue. Second, you need to articulate a set of strategic filters, and those are the key seven or eight criteria you're going to use for evaluating initiatives to pursue or not pursue. Once those filters are developed, you need to run all your initiatives through them to understand the relative priority of what you're going to pursue. Prioritization is then going to help you define the organizational structure, as well as the resources you're going to need to complete those initiatives. Now, I mentioned core competencies. Core competencies are what your organization does better than anyone else, and it's only two that you're allowed to define. By looking at the things that truly separate your organization from your competition, you're going to be able to identify those places where you should invest your resources for the highest return. So as I look at core competencies, I like taking a framework that says look at core competency one and our ability to use that competency in the marketplace or pursuing the initiatives that are on our prioritization list and looking at the ability to leverage it from a low level to a very high level in terms of how relevant that competency is to the pursuit of that initiative. Then we look at our second core competency, which isn't the dominant one, but it's the next most important one, and we consider it the same way, from low to high, and once we've done that, we can create a map for where we should pursue initiatives or not. For places where neither competency is relevant to the pursuit of that initiative, you're in a zone of do not play. You should not pursue initiatives where those core competencies are not relevant. For initiatives where both competencies are highly irrelevant, you should be the natural owner of that initiative or that place in the market, and then on the off angles, there are going to be situations where your first core competency is the most relevant, and you're going to pursue those types of initiatives. For places where your second core competency is relevant, you might consider those initiatives, but they're not going to be as high priority. Let's imagine you have an organization where your two core competencies are building great consumer brands and having a great supply chain. So if I have an initiative where my brand isn't relevant and it doesn't go through my supply chain, that would be do not play. If I were going to launch an initiative with a brand-new consumer package good that's going to be branded and would go through our existing supply chain, I should be the natural owner of that category. So as you're assessing initiatives and looking at how your core competencies come into play, that view of those competencies will help you decide which initiatives are high priority and which ones you should not be considering.
Lynda.com is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- Create a compelling vision and mission for your team.
- List the steps to conduct strategic planning activities.
- Identify the resources teams need to succeed.
- Determine the skills leaders need to look for when recruiting high performance teams.
- Explain how to create stretch opportunities for employees.
- Describe the primary components of conflict resolution.
- Build bench strength and succession plans.