Short-term pressures can lead to bad choices that negatively impact long-term performance. Financial expectations might lead to initiatives that have impact in the near term but those initiatives come at the expense of pursuing longer-term, more strategic projects. Assess and adjust your initiative portfolio regularly to ensure you have a proper balance of long and short term projects.
- Short-term pressures can lead to bad choices…that negatively impact long-term performance.…Financial expectations might lead to initiatives…that have impact in the near term,…but those initiatives come at the expense…of pursuing long-term, more strategic projects.…Assess and adjust your initiative portfolio regularly…to ensure you have a proper balance…of long- and short-term projects.…A way to diagnose this is, first,…stack your initiative financials.…
Look at those financials over time.…Do all the financials hit now,…or do they build over time?…If they all hit now, you might have a problem.…Review your SWOT analysis in your strategic plan,…and look at your strategic themes or initiatives.…Does every major future threat or opportunity…have current work focused on tackling it?…Does every major strategic theme…have corresponding initiatives?…If you don't have initiatives lined up…to threats and opportunities, you might have a problem.…
Another way to diagnose if you have an issue…is build a two-by-two matrix.…Look at the impact of initiatives over time.…
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- Identify common failure points in a strategic plan.
- Explain how to align compensation with strategy.
- List indicators of underfunding your strategy.
- Describe behavior that can harm strategy execution.
- Define strategic filters.
- Explain how to react to major shifts in your customer's market.
- Identify key metrics for assessing strategy.