Focus on the Right Initiatives when Drafting Your Strategic Plan

Earlier this year, Booz & Co. published the results from their web-based survey of over 1800 global executives (Coherence Profiler Results Summary) on the topics of strategy development, decision making and priority setting, capabilities, growth, and cost cutting. In subsequent blogs, one of which I referenced in a previous blog on Strategic Planning, co-authors of the study, Paul Leinwand and Cesare Mainardi, discussed some of the more interesting and thought-provoking issues they discovered. 

One such blog, Stop Chasing Too Many Priorities really struck home with me. In it, they highlighted a couple of their discoveries… that most executives (64%) report they have too many conflicting priorities and that respondents from firms with fewer firm-wide strategic priorities report higher revenue growth. They go on in their blog to say:  

The real question executives should be asking is:Triangle

"How can I get focused on the right initiatives for my company?”

The answer:

Seek input from your Advisory Board members.

Let them prioritize your initiatives so you can focus on the right ones!

At a recent Customer Advisory Board meeting, my client did just that.  At the time of the meeting, they were in the midst of their strategic planning process. They had completed their market research and industry analysis, and identified a significant number of potential initiatives. They knew they had the capabilities to do each of them well and that each had the potential to help increase revenues and help them grow. They believed they were all viable options.

Fortunately, they also knew they had way too many initiatives to pursue and that sufficient resources simply could not be allocated in so many different ways!  They decided to seek guidance from their Advisory Board. They shared their research and highlights of the initiatives they were considering. They then asked the following questions:
  • Which solutions provide the most value to your organization?
  • Which solutions are you most likely to buy?
  • In which solutions should we invest?
My client learned a lot from their customers that day. They learned what was important to them. They learned what they would be willing to pay for. They learned what to pursue and what not to waste their money on. They learned that just because they could pursue lots of different things, doesn’t mean they should because their customers may not buy them!  And most importantly for their longer-term growth, they learned which initiatives to focus on!

Comments for Focus on the Right Initiatives when Drafting Your Strategic Plan

blog comments powered by Disqus