The existing criteria and any additional criteria can be added to a table. Usually done in the form of a two-by-two matrix on a wall with the X and Y axis being something like Impact and Cost respectively.
If an initiative is connected to an improvement objective, then we can measure whether or not an impact has been made. A list of measures by which the success or failure of initiatives can be determined, including options such as sales increases, customer engagement or other quantifiable changes. The aggressor always has the tactical initiative in his hands; the defender has the strategic initiative, by preparation. TL;DR Too Long; Didn't Read A strategic initiative helps you implement your business strategies in a very real way, ensuring that you have specific milestones to follow and goals to meet. Your plan should include the following: An end goal, or what you hope to achieve when the plan is complete. Select and prioritise the initiatives With a manageable number of initiatives left and this really depends on the size of the organisation but should be no more than 15 a more formal ranking framework can be applied. The more care that is put into the plan, the more likely it is to be successful. This may require the team to look at ways of staging or delaying the highest priority initiative to release funds for priority 2 and 3 initiatives. They can be long-term or short-term and they must be associated to one or more strategic objectives.
Within the strategic initiative you should detail an operating budget, the department or departments involved, and any other details that help define exactly how your goal will be reached.
Fund, implement and manage the initiatives 1. A SWOT analysis, providing details on the strengths, weaknesses, opportunities and threats that must be considered when working toward your end goal.
Strategic Initiatives are useless in isolation. If the previous four stages have been gone through with care, then funding should not be a barrier at this stage. The initiative list can also include existing initiatives.
Create strategic initiatives
The initiative list can also include existing initiatives. Develop a set of selection criteria This is the first filtering stage. An example of a strategic initiative description format follows: 5. This is an activity for the strategic management team who will discuss and cull. This may require the team to look at ways of staging or delaying the highest priority initiative to release funds for priority 2 and 3 initiatives. A strategic initiative plan may require several revisions before it is approved. This can take a long time and requires good disciple from the participants but it does provide a very good output for the next stage When the selection method has been applied, the remaining initiatives, which should number 5 or 7, can be prioritised. Use the data from the SWOT analysis to help ensure the success of each initiative and organize the initiatives within your timeframe to ensure that each has enough time to meet its own goals. Generating a list of candidate initiatives 2. There are several methods traditionally used which include: Consensus voting — based on the criteria developed and some additional more specific criteria, participants in a workshop can vote on what they consider to be the most important initiatives. The first task is to simply list them all in a single place and use an affinity grouping technique to remove or join any duplicates.
Strategic Initiatives can cause significant organisational impact. Fund, implement and manage the initiatives All projects will require funding and it is this stage that often causes the most heated debate.
There are five major stages to consider: 1.
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