How to Prioritize Strategic Objectives
Typically, a company has many objectives at any give time, and the strategies to achieve those objectives all need funding. The amount of funding is limited, and management must prioritize strategic objectives to ensure the organization is using its resources to the greatest effect. Prioritizing strategic objectives requires planning, focus and leadership. It also requires organizing the decision-making process in a way that makes prioritizing a primary consideration.
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Instructions
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Select a top-level manager to allocate resources. This person must be a leader who can balance the conflicting demands for project funding within the organization. She must keep an eye on the company values and goals while deciding which objectives to pursue. In this way, projects get funded on a priority basis.
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Establish procedures for project approval. Require all managers to submit projects for funding and approval. This prevents the use of company funds for strategic objectives that are low on the priority scale in light of long-term goals. Write all project submission protocols clearly, and distribute them company-wide, so new efforts will automatically go through the prioritizing process.
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Control projects throughout implementation by having managers report progress to the manager in charge of allocating resources. This allows senior management to evaluate whether projects remain in line with priorities and contribute effectively. One of your protocols should state that management can eliminate funding for projects that do not stay in line with company priorities.
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Review all projects periodically to make sure they link together in an effective way. This review will avoid projects that duplicate efforts, conflict with each other or take on combined risk that is higher than company tolerances.
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