When embarking on a strategic initiative, one factor of success is to have a clear focus with goals and key performance indicators aligned with the strategic priorities. If the goals and KPIs are not aligned, it can lead to confusion and derailment.
Another key consideration is people and, more specifically, the team. It is important to have a capable and well-connected team leader who can motivate team members. If the team leader is not highly motivated and team motivation is uneven then the initiative often suffers. In addition, the amount of effort the team has to invest needs to be considered. The initiative should not put undue pressure on team members. If team members need to put more than 30% extra effort on top of the “normal” job, it can lead to burnout and negatively impact the initiative’s outcomes.
Having a clearly defined initiative vision and scope will help the team to stay focused and motivated. If the vision is defined but the scope is unclear, then the initiative is at risk. If, however, neither the vision nor the scope is clearly defined, then the initiative is at a high risk of failure.
Developing an execution roadmap as a team and evaluating “what if” scenarios are additional factors for success. If the team develops an execution roadmap, evaluates alternative pathways to achieve the vision, and is thereby prepared for eventualities, then the initiative is on track. If neither a roadmap exists nor has the team spent the time to evaluate potential stumbling blocks, the initiative is left with a goal but no path to get there.
Stakeholder support is also crucial. Senior management should provide strong support and critical stakeholders should be excited and willing to help. If senior management is neutral and critical stakeholders are reluctant helpers, then the initiative is at risk. If neither senior management nor stakeholders are supportive, there is a high risk of failure.
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July 25, 2023 at 02:55PM
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