How Organizations Fail to Manage Strategic Initiatives
James Giacin is the managing director of a financial firm in St. Louis, Missouri. A former hockey player and coach, he was named to the St. Louis Hockey Hall of Fame in 2019. With over two decades of experience in structured finance, mergers and acquisitions, and insurance asset and liability management, James Giacin also spearheads strategic initiatives.
Strategic initiatives help an organization achieve its long-term goals, vision, and objectives. However, strategic initiatives can fail to yield the intended results because of:
This happens when strategic initiatives do not reflect an organization’s priorities, fail to address urgent issues, or contradict values. When strategic initiatives are not aligned, they can cause tension in an organization and lose track of the intended goals. Organizations should always prioritize programs that are in line with their mission statement.
– A lack of involvement by organization leaders
Managers should clearly communicate strategic initiatives to bring everyone on board. Decision-makers should understand even the smallest programs in an organization and be part of the initiative. Input from business executives helps to ensure successful strategic initiatives.
– A lack of focus
Companies may fail to implement strategic initiatives because they prioritize too many things, which stresses resources and staff members. Focusing helps companies choose the ideal number of projects to implement, allocate sufficient resources, and hire enough employees to support the strategy.
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September 29, 2023 at 11:33AM