This is seen in a goal if an organization is either affected by a new competitive environment or is trying to address a new market. Although the term “strategic initiative” might sound like inflated business jargon, it’s far from useless. who have written extensively on the topic. If you have questions about which of these strategic objective examples may work for you, drop us a line. Many organizations use debt—another word for financial leverage—as a key financial tool. The plan includes a set of strategic objectives that are clearly defined, as well as strategic initiatives … Is street crime or retail crime more of a safety issue? Strategic Initiatives | 79 followers on LinkedIn. But a strategic initiative is more than one project, it encompasses many projects working together to serve the needs of the larger corporation. This is a solid top-level objective that shows balance between revenue and expenses. HR Strategic Initiatives. Too many people have differing views. This plan should be transparent in that it’s visible for your entire project team, so everyone is working in congress. Check out our templates below to select the framework for your objectives and supporting elements that works best for your organization! However, the sometimes underestimated third element is execution. Filter by location to see Strategic Initiatives Manager salaries in your area. Large companies see synergies from working together but want to encourage staff to help with this. For example, cities along the Gulf Coast have realized that when an oil spill occurs, a reliance on tourism is detrimental. Ramp-up visibility and strategic alliances. This list of strategic objective examples should help you think through the various types of objectives that may work best in your organization. Steven J. Bourgeois, CEO 68 Maquam Shore Road Swanton, Vt. 05488 Phone: 802 868 4447 Fax: 802 868 4446 Email: steve@StrategicInitiativesVT.com The College of Business and Public Management will provide relevant, and innovative programs and courses that integrate theory and practice by concentrating on experiential learning activities and civic engagement. They can comment, tag other project members, who are notified by email and can then collaborate on the task. You can then become more specific in this objective by addressing those challenges. Is it a project or a program? Initiatives that allow a company to deploy a larger amount of distinctive knowledge than its competitors have give it the advantage of familiarity and the possibility of reaping superior rewards for a given level of risk. One information technology company, for instance, carefully tracks the number and skill levels of people posted to important strategic projects. Strategic initiatives are the means through which an organization translates its goals and visions into practice. It is also one that is typically seen in the public sector—or within divisions or departments of other organizations. They are often called “strategic objectives” to ensure no one cuts corners. The next step is to put your plan into action and manage the process as well as the plan’s performance. Strategic Initiatives ®. This objective may be used in a strategy when you are signaling a shift in investments in the innovation category. An excellent business growth strategy outlines a unique path that provides its customers truly differentiated value relative to its competitors. It speaks to the PMI’s A Guide to the Project Management Body of Knowledge (PMBOK), which says all projects must be strategically aligned with the organization’s business strategy. 1901 N. Moore Street, Suite 502 | Arlington, VA 22209 | 866-568-0590 | [email protected], Copyright © 2020 Ascendant Strategy Management Group LLC d/b/a ClearPoint Strategy |. Even if strategic initiatives are more than just a project, managing them is like a project. They need a more resilient economy to build a healthy community. Strategic Initiative 1: Achieving Educational Excellence. Does the city-planning portion of the budget need more focus than public utilities? There are five steps to a well-made strategic initiative. Full-time, temporary, and part-time jobs. The large list of initiatives you’ve developed is intended to help you achieve the vision of the company. It relates to a program or a number of interrelated projects. Team members can collaborate and work better together. In addition, in order to provide growth and improved profitability, at times we implement strategic initiatives across the entire company that are aimed at saving costs, gaining efficiencies, growing our profits and providing better services to our customers. This customer strategy focuses on gaining more purchases from the same customers. The cloud-based project management software helps program managers plan, monitor and report on the strategic initiative, while giving teams the collaborative platform they need to better execute it. Otherwise, a linear, incremental plan will do little more than maintain the status quo, like treading water. It is a more general endpoint that speaks to the company’s needs. Sometimes this results in Six Sigma projects, and other times the result is just a focus on defining processes so that staff can adhere to these processes. Source: Michigan DTMB Bureau of Labor Market Information and Strategic Initiatives, Local Area Unemployment Statistics Total Nonfarm Employment for Michigan MSAs, October 2020 Source: Current Employment Statistics (CES), All data not seasonally adjusted Don't just stop at objectives. The implementation by a strategic initiative involves several projects. The internal perspective is typically focused on processes that your organization must excel at. This is also seen in organizations with an aging workforce without a clear means to replace highly technical skills. If your business is an architectural firm or a custom software developer company, this could be a good objective to ensure you are working with your customers to design critical solutions. This may mean your customers are paying less than average and getting an average or above-average product. When selecting and creating your financial objectives, consider what you’re trying to accomplish financially within the time span of your strategic plan. But the most successful cities refine those high-level objectives. Filter by location to see Vice President, Strategic Initiatives salaries in your area. Strategic and operational planning most often use time, dollars, percentages, and numerical counts to measure strategic goals. The Office of Continuous Improvement (OCI) leads statewide initiatives to improve work processes utilizing employee and Michigan resident feedback. Strategic Diversity Initiatives is a certified LGBTQ – and Woman-owned consulting firm with 25 years of experience providing world class education and consultation around diversity, equity & inclusion. Strategic Initiatives Cadillac Place P.O. Team members can manage their work with task lists, kanban boards, Gantt charts or calendars. For publicly traded companies, a common way to look at this is through “earnings per share.” This can be measured quarterly and/or annually. ProjectManager.com is all you need to realize your strategic initiative. This objective is common in learning and growth and may focus on skills, culture, pay, and the overall work environment. Boil your list of strategic initiatives down to just one that will have the most positive impact on the program or business. It takes the abstract and makes it practical by putting it into practice in the real world. The scope of these could reflect parts … Sales and Business Development Strategic Planning Improving Business Performance Special Projects STRATEGIC INITIATIVES FOR BUSINESS, L.L.C. Strategic Planning and Initiatives Executing your strategy requires more than setting targets, goals and objectives—it requires an execution framework. Use this list of objectives to brainstorm what’s most important for your industry and your specific strategy, then build a set of objectives that best represent your organization. If teamwork is critical in your organization, consider this objective. OCI’s services include training, facilitation, strategic planning and survey administration. Another way to look at strategic initiatives is that it’s the instrument that helps deliver on the company’s vision. You would first need to define what you mean by “innovation” and how you’re innovating in each particular area. What business are you in? During the past century, companies’ efforts to achieve their strategic initiatives have led to the improvement, and thus reduction, of operational work (run-the-business activities) and to an increase in projects (change-the-business activities). The national average salary for a Strategic Initiatives Manager is $141,778 in United States. Your strategy will determine the objectives you set as much as your industry. From a marketing perspective, Goldman Sachs might focus on referrals and connections, and E*TRADE on social media and customer service automation. 7 Proven Planning Techniques for Better Projects, How to Make a RACI Chart for a Project (with Example), Project Quality Management – A Quick Guide. helps our clients succeed in a time of disruptive change by providing exceptional thought leadership, vision, and organizational development expertise. The company's filing status is listed as Cancelled and its File Number is 0800216671. HR Strategic Initiatives. The bureau provides data on The company’s current monthly sales revenue is $480,000. A strategic plan is a dynamic document or presentation that details your company’s present situation, outlines your future plans, and shows you how the company can get there. A Better Way to Set Strategic Priorities ... Grading the importance of various initiatives in an environment of finite resources is a primary test of leadership. You’ll find all 56 of them categorized below by perspective and/or theme. A stance of simplicity is inappropriate for most strategic initiatives. Executing your strategy requires more than setting targets, goals and objectives—it requires an execution framework. Sometimes they are written in the form of a phrase or a statement that a customer would say when talking about your product or service. Or it could mean finding underutilized assets and either using them or selling/leasing them to others for use. Depending on the organization, there are compliance rules around making this happen. Although the term “strategic initiative” might sound like inflated business jargon, it’s far from useless. Strategic Initiatives. A strategic plan is a dynamic document or presentation that details your company’s present situation, outlines your future plans, and shows you how the company can get there. Director of Strategic Initiatives Job Description. It’s all about improving the way an organization operates. It could be one or many ventures, such as monitoring program metrics to see where greater efficiencies can be created or training your team or sales force to produce a better product or service and get that out to a larger customer base. This is a specific objective focused on implementing a large project like a customer relationship management (CRM) system, that could take years to implement. If your organization wants to focus on retaining current customers, this objective may work for you. A Better Way to Set Strategic Priorities ... Grading the importance of various initiatives in an environment of finite resources is a primary test of leadership. Some organizations—like banks or office product companies—focus on selling more products to the same customers. Many complex organizations have very long, drawn-out processes that have developed over many years. As noted, objectives are specific, measurable and realistic long-term goals. The Company plans to enter the linerboard market with the conversion of the Kingsport paper machine. These teams drive key initiatives, ensure If customer satisfaction is critical in your company, this may be a good objective to hone in on. If your organization is looking at these processes, this could be a key objective for you. Two similar businesses in the same industry can have two very different strategies. The major difference between these terms and strategic initiatives is that a strategic initiative includes a scope statement, budget and even a start and end date. Strategic Initiatives Are Vital To Strategic Execution. For some organizations, it is important to be seen as part of the community. Try ProjectManager.com and get award-winning PM tools that can help you manage projects from start to finish. Strategic Initiatives and CSR. They take the mission statement of the company and translate it into more practical terms. Strategic initiatives typically impact key operational metrics such as store traffic, inventory turnover or customer satisfaction. Once you have the strategy and the plan, you have to get the team on board. In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's top managers on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic initiatives are large and complex, requiring a program manager to steer that big ship. Goals cannot all be focused on a single source of revenue, such as tourism or manufacturing. The customer feels like you understand their needs, so they choose your organization's products and services because they are targeted for their specific problem or situation. Sometimes this means seeking outside sources of revenue or managing costs that are appropriate to your operations. AZZ is conducting a comprehensive Board-led review of its portfolio and capital allocation and has engaged leading independent financial, legal and tax advisors in support of this review. This objective focuses on the reason you put focus on innovation. Related: How Gap Analysis Can Improve Your Project Management. For example, a bank with multiple products or a multinational company with multiple lines of business may use this objective. This objective is used in organizations that have implemented (or are implementing) TQM. Get a Free 30-Day Trial of Our PM Software, How Gap Analysis Can Improve Your Project Management, task lists, kanban boards, Gantt charts or calendars. If you sell fertilizer, for example, you want each customer to purchase a larger percentage of their fertilizer spend with your organization rather than with your competitors. If you’re a regulated organization in an incentive environment, you may need to make sure you have the proper controls in place to avoid one-off or systematic cheating. By developing a strategic initiative plan, you can take control of how and when your … This customer strategy focuses on selling to more customers, thus increasing the market share. You can take many approaches to the process and consider differing ideas about what needs to … 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. This is the time to set them in the strategic initiative process. If your organization is investing in order to grow, you may look to an objective like this to govern how much you are able to invest. If you look more closely at individual cities, you’ll see that some are growing quickly...and some are not. The goal was to shift the institution’s reliance away from Excel and PowerPoint by automatically tracking and evaluating strategic business initiatives, or projects, within ClearPoint. Customers may choose to work with you even if you have a product similar to your competitors—simply because your service is better. While vision tells everyone where they are going, strategy tells everyone how they are going to get there. Once you have your list of objectives, you may want to consider choosing a software tool to help you track your progress. Walmart introduced a plan that was hoped to ensure that the company would remain the industry leader. In season two of “Parks and Recreation,” Leslie Knope is trying to write the introduction letter for the Pawnee summer catalog and Ron Swanson says, “You should just copy the Eagleton one.” It’s a funny moment in a classic TV comedy, but Ron’s not giving Leslie the best advice. Some organizations receive revenue from multiple sources or products and services. ProjectManager.com helps you find them with its real-time dashboard for a bird’s eye view. HR Strategic initiatives are those initiatives / activities that consider people as its primary assets and define plans in such a way that we use these assets in the most appropriate manner in order to achieve the organizations’ business goals or objectives. Competitive salary. 188 Strategic Initiatives jobs available in Michigan on Indeed.com. For example, those might include launching a new product or increasing gross revenue within the next year. As part of this strategy, you may deliver service-oriented solutions or have customers participate in research and development with your organization. This objective applies for organizations that have many repeatable processes. It can be hard to measure, so you should think about whether you are encouraging teams or mandating teamwork. Note: Because the below objectives reflect different strategies, we’ve provided a few ideas on how you can customize these examples in each definition. This objective implies your organization is trying to increase its earnings or profits. Many organizations realize that they are good at hiring people but not developing them into good leaders. This strategy indicates you want your customers to consider your organization easy to deal with. It hired a large training firm with an established “best practices” project management curriculum designed for … : (517) 241-4754 Fax: (517) 373-2129 BIOGRAPHICAL DATA Richard H. Waclawek has been director of the Department of Energy, Labor & Economic Growth’s Bureau of Labor Market Information and Strategic Initiatives since April 2005. The collection includes different designs and layouts to fit with your business … Grow shareholder value: The top goal of your organization may be to increase the value of your organization for your shareholders, stakeholders, or owners. Ultimately, you’ll need a good plan regarding who you need to hire, how many hires you need, and what the biggest challenges with regard to retention are. When looking at examples of a business’s customer objectives, you’ll see they are typically written like customer goals. Some organizations focus on forming close partnerships with their clients. It’s not uncommon to hear that municipalities or agencies don’t really have a strategy, but that’s a myth. According to strategy guru Michael Porter, “Competitive strategy is about being different. Such initiatives are typically aligned with a company's top strategic priorities, and so the pressure to execute them well is often very high. The three initiatives are: Examples of strategic goals for this perspective include: The top goal of your organization may be to increase the value of your organization for your shareholders, stakeholders, or owners. This objective focuses on reducing costs—typically costs within a product or service that is an offering (to make that particular product or service more effective). It’s difficult to definitively define what strategic initiatives are. You are asking your organization to either develop new services around the product or new differentiating features of the product or service. In this definition, a strategic initiative is more than a project. The national average salary for a Vice President, Strategic Initiatives is $206,039 in United States. Strategic Initiatives. With this premise, the pre-strategic planning stages need to include creative and innovative thinking. Currently, the company’s gross profit is 25% of sales, and its target gross profit percentage is 30%. This is the part when you take your objectives and figure out how you’re going to achieve them. ProjectManager.com avoids those delays with its kanban board view, which keeps teams focused on one task at a time, only delivering new tasks when there is the capacity and resources available. Examples of strategic goals for this perspective include: 1. Here are two examples: A company wanted to improve its new product development capabilities. SinglePoint Inc. (OTC: SING) ("SinglePoint" or the "Company"), a company focused on providing renewable energy solutions, today provided an overview of multiple key initiatives to drive shareholder value and long-term growth. Salary estimates are based on 1,198 salaries submitted anonymously to Glassdoor by Strategic Initiatives Manager employees. MGM Resorts is ten years into a sweeping strategic and cultural transformation, essentially building a new company on an entirely new trajectory. This objective is typically used when your strategy is to focus more on your customer management processes than you have in the past. Once in full operation, the mill will produce and market approximately 600,000 tons annually of high-quality recycled linerboard and medium, providing the Company with a strategic footprint in a growing adjacent market. Everyone in the project team has different ways to work and ProjectManager.com knows that. Turn initiatives into successful outcomes. If your organization uses a significant amount of energy, making a goal to reduce this can be an effective and important strategy. Sometimes organizations use an objective like this to drive investment in research and development or other innovative activities. It hired a large training firm with an established “best practices” project management curriculum designed for information technology practitioners. For example, if your organization is a landscape company, you are likely trying to reach more households—or if your organization is a hospital, you likely want more of the local population to use your services. They have to address the company’s vision, speak to the benefits of stakeholders and work towards growing the company while aligning its various segments. They set an objective to grow revenue in different areas to ensure that the organization is stable and not subject to risk associated with only one revenue stream. Main elements of the implementation phase involve: A detailed operation plan which clearly indicates initiatives, assigned responsibilities, completion dates, and expected outcomes. Turn initiatives into successful outcomes. This could indicate the on-time reliability of an airline or the dependable reliability of a printer that generates high-quality output. The company as a system to be transformed consists of different elements to be managed and continuously changed. But how do you know which objectives are right for your organization? Here's a list of the 56 strategic objective examples to take along with you. A strategic goal is set by the company to identify what they want to accomplish in a business strategy. A balanced budget reflects the discipline of good planning, budgeting, and management. A company defines the strategy based on the market demands and internal and external challenges. Strategic Initiatives, LLC is a Tennessee Domestic Limited-Liability Company filed on May 17, 2011. If your organization takes pride in the reliability of your product or service, this objective—which reflects that you are targeting customers that also value this reliability—may be right for you. Another way to look at strategic initiatives is that it’s the instrument that helps deliver on the company’s vision. They have to address the company’s vision, speak to the benefits of stakeholders and work towards growing the company while aligning its various segments. In this short period, we turned a casino-driven, Las Vegas-anchored operation into a global entertainment brand offering the world’s most exciting and diverse portfolio of guest experiences. The problem your company has is likely in a specific area, so this objective should be focused on that particular call center or the reactive support that you provide. To further explain, here’s a business objectives example based on strategy. According to Michael Treacy and Fred Wiersema—who have written extensively on the topic—these examples of business strategy processes can be divided into three areas: innovation, customer intimacy, and operational excellence. This objective focuses on specific innovation. Strategic initiatives operate on three tiers. Value can be define… 2019 LIFECYCLE ANALYSIS Takeaways NYISO’s strategic plan reflects its purpose of balancing the supply and demand of electricity across New York State. Such initiatives warrant the largest commitment of resources. It depends on your industry and your strategy. All the definitions are below! Before you get started, you have to know what it is you’re starting. Total Quality Management (TQM) reflects a process around quality improvement, which can mean doing things more efficiently or effectively. Choosing objectives that function as answers to questions like these is the most strategic (and successful) approach for cities. Your business could have the same mission and purpose as another, but if it takes a different approach to achieve that purpose, you should have a unique set of strategic objectives. This objective also reflects a customer intimacy strategy. Quite often, people confuse strategy and tactics and think the two terms are interchangeable in strategic planning, but they’re not. For example, a strategic initiative is not a strategic goal. The company’s current sales revenue is $2,400,000. Both handle customer finances and investments, but (generally speaking) Goldman Sachs prioritizes high-touch, personal relationships, while E*TRADE values high-tech, self-service relationships. A Day in the Life- This initiative is particularly important because it breaks down cross-functional … FORT WORTH, Texas, Nov. 12, 2020 /PRNewswire/ -- AZZ Inc. (NYSE:AZZ), today announced strategic and financial initiatives to enhance shareholder value. A strategic plan should not be solely an incremental list of current activities, but have at least a 20% ‘ah ha’ factor of new ideas. But the more things you try to improve, the less likely you’ll be improving any of them. Revenue represents growth in your organization, so increasing revenue is a sign of company health. Strategic Planning and Initiatives. Your objectives are only part of your strategy. Before we dive in to the examples, let’s talk about how to choose the right ones for your organization. There are going to be other issues that arise, and the sooner they are identified, the sooner they can be resolved. Strategic Initiatives & Business Management Positions are available in: Americas, Europe, and Asia Pacific Our Strategic Initiatives and Business Management teams collaborate with internal and external partners to ensure coordinated delivery of BlackRock’s capabilities to our clients globally. Improving it can reduce costs and improve job satisfaction. You’ve developed your strategy plan and have a clear road map designed to reach your vision. It can also be a means to close the gap between the target of a program and its current performance. Think of them as milestones that mark the end of one phase and the start of a new one. Strategic initiatives are not about remaining complacent: they seek to get the greatest return out of the various projects in your portfolio. Defining what great customer service means in your organization is a way to set the standard and communicate internally. Realistic long-term goals need a more general endpoint that speaks to the ’. An overview of where the company as a corporate citizen seriously addressing those challenges questions about which of strategic. Need to define your entire project team, so this would consolidate data on a single platform and better... Get there are statements that indicate what is critical in your organization is a way to look at strategic are! Project roles and responsibilities are for the latest Senior Manager strategic initiatives are more,... A strategic initiative is trying to change its culture to one that focuses more your! 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