Prioritizing your programs is key to success, but strategic alignment also plays a key role
The adage is quite simple: Before deciding what we are going to do, we need to be clear and aligned on why we are doing it. Coming up with the right answers relies on careful analysis and goal setting.
The business case justifies the investment.
A business case justifies a program but doesn’t necessarily authorize it. Not all programs with a positive business case will be approved just as not all items in a budget will be approved. At Primecore, we advocate prioritizing programs according to the products they support. Not all products have equal importance to the organization or to the market. Programs need to be prioritized based on their value and impact to the organization and resources allocated accordingly. With resources constrained, only the most impactful programs should be pursued. Remember that you can do anything but you can’t do everything.
A business case can answer the following questions:
- How is the initiative aligned with Company strategy?
- What business strategic benefit is associated with this initiative?
- What are the benefit risks and assumptions?
- What impact will this initiative have on the business?
With a focus on corporate objectives and prioritization, a pragmatic and business aligned strategy can be developed.