Strategic roadmapping is a way of mapping out your strategic actions. Part of your roadmap involves putting timings on when you expect to implement strategic actions. This article explores some of the reasons for prioritizing certain strategic actions over others.
Prioritization reason 1: Limited resources - not all actions can be taken at the same time
Part of the reason it is important to prioritize your strategic actions is that it is simply not possible to undertake all actions at the same time. Whether it is limited time, financial resources, or other resources, it is rare that a firm would sufficient slack resources that it is able to pursue multiple directions at once.
A danger of trying to do everything at once is that you spread the resources of your firm too slim – not sufficient to make the necessary progress in any particular direction. Prioritization helps ensure that sufficient resources are available to the tasks being focused on.
Prioritization reason 2: Allows you to learn from your mistakes
Another advantage of prioritization is that it allows you to learn from prior mistakes when pursuing subsequent actions. Doing anything new for the first time is inherently risky – there are things that are bound to go wrong. Doing multiple things for the first time at once multiplies the possibilities for mistakes. Sequencing activities over time helps reduce the possibility of the same mistakes getting repeated – you are able to learn from prior attempts to refine subsequent implementations.
Prioritization reason 3: Certain actions will require other resources to be developed in advance
A third reason why prioritization is important is that it allows you to build on prior developments. You may need to build up a capability in a particular area prior to being able to take advantage of it in another part of the business. Considering your prioritization approach enables you to lay the necessary groundwork prior to advancing to areas that depend on these areas.
Prioritization reason 4: The market may not be ready for your products
A final reason why it may be beneficial to prioritize strategic actions is that certain directions that your firm may want to take is that the market may not yet be ready for all your products. Certain products rely on complementary products or services – potentially related products that enhance how well your products work. There are times where it is necessary to wait until these complementary products and services are more widely available before certain of your offerings are likely to take off.
This article explores some key reasons for setting and keeping priorities when establishing and launching a company.
This article explores the importance of consistency in decision making over time – and why a strategy is important to help ensure this consistency.
Internal firm analysis – considering the resources and capabilities of the company – is an important component of strategic analysis. This article explores reasons for examining the firm’s internal resources.
This article explores strategic foresight – the opportunities that come from understanding your environment and how to predict likely industry trends.
A common mistake is to confuse an individual tactic with an organization’s strategy – these are the reasons why a tactic is not the same as a strategy.
This article explores alternative approaches to gaining access to resources – internal development (build), partnering with other firms (borrow), or acquiring another company (buy).
Strategic implementation is not easy – this article explores 5 of the most common mistakes that can impact implementation success.
This article unpacks the Resource Based View of the firm – explaining its difference from other strategic perspectives and its importance to management.
This article explores the primary reasons for engaging your employees in shaping the strategy of your startup.