Pieter developed a program management structure targeting cost reduction and improving quality and yield for a large aerospace company. The scope of these could reflect parts … This objective is for organizations that pride themselves on constant and cutting-edge innovation. Turn initiatives into successful outcomes. It’s difficult to definitively define what strategic initiatives are. Does the city-planning portion of the budget need more focus than public utilities? Similar to investing in innovation, this objective focuses on the outcome your organization is hoping to achieve. You can make this more specific by defining revenue from a key area in your organization. The company as a system to be transformed consists of different elements to be managed and continuously changed. This objective implies your organization is trying to increase its earnings or profits. Strategic Initiatives is an independent Corporate Finance advisory boutique with a strong presence in Europe, the Former Soviet Union (FSU) and Middle East North Africa (MENA) regions. 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. 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). As part of this strategy, you may deliver service-oriented solutions or have customers participate in research and development with your organization. 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. Strategic initiatives differ from strategic objectives in that the latter is like a strategic goal, only much more specific. A company defines the strategy based on the market demands and internal and external challenges. Once you have the strategy and the plan, you have to get the team on board. If customer satisfaction is critical in your company, this may be a good objective to hone in on. Revenue represents growth in your organization, so increasing revenue is a sign of company health. 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. Everyone in the project team has different ways to work and ProjectManager.com knows that. 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. Program managers can add start and end dates to each task, link dependencies and then assign team members to those tasks. This objective is typically used when your strategy is to focus more on your customer management processes than you have in the past. For example, a bank with multiple products or a multinational company with multiple lines of business may use this objective. Competitive salary. It can be hard to measure, so you should think about whether you are encouraging teams or mandating teamwork. You can take many approaches to the process and consider differing ideas about what needs to … To stay ahead of the competition, companies need to systematically build a portfolio of strategic initiatives. This objective applies for organizations that have many repeatable processes. It is also one that is typically seen in the public sector—or within divisions or departments of other organizations. Sometimes this means seeking outside sources of revenue or managing costs that are appropriate to your operations. Your objectives link out to your measures and initiatives. Here’s some practical advice based on years of experience: Don’t put 56 objectives in your scorecard—that’s too many. Too many people have differing views. Verified employers. 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. The Company plans to enter the linerboard market with the conversion of the Kingsport paper machine. 1999 – 2002 3 years. Bottlenecks will ruin even the best laid strategic plans. If your organization uses heavy equipment, chemicals, mechanical parts, or machinery, focusing on workplace safety is a good objective. Choosing objectives that function as answers to questions like these is the most strategic (and successful) approach for cities. We’re happy to help. These strategic elements help measure progress and hold you accountable for success. Steven J. Bourgeois, CEO 68 Maquam Shore Road Swanton, Vt. 05488 Phone: 802 868 4447 Fax: 802 868 4446 Email: steve@StrategicInitiativesVT.com Executing your strategy requires more than setting targets, goals and objectives—it requires an execution framework. STRATEGIC INITIATIVES LTD - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity It means deliberately choosing a different set of activities to deliver a unique mix of value.” Strategy is the “what” part of the […] 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. The company’s current monthly sales revenue is $480,000. 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. Salary estimates are based on 1,198 salaries submitted anonymously to Glassdoor by Strategic Initiatives Manager employees. Nexdigm (SKP)’s Strategic Initiatives practice supports companies undertaking major growth or expansion projects. This is a self-explanatory objective, but can sometimes apply to all aspects of waste. Depending on the organization, there are compliance rules around making this happen. If your organization uses a significant amount of energy, making a goal to reduce this can be an effective and important strategy. Blue Skies Inc. is a retail gardening company that is piloting a new strategic initiative aimed at increasing gross profit. The bureau provides data on Corporater helps you reach your strategic destination by giving your workforce a roadmap for delivering business outcomes We help visualize plans and initiatives, automate task management, and help you prioritize and optimize resources. Creating good, solid measures is the first step to developing your performance scorecard. It’s not uncommon to hear that municipalities or agencies don’t really have a strategy, but that’s a myth. Although the term “strategic initiative” might sound like inflated business jargon, it’s far from useless. Box 30004 Lansing, MI 48909 Ph. Strategic Initiatives, LLC is a Tennessee Domestic Limited-Liability Company filed on May 17, 2011. The national average salary for a Vice President, Strategic Initiatives is $206,039 in United States. Use this step-by-step guide to define your entire strategic plan. Before we dive in to the examples, let’s talk about how to choose the right ones for your organization. If this is something your company wants to change, this objective is important. A balanced budget reflects the discipline of good planning, budgeting, and management. ProjectManager.com helps you find them with its real-time dashboard for a bird’s eye view. Sales and Business Development Strategic Planning Improving Business Performance Special Projects STRATEGIC INITIATIVES FOR BUSINESS, L.L.C. Some companies demand an extensive amount of alignment across the organization, which can be seen through having common objectives or common incentive programs where alignment is important. If your organization is looking at these processes, this could be a key objective for you. In short, municipal objectives should be diverse enough to withstand economic and environmental shifts. Also, program managers get transparency into the team’s progress. Team members can collaborate and work better together. Currently, the company’s gross profit is 25% of sales, and its target gross profit percentage is 30%. Some organizations—like banks or office product companies—focus on selling more products to the same customers. A strategic initiative is a compass that guides businesses and targets future goals. There are five steps to a well-made strategic initiative. Currently, the company’s gross profit is 25% of sales, and its target gross profit percentage is 30%. You need to pick and choose. Strategic Planning and Initiatives. It’s easy to get so pre-occupied with handling the business … This objective may be used in a strategy when you are signaling a shift in investments in the innovation category. Your objectives are only part of your strategy. If teamwork is critical in your organization, consider this objective. 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. Using a Strategic Plan Dashboard gives organizations the ability to visualize their progress towards important goals. These teams drive key initiatives, ensure This objective can be used if your organization is trying to change its culture to one that focuses more on performance management or incentives. The three initiatives are: 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. Boil your list of strategic initiatives down to just one that will have the most positive impact on the program or business. It could also focus on reducing overhead costs across your organization. What’s your strategy within your industry? The company's filing status is listed as Inactive - Dissolved (Administrative) and its File Number is 000658592. A stance of simplicity is inappropriate for most strategic initiatives. 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. It depends on your industry and your strategy. This is the time to set them in the strategic initiative process. Strategic initiatives typically impact key operational metrics such as store traffic, inventory turnover or customer satisfaction. Here's a list of the 56 strategic objective examples to take along with you. An excellent business growth strategy outlines a unique path that provides its customers truly differentiated value relative to its competitors. By developing a strategic initiative plan, you can take control of how and when your … Organizations will want to develop strategic initiatives because it gives them a way to achieve specific objectives. In the hotel industry, for example, this could reflect the strategy of the Four Seasons or Ritz Carlton. It’s also important to note that a municipality’s strategy must be specific to its economy and population, and it must be diverse. 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. Strategic initiatives can be confused with other strategies. If you have questions about which of these strategic objective examples may work for you, drop us a line. This objective is common in learning and growth and may focus on skills, culture, pay, and the overall work environment. If you look more closely at individual cities, you’ll see that some are growing quickly...and some are not. Many complex organizations have very long, drawn-out processes that have developed over many years. Turn initiatives into successful outcomes. The company’s current monthly sales revenue is $480,000. 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. It is a more general endpoint that speaks to the company’s needs. For some organizations, bond ratings are a sign of healthy finances. The internal perspective is typically focused on processes that your organization must excel at. VP Strategic Initiatives Michigan Economic Development Corporation. If you’re in a slow-growing industry, like sugar manufacturing or coal-power production, choose company objectives that focus on protecting your assets and managing expenses, such as reducing administrative costs by a certain percentage. Defining what great customer service means in your organization is a way to set the standard and communicate internally. 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. Director of Strategic Initiatives Job Description. STRATEGIC INITIATIVES UK LLP - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity 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 This is the part when you take your objectives and figure out how you’re going to achieve them. This list of strategic objective examples should help you think through the various types of objectives that may work best in your organization. The Growth & Emerging Companies Strategic Initiative is designed to support Connecticut tech companies as they go from germination to market domination. Click To Tweet. Trex takes its role as a corporate citizen seriously. This could indicate the on-time reliability of an airline or the dependable reliability of a printer that generates high-quality output. This is also seen in organizations with an aging workforce without a clear means to replace highly technical skills. Many organizations realize that they are good at hiring people but not developing them into good leaders. Strategic Initiatives | 79 followers on LinkedIn. For example, those might include launching a new product or increasing gross revenue within the next year. Here are two examples: A company wanted to improve its new product development capabilities. There are going to be other issues that arise, and the sooner they are identified, the sooner they can be resolved. But a strategic initiative is more than one project, it encompasses many projects working together to serve the needs of the larger corporation. Team members can manage their work with task lists, kanban boards, Gantt charts or calendars. If you’re operating in a fast-growing industry like IT, technical services, or construction, you should choose objectives that match your growth goals and include movement in a positive direction. Ramp-up visibility and strategic alliances. A strategic goal is set by the company to identify what they want to accomplish in a business strategy. Financial objectives are typically written as financial goals. In this definition, a strategic initiative is more than a project. The Office of Continuous Improvement (OCI) leads statewide initiatives to improve work processes utilizing employee and Michigan resident feedback. In this role, he formulates and helps shape the regulatory strategic initiatives for the company’s Michigan Operating Companies (ITC Transmission and METC). Another way to look at strategic initiatives is that it’s the instrument that helps deliver on the company’s vision. This objective shows up a lot in government and nonprofit organizations. They are often called “strategic objectives” to ensure no one cuts corners. This customer strategy focuses on gaining more purchases from the same customers. The large list of initiatives you’ve developed is intended to help you achieve the vision of the company. Related: How Gap Analysis Can Improve Your Project Management. Strategic initiatives are formulated as a direct response to a change in the business environment. : (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. 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. When looking at examples of a business’s customer objectives, you’ll see they are typically written like customer goals. 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. Strategic Initiatives is different from typical management consulting firms: where they exhaust their clients through analysis and leave them unable to develop the resilience and organizational capacity to thrive, we work with our clients to co-develop capacity, craft and execute strategy, and achieve success. Such initiatives are typically aligned with a company's top strategic priorities, and so the pressure to execute them well is often very high. He has led successful initiatives in aerospace, utilities, manufacturing, insurance, financial, pharmaceutical, mining, education, hospitality, transportation, research and development, and health care. MGM Resorts is ten years into a sweeping strategic and cultural transformation, essentially building a new company on an entirely new trajectory. Directors of strategic initiatives develop, oversee and help implement programs and projects that support a company’s vision and short- and long-term plans. Once you've decided on your organization's goals, make sure you select key performance indicators (KPIs) and initiatives to go with them. However, the sometimes underestimated third element is execution. For some organizations, it is important to be seen as part of the community. This plan should be transparent in that it’s visible for your entire project team, so everyone is working in congress. HR Strategic Initiatives. 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. Yes—virtually all municipalities have goals based on balancing the budget and improving safety. Quite often, people confuse strategy and tactics and think the two terms are interchangeable in strategic planning, but they’re not. Think of two financial services companies: Goldman Sachs and E*TRADE. This is a solid top-level objective that shows balance between revenue and expenses. 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. It can also be a means to close the gap between the target of a program and its current performance. This means that your customers know they are not purchasing the most expensive product or service—or even the highest quality—but that they are getting the best deal. 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. For example, a mortgage company might want to reduce the time required to process a loan. With this premise, the pre-strategic planning stages need to include creative and innovative thinking. Is street crime or retail crime more of a safety issue? Because it’s generic, the definition for your organization needs to be more focused around particular areas of satisfaction you place focus on. Strategic initiatives operate on three tiers. Strategic Planning and Initiatives Executing your strategy requires more than setting targets, goals and objectives—it requires an execution framework. They are accountable for executing the plan. Strategic Initiatives Are Vital To Strategic Execution. Two similar businesses in the same industry can have two very different strategies. 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. 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. Job email alerts. Having cultivated many startup initiatives over the years, CTC is currently emphasizing aiding and advising scaleup organizations and those Connecticut companies that grow at impressive rates. In retail organizations, this could mean focusing on an appropriate storefront location. This slow but inevitable trend has had a significant impact on strategy execution. 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. Strategic Initiatives. You’ve pinpointed the goals and objectives of your strategic initiative and have a list of tasks to implement it. 2019 LIFECYCLE ANALYSIS The next step is to put your plan into action and manage the process as well as the plan’s performance. They take the mission statement of the company and translate it into more practical terms. Financial objectives are typically written as financial goals. Partnering comes at a cost but tends to foster more customer loyalty across your organization. Value can be define… 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. 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. Your strategy will determine the objectives you set as much as your industry. Your organization might use this objective if you are in an environment where the customer cannot tell the difference between your organization and another organization’s product. Strategic Initiatives Cadillac Place P.O. 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. Digerati Technologies Outlines Strategic Initiatives for Calendar 2021. This is a specific objective focused on implementing a large project like a customer relationship management (CRM) system, that could take years to implement. In a regulated environment, there may be a lot of rules that you need to follow, even if they don’t seem strategic. OCI’s services include training, facilitation, strategic planning and survey administration. The Registered Agent on file for this company is Sean Brobston and is located at 622 Caselton Ct, Franklin, TN 37069-4309. When selecting and creating your financial objectives, consider what you’re trying to accomplish financially within the time span of your strategic plan. If your organization has poor reliability, having an objective like this will encourage management to look at investments and changes in processes that could increase this reliability. The company is currently operating under its 2015-2019 Strategic Plan. Although the term “strategic initiative” might sound like inflated business jargon, it’s far from useless. Many organizations use debt—another word for financial leverage—as a key financial tool. Organizations just entering a regulatory environment or that are trying to change their business model to meet contract needs may find that they need to improve or change the way they report in order to do better cost accounting or just be more clear about their actions. This objective also reflects a customer intimacy strategy. Use 100% editable Strategic Initiatives PowerPoint Templates to show the conversion of your Business objectives into practice. Large companies see synergies from working together but want to encourage staff to help with this. Having cultivated many startup initiatives over the years, CTC is currently emphasizing aiding and advising scaleup organizations and those Connecticut companies that grow at impressive rates. This strategy acknowledges that you already have the customer but can make money by selling them more. This objective focuses on specific innovation. 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. You’ve developed your strategy plan and have a clear road map designed to reach your vision. Grow shareholder value: The top goal of your organization may be to increase the value of your organization for your shareholders, stakeholders, or owners. They need a more resilient economy to build a healthy community. In present use, agile thinking means to embrace the “agile values” declared by agile software evangelists, those values being things like flexibility, speed, customer responsiveness, change, and good engineering. It takes the abstract and makes it practical by putting it into practice in the real world. 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. 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. 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. Filter by location to see Vice President, Strategic Initiatives salaries in your area. 1901 N. 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