For example, a bank with multiple products or a multinational company with multiple lines of business may use this objective. 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. For some organizations, it is important to be seen as part of the community. 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. It’s not uncommon to hear that municipalities or agencies don’t really have a strategy, but that’s a myth. Is it a project or a program? HR Strategic Initiatives. With their buy-in the whole thing becomes a reality. We are adept at assessing an organization’s strengths and challenges and tailoring our approach to fit your organization’s history, context, and goals. If your organization is in growth mode or has an uncertain economic environment, you need to be sure you remain financially stable. 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. Filter by location to see Vice President, Strategic Initiatives salaries in your area. Strategic initiatives operate on three tiers. The Registered Agent on file for this company is Kevin D. Roberts and is located at 6810 Fm 1960 West, Houston, TX 77069. He has led successful initiatives in aerospace, utilities, manufacturing, insurance, financial, pharmaceutical, mining, education, hospitality, transportation, research and development, and health care. The Growth & Emerging Companies Strategic Initiative is designed to support Connecticut tech companies as they go from germination to market domination. Currently, the company’s gross profit is 25% of sales, and its target gross profit percentage is 30%. You can take many approaches to the process and consider differing ideas about what needs to … Too many people have differing views. Plans are the same, even when planning a strategic initiative. Goals cannot all be focused on a single source of revenue, such as tourism or manufacturing. 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. They need a more resilient economy to build a healthy community. MGM Resorts is ten years into a sweeping strategic and cultural transformation, essentially building a new company on an entirely new trajectory. If your organization uses a significant amount of energy, making a goal to reduce this can be an effective and important strategy. A company defines the strategy based on the market demands and internal and external challenges. Competitive salary. Measures are quantifiable performance statements, and […] Takeaways NYISO’s strategic plan reflects its purpose of balancing the supply and demand of electricity across New York State. Large companies see synergies from working together but want to encourage staff to help with this. This is what increases a company’s value. There may be an optimal amount of debt you’d like to stay within. This customer strategy focuses on selling to more customers, thus increasing the market share. Strategic Initiatives Cadillac Place P.O. Grow shareholder value: The top goal of your organization may be to increase the value of your organization for your shareholders, stakeholders, or owners. It relates to a program or a number of interrelated projects. The company’s current monthly sales revenue is $480,000. A strategic goal is set by the company to identify what they want to accomplish in a business strategy. It takes the abstract and makes it practical by putting it into practice in the real world. Value can be define… Strategic Initiative 1: Achieving Educational Excellence. Or from an HR perspective, Goldman Sachs could set objectives based on retention and client relationships, and E*TRADE on technical skills and product development. This objective applies for organizations that have many repeatable processes. Strategic initiatives can be confused with other strategies. On the other side of revenue is the costs or expenses in your business. To stay ahead of the competition, companies need to systematically build a portfolio of strategic initiatives. You’ve pinpointed the goals and objectives of your strategic initiative and have a list of tasks to implement it. We’re happy to help. The strategic vision is more an overview of where the company wants to be over the next number of years. It’s all about improving the way an organization operates. 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. Using a Strategic Plan Dashboard gives organizations the ability to visualize their progress towards important goals. It can be hard to measure, so you should think about whether you are encouraging teams or mandating teamwork. 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. 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 Strategic initiatives involve the process of corporate planning, the design of long-term goals meant to improve a company. The company's filing status is listed as Cancelled and its File Number is 0800216671. 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. Value can be defined in many ways, so this would need to be clearly defined. It’s also important to note that a municipality’s strategy must be specific to its economy and population, and it must be diverse. Because it’s generic, the definition for your organization needs to be more focused around particular areas of satisfaction you place focus on. It’s multiple project views have benefits and will appeal to different members on the team. While organizations are typically well-geared to manage the day-to-day aspects of business efficiently, major new strategic initiatives tend to be complex projects with multiple work streams involved. This objective shows up a lot in government and nonprofit organizations. Improving it can reduce costs and improve job satisfaction. Once you have your list of objectives, you may want to consider choosing a software tool to help you track your progress. The company as a system to be transformed consists of different elements to be managed and continuously changed. 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. Search and apply for the latest Senior manager strategic initiatives jobs in Lansing, MI. There are five steps to a well-made strategic initiative. As a result, the two organizations undoubtedly have distinct objectives. They need to know what their project roles and responsibilities are for the success of the strategic initiative. The implementation by a strategic initiative involves several projects. This is a self-explanatory objective, but can sometimes apply to all aspects of waste. You want to start with a larger deliverable, which is your objective, and then break it down into smaller and smaller tasks, which are then given a duration and placed on a schedule. 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. 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. Click To Tweet. 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. 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 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. This could indicate the on-time reliability of an airline or the dependable reliability of a printer that generates high-quality output. Although the term “strategic initiative” might sound like inflated business jargon, it’s far from useless. 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. In other words, they’re strategic goals you’re trying to achieve in a certain period of time—typically 3-5 years. The three initiatives are: 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. It forces you to constantly innovate, even on your most successful products. 7 Proven Planning Techniques for Better Projects, How to Make a RACI Chart for a Project (with Example), Project Quality Management – A Quick Guide. This list of strategic objective examples should help you think through the various types of objectives that may work best in your organization. HR Strategic Initiatives. The bureau provides data on Blue Skies Inc. is a retail gardening company that is piloting a new strategic initiative aimed at increasing gross profit. These strategic elements help measure progress and hold you accountable for success. Therefore, take the time to think about what you have the capacity to confront and the resources to execute over the long-term. 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. A strategic goal is part of strategic planning. Don't just stop at objectives. Here’s some practical advice based on years of experience: Don’t put 56 objectives in your scorecard—that’s too many. 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). Or it could mean finding underutilized assets and either using them or selling/leasing them to others for use. Two similar businesses in the same industry can have two very different strategies. If customer satisfaction is critical in your company, this may be a good objective to hone in on. Here's a list of the 56 strategic objective examples to take along with you. Team members can collaborate and work better together. This objective is common in learning and growth and may focus on skills, culture, pay, and the overall work environment. 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. Here are two examples: A company wanted to improve its new product development capabilities. When your organization has a problem with good customer service, you may want an objective to focus on improvement therein. Although the term “strategic initiative” might sound like inflated business jargon, it’s far from useless. Yes—virtually all municipalities have goals based on balancing the budget and improving safety. 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. This slow but inevitable trend has had a significant impact on strategy execution. Use 100% editable Strategic Initiatives PowerPoint Templates to show the conversion of your Business objectives into practice. Operating initiatives are more specific, leading specific operational changes in a company that carry out a process. Walmart introduced a plan that was hoped to ensure that the company would remain the industry leader. Company profile page for Strategic Initiatives Group LLC including stock price, company news, press releases, executives, board members, and contact information Similar to investing in innovation, this objective focuses on the outcome your organization is hoping to achieve. To further explain, here’s a business objectives example based on strategy. 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. Related: How Gap Analysis Can Improve Your Project Management. This is a good “beginner objective” if your organization is just starting to use the Balanced Scorecard. 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. You can then become more specific in this objective by addressing those challenges. This is a specific objective focused on implementing a large project like a customer relationship management (CRM) system, that could take years to implement. As you grow (or shrink) you need to carefully manage cost—so this may be an important objective for you. While vision tells everyone where they are going, strategy tells everyone how they are going to get there. Defining what great customer service means in your organization is a way to set the standard and communicate internally. Project Impact is based on three strategic initiatives that will improve the benefits to the customer. who have written extensively on the topic. helps our clients succeed in a time of disruptive change by providing exceptional thought leadership, vision, and organizational development expertise. Salary estimates are based on 1,198 salaries submitted anonymously to Glassdoor by Strategic Initiatives Manager employees. As noted, objectives are specific, measurable and realistic long-term goals. This article is a critique of, “agile thinking,” with examples provided for a strategic initiative at Corning: Agile Business Innovation. Organizations will want to develop strategic initiatives because it gives them a way to achieve specific objectives. Strategic Initiatives. 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. This is also seen in organizations with an aging workforce without a clear means to replace highly technical skills. All the definitions are below! VP Strategic Initiatives Michigan Economic Development Corporation. Here are some examples: Time: Decrease the time required to produce a product or provide a service. Another way to look at strategic initiatives is that it’s the instrument that helps deliver on the company’s vision. Such initiatives are typically aligned with a company's top strategic priorities, and so the pressure to execute them well is often very high. Is street crime or retail crime more of a safety issue? 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. If you are an organization with multiple product lines, you might want to focus your innovation on one product line over another; calling out the specific direction can be quite helpful in your objective. If your organization wants to focus on retaining current customers, this objective may work for you. 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 |. Depending on the organization, there are compliance rules around making this happen. Your strategy will determine the objectives you set as much as your industry. A stance of simplicity is inappropriate for most strategic initiatives. This objective is for organizations that pride themselves on constant and cutting-edge 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. Prior to his work at ITC, he was a Public Utilities Engineer for the Michigan Public Service Commission. 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. With this premise, the pre-strategic planning stages need to include creative and innovative thinking. Your objectives are only part of your strategy. This strategy indicates you want your customers to consider your organization easy to deal with. 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. Bottlenecks will ruin even the best laid strategic plans. Many complex organizations have very long, drawn-out processes that have developed over many years. This is the time to set them in the strategic initiative process. The particular skill would be specific to the organization. STRATEGIC INITIATIVES UK LLP - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity Verified employers. 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. Program managers will give them direction, monitor their progress and regularly meet with them to get feedback and make sure the plan is on track. This is the part when you take your objectives and figure out how you’re going to achieve them. Currently, the company’s gross profit is 25% of sales, and its target gross profit percentage is 30%. However, the sometimes underestimated third element is execution. In this role, he formulates and helps shape the regulatory strategic initiatives for the company’s Michigan Operating Companies (ITC Transmission and METC). There are going to be other issues that arise, and the sooner they are identified, the sooner they can be resolved. Some organizations focus on forming close partnerships with their clients. This would consolidate data on a single platform and foster better strategic alignment across the company’s four divisions. OCI works with state agencies to improve their processes prior to investing in technology solutions. An excellent business growth strategy outlines a unique path that provides its customers truly differentiated value relative to its competitors. The collection includes different designs and layouts to fit with your business … 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. Some organizations—like banks or office product companies—focus on selling more products to the same customers. Strategic Initiatives, Ltd. is a Texas Domestic Limited Partnership (Lp) filed on June 20, 2003. Sales and Business Development Strategic Planning Improving Business Performance Special Projects STRATEGIC INITIATIVES FOR BUSINESS, L.L.C. Use this step-by-step guide to define your entire strategic plan. Pieter developed a program management structure targeting cost reduction and improving quality and yield for a large aerospace company. 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. Director of Strategic Initiatives Job Description. Creating good, solid measures is the first step to developing your performance scorecard. 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. According to strategy guru Michael Porter, “Competitive strategy is about being different. Quite often, people confuse strategy and tactics and think the two terms are interchangeable in strategic planning, but they’re not. For our purposes, let’s discuss what a strategic initiative is trying to do. Strategic Initiatives. Strategic initiatives operate on three tiers. Strategic Initiatives ®. This objective works if your strategy is to be able to offer the customer the best product in its class, regardless of price. Developing a strategic plan that articulates clearly the various initiatives, responsibilities, due dates, and expected results will help ensure success. If teamwork is critical in your organization, consider this objective. For example, you may be innovating in order to enter a new market or attract customers you might not be able to reach with your current offerings. If this is something your company wants to change, this objective is important. They take the mission statement of the company and translate it into more practical terms. Main elements of the implementation phase involve: A detailed operation plan which clearly indicates initiatives, assigned responsibilities, completion dates, and expected outcomes. 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. Cities with strong growth have chosen strategic objectives based on their specific socioeconomic situation. This objective is typically used when your strategy is to focus more on your customer management processes than you have in the past. Once you have the strategy and the plan, you have to get the team on board. For example, hone in on whether you want to provide one-touch resolution or proactive support, or whether you’re focused on phone support or on-site support. Encompasses many projects working together to serve the needs of the various types of,. 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