Strategic priorities

Strategic priorities
See also

Strategic priorities are set in order to address both capacity and capability properly . With them company increases chances to deliver established targets with good level of performance in proper time[1]. Usually strategic priorities are established just after defining or together with definition of mission, vision and shared values[2][3].

How strategic priorities should be set[edit]

Strategic priorities, similarly to strategic objectives should be set on basis of performance of many areas of company, the most important is to synchronise them with[4]:

Kumar J. points another four perspectives from which strategic priorities should be set. Each of them should have defined strategic management:

  1. financial performance,
  2. customer management,
  3. internal processes,
  4. learning and growth.

Strategies priorities should be transferred into strategic objectives and strategic map. Each of them should develop two dimensions: add value and add knowledge. Focusing on adding value would mean innovations, customer and operation management. Knowledge would be about learning, gaining information and data [5].

Strategy objectives and allocating of resources[edit]

If strategy objectives are not set clearly, many aspects of organization would probably not work properly. However, if they are set clearly and laid down in the organization structure, resources should be allocated more adequately and balanced. Allocation of resources and strategy priorities will impact quality of budgeting as well [6].

Example of strategic priorities[edit]

Below are examples of strategic priorities for Thompson Rivers University. Five strategic priorities for five years are increases in areas of [7]:

  1. Student Success,
  2. Intercultural Understanding,
  3. Research Capacity,
  4. Entrepreneurial Capacity,
  5. Sustainability.

Footnotes[edit]

  1. Harfield C., Harfield K. (2008)
  2. Thompson Rivers University, (2014)
  3. U.S. Food and Drug Administration, (2018)
  4. p. 164
  5. Kumar S., Esteves J., Bendoly E. (2011), p. 270 - 271
  6. Kazmi A., Kazmi A. (1986)
  7. Thompson Rivers University, (2014)

References[edit]

Author: Andżelika Stefańska