Strategic priorities

Strategic priorities
See also
Strategic management Design capacity Structure follows strategy Balanced scorecard Benefits of strategic management Strategic information system Customer driven ISO 9004 Strategic management model

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. Usually strategic priorities are established just after defining or together with definition of mission, vision and shared values.

How strategic priorities should be set

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:

• Marketing plans,
• Corporate communication,
• Global industry analysis
• Definition of company positioning.
• Corporate identity.
• Company history.

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 .

Strategy objectives and allocating of resources

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 .

Example of strategic priorities

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

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

References

• Harfield C., Harfield K. (2008), Intelligence: Investigation, Community and Partnership. Blackstone's Practical Policing, OUP Oxford
• Kazmi A., Kazmi A. (1986), Strategic Management, McGraw-Hill Education
• Kumar S., Esteves J., Bendoly E. (2011), Handbook of Research in Enterprise Systems, SAGE Publications India
• Pelsmacker P., Geuens M., Bergh J., (2017), Marketing Communications: A European Perspective, Pearson Education
• Thompson Rivers University, (2014), Redefining the Modern University | 5 Priorities for 5 Years, Thompson Rivers University
• U.S. Food and Drug Administration, (2018), 2018-2020 Strategic priorities. Center for Devices and Radiological Health, U.S. Food and Drug Administration
• United Cities and Local Governments, (2016), Strategic priorities 2016-2020. Co - creating quality, peace and sustainability, local and regional governments get ready to deliver global goals, United Cities and Local Governments

Author: Andżelika Stefańska