The strategic initiatives you charted for your organization may not seem as urgent as they did 12 months ago, before COVID-19 disrupted the economy. And if they do still top your agenda—you may wonder whether you can or should allocate the necessary resources.  

As you weigh competing initiatives for the next year, follow these four steps to choose the projects to implement.

Prioritizing your strategic initiatives
during a pandemic

A four-step model to green-light (or red-light) your project
Down Arrow Grey

Scroll

icons-define-barrier.svg

Before prioritizing your initiatives, it may help to isolate the exact reasons you are reluctant to move the project forward. Are these common barriers stalling your investment?

  • Business and industry uncertainty
  • Reduced cash flows and declining revenue
  • Staffing concerns
Define the barrier to investment
1
icons-evaluate-portfolio.svg

Examine each of your projects, and measure them against these key questions.

Does the initiative...

  • maximize my return on investment?
  • align with my strategic priorities, vision, and mission?
  • take into account the changing landscape and potential ‘new normal’?
  • prioritize health and safety?
  • grow and help my company diversify, reach customers faster?
  • help the organization as a whole—not just one business unit?
Evaluate your project portfolio
2
icons-tiered-approach.svg

Rank your projects and assign them time windows. Choose some for now and save others for later—based on their risk and return.


Tier 1 – Immediate term

Zero to 6 months

Tier 2 – Medium term

7 months to 2 years

Tier 3 – Long-term

2 to 5 years

Take a tiered approach
3
icons-financials.svg

Solve for costs

Review your operations or financials, redefining your corporate costs structure on fixed and variable costs, and lower costs by increasing technology or automation.

How to implement 

Ensure you have the tools and skills required to make financial projections, capture critical scenarios, and incorporate the impact of key variables.

Redeploy your people

By shifting your staff from a less important project to a top strategic initiative, you can gain maximum value with no added cost.

How to implement

Lean on your business intelligence process to gain actionable insights on how to redeploy staff.



Postpone projects—but monitor KPIs while you await relaunch 

By measuring performance with key performance indicators like liquidity, you can identify when the organization can invest once again.

How to implement

Proactively reassess your plans based on your results and the latest facts—not the projections from the previous month.

Revisit your plan when conditions improve

In the current COVID-19 environment, it is difficult to predict when the business will recover. Volatility works both ways, however. You may be able to relaunch your projects sooner than you expect.

How to implement

Make sure to save the notes from this exercise to prioritize your strategic initiatives when your budget allows. That being said, reassess those priorities against the business landscape when you do return to investing in your strategic initiatives.

The budget sometimes won’t support investing dollars in the immediate term. But consider these workarounds and next steps.

If financials are the issue ...
4
strategic-initiatives-pandemic-landscape.svg
strategic-initiatives-pandemic-target.svg
strategic-initiatives-pandemic-tree-1.svg
strategic-initiatives-pandemic-tree-2.svg
strategic-initiatives-pandemicline.svg
strategic-initiatives-pandemic-flag-holder.svg strategic-initiatives-pandemic-leader.svg strategic-initiatives-pandemic-f1.svg strategic-initiatives-pandemic-m2.svg
Bullet/Play White
icons-financials.svg

Solve for costs

Review your operations or financials, redefining your corporate costs structure on fixed and variable costs, and lower costs by increasing technology or automation.

How to implement 

Ensure you have the tools and skills required to make financial projections, capture critical scenarios, and incorporate the impact of key variables.

Redeploy your people

By shifting your staff from a less important project to a top strategic initiative, you can gain maximum value with no added cost.

How to implement

Lean on your business intelligence process to gain actionable insights on how to redeploy staff.

Postpone projects—but monitor KPIs while you await relaunch 

By measuring performance with key performance indicators like liquidity, you can identify when the organization can invest once again.

How to implement

Proactively reassess your plans based on your results and the latest facts—not the projections from the previous month.

Revisit your plan when conditions improve

In the current COVID-19 environment, it is difficult to predict when the business will recover. Volatility works both ways, however. You may be able to relaunch your projects sooner than you expect.

How to implement

Make sure to save the notes from this exercise to prioritize your strategic initiatives when your budget allows. That being said, reassess those priorities against the business landscape when you do return to investing in your strategic initiatives.

The budget sometimes won’t support investing dollars in the immediate term. But consider these workarounds and next steps.

If financials are the issue ...
4
icons-tiered-approach.svg

Rank your projects and assign them time windows. Choose some for now and save others for later—based on their risk and return.


Tier 1 – Immediate term

Zero to 6 months

Tier 2 – Medium term

7 months to 2 years

Tier 3 – Long-term

2 to 5 years

Take a tiered approach
3
icons-evaluate-portfolio.svg
Evaluate your project portfolio

Examine each of your projects, and measure them against these key questions.

Does the initiative...

  • maximize my return on investment?
  • align with my strategic priorities, vision, and mission?
  • take into account the changing landscape and potential ‘new normal’?
  • prioritize health and safety?
  • grow and help my company diversify, reach customers faster?
  • help the organization as a whole—not just one business unit?
2
icons-define-barrier.svg

Before prioritizing your initiatives, it may help to isolate the exact reasons you are reluctant to move the project forward. Are these common barriers stalling your investment?

  • Business and industry uncertainty
  • Reduced cash flows and declining revenue
  • Staffing concerns
Define the barrier to investment
1

The strategic initiatives you charted for your organization may not seem as urgent as they did 12 months ago, before COVID-19 disrupted the economy. And if they do still top your agenda—you may wonder whether you can or should allocate the necessary resources.  

As you weigh competing initiatives for the next year, follow these four steps to choose the projects to implement.

Prioritizing your strategic initiatives
during a pandemic

strategic-initiatives-pandemic-landscape.svg
strategic-initiatives-pandemic-target.svg
strategic-initiatives-pandemic-tree-1.svg
strategic-initiatives-pandemic-tree-2.svg
strategic-initiatives-pandemicline.svg
strategic-initiatives-pandemic-flag-holder.svg strategic-initiatives-pandemic-leader.svg strategic-initiatives-pandemic-f1.svg strategic-initiatives-pandemic-m2.svg
Down Arrow Grey

Scroll

A four-step model to green-light (or red-light) your project
Bullet/Play White

This publication uses cookies

We use functional and analytical cookies to improve our website. In addition, third parties place tracking cookies to display personalised advertisements on social media. By clicking accept you consent to the placement of these cookies.