{"id":16851,"date":"2019-03-26T00:00:00","date_gmt":"2019-03-26T05:00:00","guid":{"rendered":"https:\/\/blog.planview.com\/with-strategic-initiatives-you-cant-afford-anything-less-than-success\/"},"modified":"2022-04-12T15:41:32","modified_gmt":"2022-04-12T20:41:32","slug":"with-strategic-initiatives-you-cant-afford-anything-less-than-success","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/with-strategic-initiatives-you-cant-afford-anything-less-than-success\/","title":{"rendered":"With Strategic Initiatives, You Can\u2019t Afford Anything Less Than Success"},"content":{"rendered":"

<\/p>\n

\u201cThe ultimate goal of any corporation is to make money.\u201d<\/span><\/i> (<\/span>Forbes<\/span><\/a>) <\/span><\/p>\n

While different companies have different goals at various points in their evolution, there is one underlying truth that cannot be denied. Without staying ahead of the competition, meeting customer expectations, and making money they won\u2019t survive.<\/span><\/p>\n

This is where strategic initiatives come in. Whether it\u2019s to be on the cutting edge of innovation, penetrate new markets, or to increase the customer base \u2013 strategic initiatives are the lifeblood of every business. They are the primary means by which vision is translated into reality and by which mission becomes results.\u00a0<\/span>And precisely for these reasons, it is critical to ensure the speedy and effective success of these initiatives.<\/span><\/p>\n

The Importance of Speedy, Effective Execution<\/b><\/p>\n

When done right, strategic initiatives can generate millions of dollars in revenues, increase market share, and help drive innovation:<\/span><\/p>\n

Taking a Turn on Churn<\/span><\/i><\/p>\n

Just think of the impact of successfully executing an initiative to reduce churn by 5%. It has been<\/span> noted<\/span><\/a> that improving customer retention by just 5% can improve per customer profits by at least 25%. Clearly, failing to execute such an initiative, or even a mere delay by a quarter or two can result in a profound impact on the health of the business.<\/span>\u00a0\u00a0<\/span><\/i><\/p>\n

Going to Town with Go-to-Market<\/span><\/i><\/p>\n

Likewise, in vying to outdo the competition, being the first to come to market with a new product can be the make-or-break for the business.<\/span>It\u2019s no surprise then, how critical it would be to successfully execute an initiative to accelerate go-to-market with \u2013 for example, the Agile concept of \u201cminimum viable product\u201d (MVP), where products are developed with just the minimum features to enable a timely launch that satisfies early adopters.<\/span><\/p>\n

But, getting development teams and testers to adopt new practices and collaborate effectively is not an easy task. Nevertheless, it\u2019s a task that must be done \u2013 and without delays.<\/span>To illustrate, there is the<\/span> case<\/span><\/a> of a tier-one industrial supplier that did successfully accelerate go-to-market using MVP, and reported to have achieved product improvements worth over $500 million in annual revenues.<\/span><\/p>\n

Now, consider the alternative. Imagine the impact of <\/span>not<\/span><\/i> being able to manage this strategic initiative successfully. The cost would not only be measured in dollars, but also in market share, and probably even in customer retention rates.<\/span><\/p>\n

An Initiative Delayed Is An Opportunity Lost<\/span><\/i><\/p>\n

On the one hand, strategic initiatives can propel organizations to new heights of success. On the other hand, when not done right, the costs are high and many.<\/span>The rates of \u201cnot done right,\u201d in fact, are staggering. In a<\/span> study by PricewaterhouseCoopers<\/a>, in which the firm reviewed 10,640 projects from 200 companies in 30 countries, it was uncovered that only 2.5% of the companies successfully completed 100% of their projects.<\/span><\/p>\n

So how can you avoid becoming part of this statistic?<\/span><\/p>\n

How to Ensure Successful Initiative Execution<\/b><\/p>\n

There are three critical components to successful execution of strategic initiatives \u00a0. . . and to avoiding being part of the 2.5%:<\/span><\/p>\n