Coggle requires JavaScript to display documents.
Limit strategic priorities to a handful. A narrow set of clear objectives indicates that the top leadership team has done the hard work of making trade-offs among competing objectives. A handful of strategic priorities makes it easier for external stakeholders to assess what matters most to the company
Provide a concise explanation of what a priority means. Some companies listed short strategic priorities like “invest in infrastructure” or “international expansion” without elaborating on the meaning of these objectives. Other companies, in contrast, provided concise descriptions that fleshed out their priorities.
Clarify how a priority will be accomplished. Another way to flesh out what a strategic priority means in practice is to give concrete examples of how the company intends to achieve that objective. Concrete examples assure stakeholders that the company understands what it will take to reach its goals.
Explain why a priority matters. Companies should communicate why their priorities matter strategically and how they will help create and capture value. Clarifying the “why” behind the “what” is particularly important if the priorities do not have an obvious impact on the bottom line in the short term.
Measure progress toward achieving the priority. Some companies report a priority’s progress by tracking concrete metrics, such as cost reductions, market share, or new products launched. Measuring progress reinforces that the priorities still matter, that management takes them seriously, and that leaders will stake their reputation on making material progress — all of which increase the credibility of these commitments.
Set specific targets for the future. Leaders can signal their commitment to strategic priorities by setting concrete targets. By staking their reputation on hitting the targets, managers decrease the odds that these objectives will be dismissed as “cheap talk.” And once they achieve these targets, they also increase their credibility with external stakeholders