Set Your Strategic Priorities Through Resource Allocation

Set Your Strategic Priorities Through Resource Allocation

One of the requirements of being a good leader is the ability to grade the importance of the initiatives your business is undertaking. You need to be able to identify trade-offs and prioritize those goals and initiatives that will bring you the most value, while being willing to let go of ones that won’t. Many leaders use rank ordering for their priorities, but there is a better way. Today, Metro Offices, the top choice for office space in our area, explains more.

Resource Allocation

The Three Variables of Any Initiative

Successfully executing any plan depends on three variables: resources, objective, and timing. To reach your goal, you need sufficient resources, a reasonable time frame, and precise objectives. Changing one of these variables means you need to make adjustments to the other factors as well. While all of them are important, resources are king—they are what enables you to accomplish your objectives within a set time.

Setting Your Strategic Priorities

Before calling on your managers and having a meeting in one of your meeting rooms, you need to set your strategic objectives. You can prioritize strategic objectives by deciding how to allocate your resources. To do so, organize your objectives into three categories: desirable, important, and critical.

Critical priorities are nonnegotiable and absolutely must be completed in the required timeframe; important priorities can have a significant positive impact on performance and can have a variable timeframe and differing objectives; and desirable priorities have both variable resources and time. Critical priorities have a de facto blank check when it comes to resources. The manager overseeing a critical project must be able to draw on all available resources. By identifying critical, important, and desirable projects, you will be able to allocate the appropriate time, objectives, and resources for each project.

This method will help your managers understand that giving up resources when necessary will not reduce their status. Instead, they will feel that they are playing an essential role in executing a critical priority.

Metro Offices is the leading choice for office space for rent in our area. We can provide your company with the business support services and office spaces that it needs. We serve many areas including Tysons, VA, and the surrounding communities. Call us at (703) 871-5208 to learn more about setting strategic priorities.

tags: | |

Leave a Reply

Your email address will not be published. Required fields are marked *