Hey there, Business Enthusiasts!
Ever wonder why some companies seem to hit the bullseye with every project while others struggle to make an impact?
Apple's iPhone has dominated the smartphone market, with over 2 billion units sold since its 2007 launch and a 55% share of the US market in 2023. In contrast, Google's Pixel phone line has struggled to gain traction, capturing only about 2% of the US smartphone market despite years of effort and Google's tech prowess.
The secret sauce might be how they align their program portfolios with their business objectives.
It's like making sure all the instruments in an orchestra are playing the same tune – when done right, it's music to your bottom line's ears!
In this guide, we'll dive into the why's and how's of this game-changing strategy, exploring its benefits and giving you actionable tips to implement it in your organisation.
So, get ready to transform your business strategy!
The Power of Alignment: Why It Matters
Let's face it – running a business without aligning your program portfolio to your objectives is like trying to navigate a ship without a compass.
It's not just about keeping busy; it's about moving in the right direction. When you nail this alignment, you're looking at:
- Smarter resource allocation (because who doesn't want to make the most of what they've got?)
- A laser-focused team that's all about that strategic hustle
- It’s essential for any organization seeking to optimise its operations and achieve its set objectives
- A serious boost in your return on investment (hello, profits!)
- Better Risk management & increase in productivity.
But it's not all sunshine and rainbows if you ignore this crucial step.
Misalignment can lead to:
- Decisions are based on gut feelings rather than solid data (yikes!)
- Resources go down the drain faster than water in a sink
- High-risk situations that could have your business walking a tightrope
- Decisions lack strategic context, hence creating an environment of uncertainty.
Three Steps to Strategic Harmony
Aligning your program portfolio with business objectives isn't rocket science, but it does require some savvy moves. Here are the three golden rules to live by:
- Establish a Strategic Framework: Think of this as your business's North Star. It's all about defining your objectives, goals, and the game plan to achieve them.
- Implement Program Portfolio Management: This is your toolkit for success. It's about analyzing and managing your programs and projects to ensure they're all pulling in the same direction. Learning the art of balancing.
- Maintain Alignment: Remember, this isn't a "set it and forget it" deal. You've got to stay on your toes, ready to adapt when the business winds change direction.
Six Strategies to Sync Your Portfolio with Your Business Objectives:
Alright, let's cut to the chase. You're here because you want your business to run like a well-oiled machine, right? But let's be real - getting all your projects, programs and goals to line up perfectly is about as easy as herding cats.
Don't sweat it, though.
I've got your back with six killer strategies that'll turn your business into an alignment powerhouse.
We're talking about everything from setting your company's GPS to building a dream team that gets stuff done.
Ready to roll? Let's do this. Below are the 6 strategies:
Strategy 1: Nailing down your vision and goals - Setting your Business compass
Strategy 2: Setting Up a PMO That Works - Building Your Dream Team
Strategy 3: Prioritization a.k.a Playing Favorites (But in a Good Way)
Strategy 4: Stakeholder Engagement - Bringing Everyone to the Party
Strategy 5: Performance Metrics and KPIs - Keeping Score (In a Fun Way)
Strategy 6: Continuous Improvement and Adaptation -Always Be Improving.
So Let’s start with STRATEGY 1: Nailing down your vision goals - Setting your Business Compass.
Alright, Instead of boring you to tears with a bunch of dry theories, let me dish out some real-world dirt from when I worked with this Banking Client. Trust me, this story's got everything - drama, tension, and a successful ending. So kick back, and let me spill the tea on how we whipped this bank into shape.
We set out to create a 5-year strategic plan, but we knew we needed to break it down into actionable steps for the short and medium term too.
Before the big workshop, I did my homework.
I talked to everyone from the teller, and call centre to the Director / VP & C-Levels, gathering insights on what was working and what wasn't. I dug into the numbers - profits, customer satisfaction scores, market share, you name it( worked that out with different departments). I even got the dirt on what our competitors were up to ( thanks to the analytics R&D team).
When workshop day rolled around, we had all the bigwigs in a room - C-suite, division heads, directors, VPs, and leadership teams.
We kicked things off by laying down some ground rules - no phones, no egos, and no sacred cows.
First up, we got everyone on the same page with a no-BS rundown of where we stood. Financials, customer feedback, market trends - the good, the bad, and the ugly.
There were some tough conversations, but that's how you get to the real issues.
Then we split into mixed teams. I'm talking about putting the tech geeks with the sales hotshots, and compliance folks with the marketing wizards, basically creating a mixed bunch.
We had them dream big about where the company could be in 5 years. Some wild ideas came out of that - AI-powered personal onboarding, blockchain everything, you name it.
After that, it was time to get real. We brought everyone back together to hash out a unified vision. Let me tell you, when you've got a room full of Type A personalities, things can get heated. But that's where the magic happens.
Once we had our North Star, we drilled down into the nitty-gritty. What specific goals would get us there?
We settled on four big ones:
- Double our market share in small business lending.
- Become the #1 rated mobile banking app.
- Cut operating costs by 20% through automation
- Launch three innovative financial products
Day one wrapped up with homework. Each team had to come back with concrete ideas on how to make these goals happen.
The next day was all about action. Every division laid out their plans:
- Marketing pitched a massive digital campaign to attract small businesses
- IT proposed an overhaul of the mobile app with AI-driven personalisation
- The data team suggested predictive analytics to reduce loan defaults
- Compliance came up with a streamlined approval process for new products
- The call centre proposed 24/7 chatbot support to improve customer service
- Each business unit identified potential new products in their area
We then went through a brutal prioritisation process.
What could we realistically achieve in year one? What needed to wait for year three? By the end, we had a roadmap that everyone believed in.
The 1-year plan was packed with quick wins and foundation-laying projects. The 3-year plan focused on scaling successful initiatives and tackling bigger challenges. And the 5-year vision? That's where we allowed ourselves to dream big about transforming the entire banking landscape.
Was it perfect? Hell no.
But it gave everyone a clear direction and got buy-in from all levels. More importantly, it wasn't just a document gathering dust on a shelf.
It became the compass for every decision the bank made moving forward.
That's how you turn a lofty 5-year vision into concrete actions that every team can run with. It's not easy, but when it works, it's a game-changer.
A Field Guide to Workshop Chaos
I know I just made that workshop sound like a walk in the park, but let's get real for a second. It was about as easy as nailing jelly to a wall.
But here's the thing - I learned a ton from this corporate circus. And the biggest takeaway? Preparation is your secret weapon.
Seriously, if you go in ready for anything, you've already won half the battle.
Below are my learnings :
- Ego Wrangling 101: Be ready to referee a Texas-sized showdown of "my way or the highway" attitudes.
- Time Ninja Skills: Master the art of keeping conversations on track, or risk being stuck there till retirement.
- The Loudmouth-Wallflower Balancing Act: Get creative with seating arrangements and group work to get everyone talking.
- Homework Dodgers Anonymous: Prepare for the "Oh, we were supposed to read that?" crowd. Quick catch-up sessions are your new best friend.
- Tangent Taming: Be prepared to lasso conversations back from impromptu golf lessons to actual business talk.
- Change Resistance Therapy: Arm yourself with success stories and data to combat the kryptonite effect of new ideas.
- Decision-Making Bootcamp: Pack your patience and some fancy frameworks. Getting consensus is like herding toddlers in an ice cream shop.
- Data Overload Detox: Learn to distill a sea of numbers into digestible bites, or risk losing your audience to chart-induced comas.
- Post-Workshop Motivation Maintenance: Channel your inner helicopter parent to keep the momentum going after everyone leaves.
- Tech Trouble Survival Guide: Make friends with IT. Trust me, you'll need them.
Remember, at the end of the day, if you can get everyone on the same page without losing your sanity, you've struck gold.
It ain't pretty, but that's the corporate jungle for ya!
Conclusion:
Alright, folks, that's just the tip of the iceberg.
We've barely scratched the surface of this wild ride we call strategic alignment.
But don't worry, I've got plenty more war stories up my sleeve.
Want to hear how we turned a dysfunctional PMO into a lean, mean, project-crushing machine? Or maybe you're dying to know how we got a bunch of department heads to play nice and prioritize projects.
Trust me, it's juicier than your favourite reality TV show.
So here's the deal: If you want the inside scoop on the rest of these game-changing strategies, do yourself a favour and smash that subscribe button on my newsletter.
I'll be dropping more real-life examples that'll make you laugh, cringe, and maybe even learn a thing or two.
Don't miss out on these corporate soap operas with a side of actionable advice. Subscribe now, and let's turn your business into the success story everyone's talking about.
Who knows? Maybe next time, you'll be the one dishing out the crazy workshop stories. Let's do this!