How to Prioritize Your Company’s Projects

on October 25 | in Business | by | with No Comments

Without a hierarchy of purpose, an organization cannot run effectively. Prioritization at an operational and strategic level is often the difference between success and failure. There are a few ways you can prioritize your company’s projects. These are mentioned below.

Prioritizing Your Company’s Projects

There is a lot that goes into prioritizing the right projects at the right time. Here is what you need to focus on:

1. Purpose

You need to see if the purpose of your organization is best pursued through your prioritization process. What strategic vision supports the goal?

2. Priorities

What is most important to the organization now and in the future, given the stated purpose and vision? What are its goals now and in the next two to five years?

There are two types of projects, and you should prioritize accordingly:

  • An important project brings value to your business, whether the impact is felt now or some years down the road.
  • An urgent project demands immediate attention to keep the business going.

3. Projects

Which projects should be resourced to the hilt and are the most strategic based on the responses to the first two criteria? Which activities are aligned with the vision, purpose, and priorities, and which ones should be halted or discontinued?

4. People

Once you have clarity regarding the strategic priorities and the projects which matter most, you can decide who the best people to execute these projects are. 

5. Performance

Inputs (e.g., range, price, and time) are traditionally linked to project efficiency indices. They can be tracked much easier than outputs (such as advantages, effects, and objectives). Despite the difficulties that businesses have in monitoring outputs, it is the results that matter. What are the exact goals associated with the outcome that will assess true efficiency and value creation? 

6. Learn To Say No to Projects

Set the record straight: No is not a wrong word. These two small letters can actually create or destroy your capacity as a project manager to succeed.

Saying yes to every single project request is a recipe for disaster as strange as it may sound. Not only does your team run into the ground, but it can also leave your customer fuming over missed deadlines and subpar outcomes as you are taking on more than you can manage.

While saying no may force you to have a difficult discussion, it protects your capacity to perform on the most important tasks. And rest assured, you can turn down a customer or stakeholder without totally shutting the door. It could just imply delegating duties to another team with the funds to get the job accomplished.

Prioritizing improves strategic project success levels, improves senior leadership teams ‘ alignment and focus on strategic objectives, removes all concerns of the operational team when confronted with choices, and, most importantly, creates a mindset and culture of execution. This is why prioritizing your company’s projects is essential.

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