Do This Before Your Next Strategic Project

A strategic project can carry significant risks as well as high expectations. They’re often executed as a series, with several linked initiatives driving the company toward better efficiency, an improved financial status, or a more competitive market position. Strategic projects are high-profile, high-impact, can’t-fail efforts, and your team needs to get them right the first time.

strategic project

Though that may sound like an intimidating prospect, there are some steps PMs can take right now to be sure their teams are able to hit the ground running when a strategic project comes their way.

Review your skills

While PMs should always be looking for ways to boost the team’s knowledge base and internal skill set, there may be competencies you simply don’t have in-house—either because you haven’t needed them in the past or because their development wasn’t a priority. The best opportunity to find and address any gaps in your group’s expertise is right now, while there’s still time to shore up those critical areas. Look for potential mentoring partnerships, either inside your project team or across your broader professional network. Training sessions offered during industry conferences are another option for increasing your group’s skill set quickly.

Along with the standard proficiencies most project teams are expected to possess, you should also evaluate where soft skills need to be sharpened. Strategic projects often require advanced facilitation and leadership experience, for example, plus familiarity with the most effective ways to gain cooperation and drive accountability within a matrix environment. Considering the size of your group and how frequently you anticipate executing strategic projects, you may determine the best and most time-effective strategy is to bring in an experienced project management consulting firm to augment your internal capabilities.

Build communication channels

Healthy information flows aren’t developed overnight. PMs need to continually nurture their connections with the executive team, sponsors, high-level stakeholders, and other collaborators. Rather than try to cobble together a working communication program once your next strategic project is underway, look at where your existing channels would benefit from some targeted development today.

  • Do you already provide your senior staff with on-demand access to the latest project status?
  • Is someone on your team participating in regular leadership meetings or discussions on corporate strategy?
  • Does the executive group pass along key information on long-term goals and business planning to the project team?

If these communication activities aren’t part of your usual routine, look for ways to build a more robust program so you have the framework in place when you need it.

Know your company’s project culture

Some organizations just don’t have the kind of infrastructure that can support driving a strategic project from planning through execution. Silos may stand in the way of robust information sharing, for example, or sponsors from different divisions may not be accustomed to working together toward a common goal. Few PMs will be able to fix those issues singlehandedly, but there are steps you can take ahead of time once you know where potential pitfalls lurk.

Begin by reviewing previous strategic projects.

  • What problems arose during those efforts and how were they resolved?
  • Did egos or company politics present challenges during the planning or execution stages?

If you identify high-level obstacles that are beyond your ability to influence, your first priority is to avoid becoming embroiled in the internal strife. Think about partnering with a project management consultancy that can bring a neutral perspective and outside expertise to your strategic effort. The addition of an unbiased viewpoint can often help sidestep cultural and organizational issues and keep your initiative on the path to success.

 

PMAlliance offers project management consulting, training and portfolio management services.

Project Experience

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Portfolio Management
Successful portfolio management calls for exceptional data management skills and diligent oversight across multiple efforts.
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Manufacturing
Demanding, time sensitive, and finely tuned, manufacturing projects require close attention and experienced oversight.
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IT Projects
Organizations must be able to successfully execute challenging and highly visible technology projects to maximize revenue.
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Power Plants
Power Plants must be able to keep these vital infrastructure assets current, efficient, and economically positive.
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Energy
High-profile hurdles and expensive risks of failure make these projects critical to manage properly from the very beginning.
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Aerospace
Presents complexities at nearly every stage, from allocating resources to controlling schedule variances, or clearing regulatory & safety hurdles.
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Cross-Functional
Ensuring team members are able to move outside the silos of their department or discipline is the key to achieving success.
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Product Dev
Design and other early-stage activities must be carefully orchestrated while maintaining visibility on future impacts and resource needs.
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Mergers & Acquisitions
Among the riskiest and most strategically important initiatives a company can undertake, and their outcomes can make or break the business.
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Finance & Insurance
Technology implementations call for the right level of planning detail and diligent oversight.
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ERP & SAP
An ERP implementation can be among the most disruptive and strategically important initiative an organization can undertake.