Every company has many competing ideas on projects which need to be fulfilled in order to run successfully. Departments will usually get a budget and at times try to deliver as many items as possible, in order to say they have been completed. But are the correct items/functions/projects being delivered to really drive value to the customer and/or business?
In working in multiple companies over the years, I have seen many ways of deciding on priorities from who screams loudest to very formal detailed business plans being put forward explaining the rational behind the ask.
When prioritizing one key element we must understand is what value we are adding to the customer or the business by delivering the item.
Value statements are a great tool to clearly define the outcome of the item being delivered. One useful technique to really get stakeholders to think about value is writing SMART (Specific, Measurable, Achievable, Realistic and Timebound) objectives. Instead of writing “We will increase revenue” the new value statement will read “We will increase revenue of the whitening toothpaste product by 2% over the 12 months following implementation of a rotation pane on the toothpaste description page”.
While this seems like a relatively straightforward and logical tool, the fact is, some companies still do not follow this practice of clearly defin