123: Quarterly Priorities
Driving Success Through Strategic Focus: Harnessing the Power of Quarterly Priorities
In today’s podcast episode, Shannon and Joey discuss the power of quarterly priorities, their significance in strategic planning and execution, and how you can effectively create and execute them. Join us as we uncover how quarterly priorities help our Axiom clients drive success in their teams.
Understanding Quarterly Priorities:
Quarterly priorities are the key objectives that an individual or team aims to accomplish over a 90-day period. This concept has been widely discussed in various fields, and notable frameworks such as Vern Harnish’s book, Rockefeller Habits and Gino Wickman’s book, Traction emphasize the importance of identifying and focusing on these 90-day priorities. John Doerr’s book, Measure What Matters introduces the OKR (Objectives and Key Results) method, that provides a disciplined approach to strategic planning centered around quarterly priorities.
Advantages of Quarterly Priorities:
Quarterly priorities offer several benefits for organizations. First, they produce effective short-term planning by enabling individuals to determine what they can accomplish within a 90-day timeframe. Compared to longer-term planning, setting deadlines for the next quarter is more accurate and feasible. Secondly, quarterly priorities align with the overall strategic direction of the company. They are designed to contribute to the achievement of the one-year goal or wildly important goal (WIG), ensuring that the 90-day objectives move the organization closer to its larger aspirations. Lastly, the quarterly structure caters to the fast-paced nature of the tech industry and project-based work, providing a framework that enhances focus and productivity.
Differentiating Regular Tasks and Quarterly Priorities:
Regular tasks are the day-to-day activities that arise during weekly meetings or daily operations. They are necessary for ongoing business functions, but they may not contribute directly to the achievement of larger objectives. On the other hand, quarterly priorities rise above the daily whirlwind and focus on significant initiatives that drive progress. While regular tasks are handled during weekly meetings, quarterly priorities require dedicated time and attention in quarterly meetings to review past priorities, set new ones, and discuss progress.
Creating Accountability for Quarterly Priorities:
Maintaining accountability for quarterly priorities can be a challenge, even for well-intentioned teams. To ensure success, it is crucial to establish a clear rhythm for meetings. While weekly meetings are essential, they should be balanced with monthly and quarterly meetings. Monthly meetings allow for a review of financial results and progress, while quarterly meetings focus on evaluating past priorities and setting new ones. Allocating sufficient time, such as a half-day or more, for quarterly meetings ensures thorough discussion and planning.
In conclusion, quarterly priorities serve as a vital component of effective strategic planning and execution. They provide a balance between forward-looking planning and actionable execution by focusing on objectives that can be realistically achieved in a 90-day period.
Be sure to tune into the podcast to learn how you can embrace the power of quarterly priorities for your team to help them stay focused, align efforts and consistently make progress towards overarching goals.
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