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Carolyn Howard, CFP President of SeaCure Advisors and founder of Pegaesus Advisors, has joined MedTech Advisors. Her extensive financial planning expertise makes her an excellent addition to the company.

Consultants at MedTech Advisors have over thirty years of experience in portfolio management of advanced healthcare products and services. These consultants are available on a full-time basis.

Strategic portfolio management is an organization's process for selecting, prioritizing, and controlling resources within its programs, projects, products, and initiatives to meet strategic goals and objectives. Strategic portfolio management reprioritizes tasks and continuously adapts and optimizes the values of projects, programs, assets, and /or product investments to align with an organization's strategic objectives. 

Pivoting and Implementing a New Strategy

Anticipating and coping with change is what we do in life and business. When a business leader must pivot and implement a new strategy, especially one that requires new systems, processes, and perhaps people, it starts a new era for an organization. Success requires more than the right combination of capital and technology; it also requires a critical mass of employees to adopt new behaviors and ways of thinking. However, too often, CEOs and boards in these situations think through capital and technology issues much more carefully than those involving behavior and attitudes. That imbalance is a primary reason new strategies fail. 

When new behavior and new ways of thinking are required, an essential step is for the CEO, the board, and key managers to have a vivid image of what the organization will look and act like after achieving its new strategic goals. Just as great athletes are guided by a mental picture of the perfect jump shot or golf swing, critical players in the organization need a consistent picture of what success will look and feel like. That’s where a vision comes in and the passionate leadership of the CEO.

 “Vision” is often used in business; companies frequently discuss “our mission, vision, and values.” The trouble is that the word “vision” is usually misused. When CEOs say they’ve defined their company’s vision, I ask them to explain it to me. Some respond with something like, “Our vision is to be the most innovative, agile company in our space.” To which I reply, “That’s a mission, not a vision.”

In such cases, the so-called vision merely repeats what is already in the strategy and does nothing to emotionally engage the people being asked to implement it. A leader’s vision — particularly if that leader needs to bring about significant change in the organization — should start as a vivid, credible image of an ideal future state. The more precise and passionate a CEO is about what people should do differently to achieve new, challenging objectives, the greater his or her chances of implementing the necessary changes for success. New behavior doesn’t come from missions, however aspirational, but from deep, emotional commitment to doing things differently due to the CEO’s leadership and passion.