How To Prioritize Your Backlog For Business Impact
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When prioritizing your plans or roadmaps management or leadership will be looking for the business impact that your planned initiatives will have. Depending on how your company works, this might be a light or an in-depth process.
The goal of understanding the the business impact is that teams are prioritizing the initiatives that will help the company grow. Company growth can be understood in different ways, e.g. revenue, profit, or number of customers.
There are going to be different ways that you could can research this:
Impact: potential revenue of the initiative. Can be calculated with a TAM/SAM/SOM exercise
Customers reached: you can calculate it, but either just focusing on existing users and how many of your current customer base could use, but you could also look into potential new customers
Effort: what is going to be the effort to develop this initiative, your engineering team will have the best understanding of this
And even if your company doesn’t require this kind of investigation, it’s a good practice to do it, since it will help you gauge the value of different ideas, and make an educated decision. Plus might open new doors and opportunities for you in the company since you are developing it’s processes and efficiencies, something companies care about 🙂