How to Prioritize Business Growth Opportunities (Ansoff): The ICE Prioritization Tool

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How to Prioritize Business Growth Opportunities (Ansoff): The ICE Prioritization Tool
Diana Alexandrova, Entrepreneur, United Kingdom, Premium Member
The Ansoff Matrix can be a useful model to generate and communicate business growth opportunities. However, organizations need to keep in mind that there are several factors that might hinder companies to pursue certain strategies, such as the availability of resources and access to resources. Therefore, companies need to evaluate and prioritize potential strategies in a systematic manner. Chaneski (2012) argues that business decisions need to be based on priorities. A helpful tool for setting priorities is the ICE tool. ICE stands for 3 factors that should be considered whenever strategic priorities are set: Impact, Cost and Effort:
  • IMPACT: Impact can be measured in terms of sales growth; cost savings; quality improvement; better customer service and anything that benefits the company.
  • COST: Cost is a critical component when evaluating any growth strategy. With limited funds, companies must make careful choices about where to focus resources. Even the best idea (...) Read more? Sign up for free
 

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