We began this series with a detailed explanation of four key criteria for selecting capital projects. In our previous installment, we focused on five critical factors for optimal implementation. Together, these principles form a strong foundation for successful capital investments. However, in today’s fast-evolving operating environment, a few additional considerations can make all the difference—insights our clients consistently emphasize as essential.
Speed to Market While careful execution is crucial, speed is equally important—not just for maintaining a competitive edge but for addressing urgent population need(s) as soon as possible. Internal politics and roadblocks can slow implementation and allow competitors to catch up or delay the critical population health benefits. Assigning a dedicated project manager can help mitigate these challenges. They can navigate such obstacles, identify time saving modifications and keep all stakeholders informed —minimizing confusion-driven delays and ensuring the project stays on track.
Partnering While partnership opportunities should ideally be explored early in the project planning phase, new collaboration possibilities often emerge as awareness of the project grows within the community. 
These opportunities may arise with a competitor, in a different economic sector (e.g. retail setting), or with another organization in the human services sector focusing on one or more relevant social determinants. To assess these potential partnerships effectively, revisit the four Project Selection Criteria discussed earlier (see sidebar). Evaluate each opportunity for strategic alignment, financial impact, organizational/system influence, and risk. A well-chosen partnership can enhance project success, expand resources, and create long-term value.
Stakeholder Buy-In Like partnerships, stakeholder identification should ideally occur during the project’s conception and planning phases. Initial buy-in typically involves leadership, key staff, and referral sources who support the project’s vision and goals. However, as implementation unfolds, new challenges and opportunities may highlight the need for additional stakeholders with specialized expertise, resources, or influence. The implementation phase also presents an opportunity to reinforce and sustain stakeholder engagement…and avoid losing it. Regular updates, clear communication, and ongoing reinforcement of mutual benefits can help maintain alignment. Proactive ongoing communication minimizes the risk of roadblocks stemming from a surprised stakeholder, and the dilemma of whether to change the project in a way that accommodates them but doesn't fit with the original intent and purpose of the project.
Outsourcing Consideration should also be given to selective outsourcing, leveraging the same understanding of the operating system at the main component levels that would have been used with some of the implementation planning tools. For services, these are often considered to be people, environment, equipment, and policies & procedures. Can elements of any of these be outsourced in a manner that provides better value to the end customer?
The “Last Word”: Flexibility Even with a well-defined Capital Project Selection process built on the four key criteria and five implementation best practices discussed in this series, one personal trait remains critical: Flexibility. Market conditions, industry advancements, or even the nature of the project itself may shift after approval. A competitor may launch a similar initiative, or new technologies could impact project requirements—much like how the rapid adoption of virtual meetings during the COVID-19 pandemic reshaped space planning needs. Remaining flexible throughout Implementation Planning and Management is essential as changes of varying scale emerge. Allow teams to assess, adapt, and integrate necessary changes without losing sight of overall strategic goals.
Summary: Throughout this series, we’ve explored key criteria and tools to help you make informed, strategic capital investment decisions in an era of constrained funding. Even as capital pools begin to recover, demand for capital investments, driven by innovation and evolving market needs, will outpace available resources. Now more than ever, applying rigorous selection criteria and effective implementation strategies is crucial for maximizing impact. By leveraging the four key selection criteria, the implementation best practices, and the final concepts we’ve discussed, you can make the most of every capital investment—ensuring both resource stewardship and meaningful community impact.
Contact us at your convenience if we can be of any help or if you would like all seven parts of this series in a single article format.
Roberta Jelinek and Jeff Schilling
in a presentation to the West Michigan Association of Financial Professionals at their Fall Forum. What a great group! I had the pleasure of sitting in on some other presentations that day. All had valuable content, and some really insightful dialogue ensued. If you’re a financial professional in West Michigan, and already a member, you’re part of a great association. If you’re not a member, I encourage you to check them out!