SteerCo meaning is “Steering Committee”. In fact, SteerCo is a word made by combining “Steer” from “Steering” and “Co” from “Committee”. If you want to know the real meaning of SteerCo, you are in the right place.
SteerCo Meaning
What is SteerCo meaning? Who should know about it? Let’s start with a simple definition of SteerCo to clear things out.
SteerCo is the short form of Steering Committee. It is a term used to describe a group of people with decisional power over a project.
Normally, the SteerCo meaning applies to a business context (even if we may see it in government or non-profit as well). Big companies like P&G and Coca Cola do these things all the time. For simplicity, let’s focus on the business context. A company will typically undertake many projects at once: launch a new product, upgrade a factory, implement a new training course for its employees, and others. All those projects need resources to be executed: money to be spent to buy new equipment, people’s time to work on the project, relationships with suppliers, and so on.
The only problem with this is that resources are scarce. A company does not have unlimited money, unlimited people, and unlimited social capital with suppliers. Resources must be rationed and distributed across projects and normal operations, often with conflicting priorities.
The people that constitute the Steering Committee (which is SteerCo meaning) are people who have control over such resources. Typically, they are senior managers and directors, vice presidents or even the CEO herself. This is what we meant with “decisional power”: those people can give the project more or less resources, and they can effectively kill it if they think there should be other priorities.
The SteerCo meets regularly, depending on the nature of the project and how close it needs to be overseen. High-profile and high-risk projects consuming tons of resources will need close management and will demand quick updates, one per month or even more frequently. More stable projects will require more time to see progress (in a good or bad sense), so SteerCo may be held quarterly or even just twice a year.
SteerCo Meaning Origin
Where does the SteerCo meaning come from? To be more precise, where does the meaning of “Steering Committee” itself comes from?
To answer this, we just need to split the two words and analyze them separately. We will start with Committee first, which is easier to explain.
- Committee – A committee is a formal group of people. It is formal because people are officially appointed to it, they meet regularly, and notes of those meetings are officially taken.
- Steering – This is like steering a ship. The people in the Committee turn the helm a little bit, and over time the big ship take a big turn. We say “steering” precisely because a small input from this committee can have a big impact on a big project, much like a small input from ship’s captain can make a big ship do a big turn.
And this is it, SteerCo Meaning origin simply explained.
SteerCo Meaning in Summary
This article has been very short also because the SteerCo meaning is quite simple. Let’s recap with another version of the definition.
SteerCo is short for Steering Committee, a group of people who meets regularly to set direction of projects, allocate resources to it, expand it, or kill it.
If you were interested in SteerCo meaning, you may want to learn more about Steering Committees. If that is the case, we have the perfect guide for you that will explain how to create your own Steering Committee and run it effectively with an agenda.
