More than 60% of strategies are not successfully implemented. Strategic plans fail to deliver their intended results. The issues arises during implementation!
Strategy execution is more important than planning. The core of execution of strategy includes the following processes:
Step 1: Visualize the strategy.
One of the most pressing challenges in all of strategy is simply understanding what a strategy is. An effective way to improve this understanding is to visualize the strategy via an illustration that shows both the important elements of the strategy and how each relates to one another. The Activity Map by Michael Porter can helpful during this process.
Step 2: Quantify the strategy.
Key elements of the strategy should have a standard performance metric. They can be together integrated on a common dashboard using a framework like Balanced Scorecard to make it easy to determine the progress.
Step 3: Document the progress.
Periodic reviews are essential to ensure financial commitments. One should review it regularly with more focus towards determining if the strategy is producing results while controlling the performance.
Step 4: Take decisions.
Are you moving towards your goals? One has to always remain vigilant during the journey of implementation. Assess the environment and make necessary corrections as conditions change. As part of the regular reporting process leaders must make ongoing strategic decisions to keep the strategy current and on course.
Step 5: Prioritize the strategic projects.
Organizations may have scores, if not hundreds, of projects ongoing at any point, but they rarely have a firm grasp on the type and range of these projects. The first step in improving strategy execution is to capture and organize all projects as per the priorities.
Step 6: Align strategy projects.
Once projects are captured they must then be aligned to the strategies or goals for the organization. This step entails comparing each project, either proposed or ongoing, to the strategic goals to determine if alignment exists. Only those projects that directly impact the strategy should be resourced and continued.
Step 7: Manage projects.
Organizations must develop a capability in project management if they are to execute strategy effectively. In some settings, projects receive very little management. In others, projects persist well beyond their scheduled completion. The full complement of projects in any organization should be coordinated and controlled by a central project office or officer with the responsibility for monitoring both progress and performance.
Step 8: Communicate the need of execution.
It is difficult to execute strategy when the strategy itself isn’t well understood, or performance relative to it is not communicated. Leaders must communicate their visualized strategy to the workforce in a way that will help them understand not only what needs to be done, but why.
Step 9: Segregation of duties.
Employees want to know they are making a meaningful contribution to their organization’s success. It’s up to senior leaders to ensure that employees at all levels can articulate and evaluate their personal roles toward achievement of specific strategic goals. This is perhaps one of the most critical aspects of the execution process. VComply helps the management to entrust roles and monitor them using the tool from anywhere at anytime. It saves time and increases accountability. Strengthen accountability for results. Get people focused on the results they need to accomplish, instead of overloading them with activities and to-do lists. Put in place a clear system for setting accountability, establishing how results will be measured, and managing progress.
Step 10: Reward performance.
In strategy execution, as in any other area of management, what gets measured gets done. Taking this one step further, what get measured and rewarded gets done faster. After explaining the strategy and aligning the workforce to it, senior managers institute the incentives that drive behaviors consistent with the strategy.Add to favorites