Strategy execution is a hot topic in management today. In fact, the Conference Board’s recent Survey of CEOs revealed that chief executives are so concerned about strategy execution that they rated it as both their number one and number two most challenging issue.
Strategy execution refers to the implementation of the strategy. Research reveals that up to 90 per cent of strategies fail to be executed. The challenge for leaders is to not only to craft the right strategy but to successfully execute it. Only then can they deliver on their promises to shareholders.
Why is it important?
The capability to execute strategy rapidly and effectively is, in itself, a differentiator in the marketplace. The agility required to execute strategy will become more and more important as technology grows exponentially.
How does it relate to strategic planning?
The business plan is the manifestation of the business strategy. Strategy execution is the ability to turn the strategic planning process into action to achieve the results promised in the business plan.
Benefits of proper strategy execution
• First to market every time.
• Cost savings and efficiencies when implementing.
• Brand reputation for getting it done.
• Stakeholder returns.
What is the role of C suite executives?
• Focus sufficient attention of key stakeholders on implementation infrastructure and processes.
• Active and constant communication, keep the spotlight on .
• Select higher priority strategic projects and ensuring resources are allocated.
• Formalise and standardise processes to analyse and record lessons learned.
• Hire and develop leaders with strong strategy execution skills.
Tips and tricks
• Have a consistent execution framework
• Regularly assess strategy execution capability
• Communicate often using stakeholder networks
• Provide leaders with resources and authority
• Manage the change journey consciously
• Make use of incentives