4 Big Ways Your Corporate Strategy Can Fail

Corporate Strategy Can Fail Picture between success and failure

Corporate Strategy Can Fail

  • How many times have you seen a new and exciting strategic plan be forgotten within a few quarters?
  • How many times have you left a strategic retreat with optimism for great things to come only to find that the strategies never consistently cascaded throughout the organization?
  • How many times have internal and external expectations been raised by inspiring new strategic directions only to be left in the planning stages due to a lack of commitment and follow-through?

No One Wants Their Corporate Strategy To Fail
When we work with executives to create clear, believable and implementable strategies, the strategy itself is rarely to blame for a lack of success. For the most part, the market research is rigorous enough and the strategic plans are sound enough. The failure lies in the process of strategy execution.

the Four Big Ways Your Corporate Strategy Can Fail
Here are the top four reasons we have found that a strategic business plan falls short:

#1.  Unclear Objectives
Even if you have near universal buy-in, a strategy can fail for lack of strategic clarity. The overall objectives may seem well articulated, but what about how it plays out across the company?  All stakeholders need to know how, specifically, they will contribute to success and how that success will be measured. The plan needs:

  • Detailed structure
  • To be broken down into clear actions with a realistic timeline
  • Ways where progress can be monitored, adjusted and celebrated.

#2.  Insufficient Support and Buy-in
A successful strategy cannot be created in a vacuum with only a few senior executives. Instead, a believable and implementable strategic plan should come about as a result of multiple discussions and feedback from cross-functional representatives. Involve as many employees as you reasonably can to ask questions about:

  • How they view the organization’s strengths and weaknesses?
  • What they think of the company’s vision, mission, values and optimizing strategies?
  • How they think success can best be realized?

Make sure you have backing from the executive team through to the workers on the line.  The entire company must be willing to commit the time, effort and resources needed to accomplish the strategic plan.

#3.  Lack of Accountability
Strategies are about both the important and the urgent. It is easy for people and companies to get bogged down in the day-to-day tactical and operational urgencies. Make sure that your strategy allows room for “running the business” AND executing the strategy. For most strategies and change initiatives you need to go slow to go fast.

Hold regular (ideally weekly at first to create momentum and handle immediate obstacles) strategy meetings to create a cadence of transparency, accountability and learning. While collaboration and delegation is encouraged and often required, make sure that you have one executive team member accountable for making each strategy a success.

Keep the overall team accountable for delivering on schedule and maintaining progress toward your key strategic promises. The strategy is your plan for success. Don’t lose momentum; stay on track.

#4.  Inflexibility
For most high companies, organizational change is the name of the game. This is not to say that your strategy should shift with the tides. The overall direction should stay the same over a period of time, but there will most likely need to be some well-learned adjustments as you move forward. Tweaks should be made as needed to accommodate the real-time feedback from your employees, customers and competitors.

The Bottom Line
Your corporate strategy can fail.  But is does not have to.  Strategy execution is a pretty simple concept. Gain support, define action steps, stay focused and tweak as necessary. Follow these four tips for strategy success.

To learn more about keeping your corporate strategy from failing, download What to Do After Your Strategy Retreat to Cascade Your Strategic Plan

 

Comments are closed.

We consider LSA Global our outsourced learning and development partner. We worked closely with LSA to customize a management development program to meet our growing business needs. I would highly recommend LSA to any company wanting to deliver quality learning solutions.

Terri Wright-Scheer
Vice President Human Resources

I highly recommend LSA Global to anyone who is looking to improve individual or organizational effectiveness through their top quality programs and broad range of expertise.

Greg Pappas
VP of Human Resources

We have been able to utilize LSA’s extensive network of top-notch resources to leverage our investment in employee development. The result has been the cost effective and highly efficient delivery of quality educational and management training programs.

Steve Feller
Vice President, Human Resources

Thank you to LSA Global for their partnership and support in helping us to design and roll-out our valuable management development training program. I personally have partnered with LSA Global at four of my previous companies. It continues to be a delight working with LSA. We look forward to partnering with them at Blackhawk Networks for future training and consulting needs.

Suzanne Kinner
VP Human Resources

Blackhawk Network

We have worked with LSA Global for our learning and development needs and have always had great success. They helped us recently with customized Management Workshops that we held for the second time. It was fantastic, and I would highly recommend LSA to anyone that is attempting to get immediate and impactful improvements.

Mary Johnston
HR Manager, BU Radiology Informatics

Congratulations on your pro-activity in establishing this program and developing such an effective New Employee Orientation course.

Farhat Ali
President and Chief Executive Office

Fujitsu

The LSA Global team was very receptive and flexible to our needs every step of the way. Their staff and facilitator demonstrated attention to detail, responsiveness, and professional courtesy. The participants were thrilled with the outcome and rated the communication skills workshop and the facilitator as ‘Excellent’. I’d highly recommend working with the LSA Global team to meet your professional development needs.

John Mastrorilli
FRDP Leader

Intuit

LSA exceeded all my expectations. We interviewed 7 potential training and consulting partners and selected LSA due to their expertise, flexibility, and breadth and depth of solutions. We were able to construct a management training course from the modules most appropriate to our needs, and are able to provide additional training from their well developed portfolio of experts. Our managers galvanized as a team throughout the session and are better prepared for the rigors of a competitive market.

Mitch Mandich
CEO

Edify

We recently partnered with LSA Global to offer our Supervisors and Managers a customized two-day management training program. Everyone who attended said it was by far the best management training program they had ever attended. The content was rich and highly interactive. The case studies were relevant. Each participant walked away from the training much better equipped to lead their teams.

Jeff Coon
Director of Human Resources

On behalf of Roche and my staff I would like to sincerely thank you for your help with this. The English as a Second Language (ESL) assessment and coaching that you provided for our team was a great success.

Cam Greig
Associate Director

Roche

I have worked with LSA Global at previous companies and welcomed the opportunity to bring them in to support my new organization. We worked closely with LSA to design a solution for our Client Partner Teams and Management Training on both coasts. LSA designed a customized solution for our business and organizational culture. LSA is a quality organization, one that I’d recommend to any company looking for a first class training and consulting partner that makes an impact.

Laurie Torres
Chief People Officer

I have worked with other training companies and found it to be more of a seller/buyer relationship than one of matching the right expertise to our business issues. That’s what LSA does – ask the hard questions, listen, and understand our business needs. We receive the benefit of their expertise from assistance with personal development plans to enhancing team performance, to looking at enterprise-wide challenges. It’s all about helping our business succeed as we grow. Right now, LSA is providing great ideas, a fresh approach, and valuable guidance as we develop our management team and accelerate our client relationship management results.

Kristin Westland-Kaune
Director, Team Development

SeaTel has found our partnership with LSA Global to be very valuable and beneficial. We turned to LSA to customize a supervisory/leadership solution to meet our needs. LSA delivered a customized top quality solution. I’d recommend LSA Global to any company looking for a best-in-class training and consulting partner.

Kortney Riddle
HR Manager

We engaged LSA to design and deliver a 6-month custom executive coaching program for a group of our key leaders. The focus of the program was to help a core group of senior leaders to leverage previous investments in management training, to ensure the engagement and retention of key employees, and to push critical strategic initiatives forward. Even with the high expectations of our senior people, LSA has completely exceeded our expectations. I would recommend them to anyone looking to create and implement a custom coaching methodology using proven tools to drive true change.

Ivan Fukumoto
Senior HR Manager - Staffing, Training, & Development

For our go to training outsourcing partner, LSA provides exactly what we want. As always, they deliver outstanding work!

Elizabeth Siebert
Director, Organizational Excellence & Development

Intuit

Evaluate your Performance

Toolkits

Toolkits

Download key published insights and tools from industry experts highlighting best practices in the areas of talent, strategy and culture.

More

Health Checks

Health Checks

Want to know how you stack up against leading organizations?  Receive a complimentary benchmarking analysis courtesy of an LSA Expert.

More

Whitepapers

Whitepapers

Get up to speed on timely solutions critical to your business. Published by LSA Experts based upon client feedback and key industry trends.

More

Methodology

Methodologies

First we identify the key metrics you want to improve. Then we assemble a dedicated team of elite experts who have successfully solved similar problems with similar clients.

More

Blogs

Stay up to do date with the latest information on how we help high growth companies align their culture and talent with strategy.

More

Case Studies

Client Case Studies

Real world consulting and training approaches from LSA projects, providing insights on how your company can outperform the competition.

More