Effective Strategy Execution Matters
What good is a new strategic direction without effective strategy execution? The best growth plans, unless implemented, are worth very little. You may have carefully plotted your path to the top; but if you don’t follow through, anchor point-by-anchor point and step-by-step, you’ll never reach your goal.
Why Strategies Stall
The track record of strategy execution is not very good. IBM found that less than 10% of well formulated strategies are effectively executed. What we hear over and over again from leaders is that their finely crafted strategic plan is not being implemented at the quality or speed that they expect.
Three Essentials of Effective Strategy Execution
To get your key stakeholders on board with your strategy and pointed in the same direction, you need them to be:
1. Fully Engaged Employees
When you have built a culture where employees want to work rather than have to work, you have a high level of engagement; this promotes a high level of performance and, in turn, effective job execution. How do you attain this? By actively involving your employees all along the way—soliciting their input as you design the strategy and including them in the decision making so they have an important and meaningful role in contributing to the organization and a say in the future direction of the company.
2. Totally Accountable Employees
To motivate and retain key employees who are essential to your strategic growth plans, everyone from the c-suite to the frontline must be held accountable to deliver on their commitments. Teams need to know that they will be held to a high standard and that they must do what they said they would do. Accountability is the key to creating the high performance environment required for effective strategy execution.
3. Appropriately Recognized Employees
To encourage the right behaviors that ensure effective strategy execution, employees need to be appreciated for the right behaviors and the desired outcomes that move the strategy forward. Employees who are not recognized for their good work are twice as likely to leave their jobs within a year. Are you doing what it takes to appropriately recognize and reward the behaviors that you seek?
The Bottom Line
Grand plans without effective strategy execution are pretty worthless. Make sure you build an organization where employees are engaged, accountable and recognized. Strategy execution trumps strategy design every time.
To learn more about effective strategy execution, download Do You Have the Right Culture to Drive Your Growth Strategy Forward?
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