Corporate Strategy Can Fail
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:
#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:
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.
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
Corporate Change Is Personal
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.
VP Human Resources
LSA helped to meet the needs of my teams within a very narrow timeframe. My team walked away with highly useful management tools and practices. LSA saved us time in delivering the right solution for our specific needs.
Director, Software Engineering, EPG
Our company engaged LSA to do a specialized “train the trainer” program, and the consultant’s performance outdid our exceptionally high standards for such a program. Very crucial to the success of this program was the work done upfront to discuss our needs and to interview key members of our organization so that the program specifically met our goals. Our facilitators continue to comment on the success of the program. Thanks also for the follow-up.
Chief Financial Officer
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.
Senior HR Manager - Staffing, Training, & Development
What a personal and professional pleasure it has been to Partner with LSA. They are truly a strategic partner with Wyse. For more than 5 years, LSA has been engaged in delivering various training and development solutions for Wyse, from custom on-site programs targeting specific core competencies, to working individually with clients to build job skills, and offering invaluable services to me and my team as we continue to build our learning programs. LSA’s representatives do more than sell a product, they offer a full service solution: they understand our business, our strategic initiatives, and the needs of our customers.
Director of HR
I continue to be impressed by the level of leadership development and management expertise and quality of advice and facilitation that LSA has to offer. What a smart and client-centric group of great people who really know how to help leaders attract, engage, develop and retain top talent.
Director, HR Business Partner
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.
“We turned to LSA to help us custom design and deliver a leadership and management development curriculum to help drive performance. They have done an excellent job diagnosing the business situation, designing an approach that fits our culture, and delivering a first class solution.”
VP Human Resources
Here’s a token of my appreciation for ALL your efforts. I’m offering my most sincere appreciation, and it extends to all the folks who made our customized management development programs possible.
Workforce Planning Bureau
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.
Vice President, Human Resources
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.
LSA’s consultant designed and delivered a half-day team building solution for our recent conference. It included careful customization to integrate the design with our new mission and values. Everyone had fun and identified key issues with our teamwork. Altogether a great program!
Director of HR
Avon’s success is dependent on strong relationships among our Customers, Representatives, Associates, and outside resources we hire to help us meet our business objectives. We were very pleased with the results from working with LSA Global to design and facilitate a custom program for our events management team. LSA demonstrated responsiveness, flexibility, and an innovative approach to working with us.
Senior Manager, HR Destiny Sales Region
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.
HR Manager, BU Radiology Informatics
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.
Director, Team Development
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