Do You Need to Jump Start a Stalled Strategy?
You are not alone. IBM reports that less than 10% of strategies are effectively executed and our organizational alignment research finds that strategic clarity is 50% lower outside of the executive suite. What are the top strategy traps to avoid to stay ahead of the pack?
Strategy Must Go Through Culture and People
Strategy execution is the necessary complement of strategy definition and planning. It’s what brings to fruition the desired results. To get those results however, your strategy must go through your corporate culture (how things get done) and your people (their skills and knowledge) to be fully implemented. And leaders must identify and plan for the most common strategy traps to avoid.
Most Strategies Fail to Make it Through Their Culture and People
It is at the point of strategy implementation that so many well formulated strategies fail. In fact, a recent global study conducted by the Project Management Institute found that almost two-thirds of firms struggle to bridge the gap between strategy formulation and day-to-day implementation.
Four Ways to Jump Start a Stalled Strategy
While there are many variables at play when it comes to strategy execution, four strategy traps to avoid consistently show up at companies that struggle the most.
1. A Lapse of Leadership
If your strategy execution is lacking, the first place to look is at the leadership team. Leaders must be ruthlessly clear about, committed to and supportive of the strategic priorities and actions to make them happen. When the leaders themselves do not demonstrate sufficient buy-in, how can you expect the workforce to give the initiative its due?
Make sure you have the right leadership team to execute your strategy.
2. Lack of Focus
Strategic clarity accounts for 40% of the difference between high and low performing organizations. For a strategy to have a chance to be fulfilled it must be clear, believable and implementable in your unique culture and marketplace. If you have too many priorities (more than five) or frequently shifting priorities, you can bet you’re your employees will struggle to implement your plans with consistency and urgency.
Make sure you focus on the critical few moves that will have the most impact on the strategy’s success.
3. Insufficient Human and Financial Resources
Often, strategy execution fails because the company does not have the skills, personnel, systems, processes or resources in place to fully initiate and maintain strategic drive and direction. Strategy implementation may require hiring new experts, developing new competencies or increasing investments.
Make sure that your people have what they need to get the job done.
4. Unmanaged and Unmeasured Progress
Strategy and organizational change without accountability is just wishful thinking. For change to occur, people must know if the things they are doing are generating the desired results in the right way.
Make sure you create clear, fair and credible methods of exposing and giving honest feedback on how the strategy implementation is progressing.
The Bottom Line
Whatever your strategy, don’t let the hard work invested in designing it go to waste. Marshal the resources you need, keep the focus where it will count and hold yourselves accountable for results to ensure you do not fall prey to the top strategy traps to avoid
To learn more about strategy traps to avoid and how to create strategic clarity for your teams, download Is Your Business Strategy Clear Enough?
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