Do You Know Why Your Strategy May Fail?
Not all strategies lead to results…even the best laid plans may not yield the outcomes you hope for. Yet, few executive teams spend the time required to identify and overcome why your strategy may fail and the associated strategic barriers to success.
Only 10 Percent of Strategies Get Fully Executed
How bad is it in the corporate world? 9-out-of-10 strategies fail to meet expectations. According to research by IBM, only 10 percent of organizations manage to successfully implement their strategies on a consistent basis. This is pretty shocking and worrisome.
What’s Going Wrong with Strategy Execution?
We find five key reasons why your strategy may fail. Most identify where corporate strategy execution fails to meet the mark.
Winning strategies are implementable in your unique culture with your people.
Make sure your success metrics align across regions, functions, business units, and teams if your strategy needs synergy to succeed.
Three Steps to Decrease Your Chances of Strategic Failure
Any more than that, and focus gets weakened. Whatever you choose to address, keep it simple.
At a minimum you must present a reasonable plan and invite input in order to gain commitment. Share the reasons for the plan and inspire employees with your view of a successful outcome. Frequent, consistent, across-the-board messages and opportunities to discuss the strategy are the minimum required to begin to gain true buy-in and commitment.
Recognize and reward those who work toward the end goals and have consequences for those who don’t. Meet on a regular basis to look at how well you are doing and what you could do better.
The Bottom Line
Winning strategies outline clear and compelling choices about where to play and what critical few actions to take. Strategic planning is the beginning, not the end. If you keep it simple, actively involve your key stakeholders from the outset, and hold people accountable, you have a good chance of beating the odds.
To learn more about why your strategy may fail and how to beat the odds, download 7 Strategic Clarity Warning Signs to Pay Attention To
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