Why Leaders Need to Create Faster Strategy Execution
We think of strategic speed as the ability of an organization and its leaders to move quickly enough to take advantage of market opportunities and offset competitive threats. Most business leaders consider the speed of successful strategy execution to be paramount to sustainable growth. But our organizational alignment research found that the majority of companies do not demonstrate enough strategic speed to meet their own growth goals.
If you are moving in a different or uncharted strategic direction (e.g., merging with another company, opening up a new sales territory, or launching a new product), the faster you can execute the strategy, the more likely you are to stay ahead of the competition. But strategic speed alone is not wise. To succeed, you need an implementable strategy that everyone buys into and an agreed-upon way to execute it. Then you need to ensure that people have an open mindset for change and continuous learning.
The Factors that Make the Difference to Create Faster Strategy Execution
When we look at what distinguishes our clients that are able to act faster and smarter than others, we were not surprised that leadership decision making is a critical ingredient for success. We were also not surprised to find that most companies are pretty good at seeing opportunities and deciding to try to take advantage of them. What did surprise us was the difference in how fast some companies move from leadership strategy discussions to collective strategic actions in a way that people agree with.
Here are the overarching factors that make the difference between companies that can move quickly from strategy to action and those who get stuck planning, debating, and discussing.
The Bottom Line
Speedy and successful strategy execution requires leadership team alignment and translates into a high performing business. How does your organization match up with the factors that increase strategic speed?
If you liked Leadership Factors for Faster Strategy Execution, download 7 Proven Ways to Stress Test Your Strategy Now
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