Give Me Strategy or Give Me Death: Executing Strategy to Prevent the âExecutionâ of Your Business
With quick-change trends and market volatility, is strategizing still worth it? Are annual strategic planning sessions a waste of time anymore? Would greater agility be achieved by steering quarter to quarter or even month to month instead of trying to look out toward an unpredictable horizon?
These are the types of questions many executives are asking themselves, even if they donât come clean publicly about their misgivings.Â
With global upheavals arising one after the next, some leaders are understandably losing faith in the typical three- or five-year strategic plan. Why set goals years down the road when a recession could happen next month?
Here we explore research around strategic planning, access the value of strategy, and discuss how you can make the most of it in todayâs world.Â
How Strategy Nourishes
We live in a fast-paced world. Businesses canât avoid that. The dizzying speed of market changes makes some companies believe strategy isn't worth the effort, time, or cost.Â
After gathering responses from over 6,000 corporate leaders and senior managers, Strategy& reflected, âGiven market volatilityâmany leaders feel their industry is going to be turned upside downâleaders feel pressure to respond fast. They often believe that strategy is a luxury they canât afford.â
But strategy is not a luxury, and undervaluing it can be fatal for what could otherwise be a thriving organization.Â
In a Forbes article, Strategy&âs global managing director Paul Leinwand, who researched companies with the largest shareholder value losses over a ten-year period, stated, "Of four possible types of failure â operational, compliance, external, and strategy â strategic blunders were the primary culprit 81% of the time.â
 Although a powerful strategy certainly helps with profits, it also adds so much more.
Provides insight for resource allocation. Developing a strong company plan includes analyzing areas for improvement or change. This information allows you to give necessary support (and resources) to different areas of your organization.
Helps businesses reach goals and track progress. How serious can you be about accomplishing goals if you have no plan? Instead of just hoping things work out, strategy helps you outline specific steps for achievement. It also allows the organization to measure progress and track company and individual performance. Â
Unites employees under a vision. Strategy boosts workersâ morale. When employees know a solid plan is in place, it builds their confidence in the business and their role. If the companyâs purpose (and their work purpose) is clearly connected to the strategy, it can motivate them.
Increase Your Strategyâs Vitality
Creating a strategy is one thing. Implementing it is another.Â
Research shows 48% of all organizations fail to meet at least half of their strategic targets. Why? Poor strategic planning and execution. Much of a strategyâs value lies in how effectively its carried out.
According to the study done by Strategy&, companies with effective strategies in place show âfaster than average growthâ (48% compared to 15%) âand profitabilityâ (47% compared to 22%). Good strategy implementation means better payoffs for your business.
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What goes into an advantageous strategy? How can you ensure the execution process works?
Does your strategy focus on your differentiating capabilities? A key element of a businessâs survival resides in knowing the value you provide your customers. What market niche are you a part of, and what makes your organization stand out? What does your business do better than the rest?
Research the market and your organizationâs history. By incorporating your differentiating capabilities into your plans, you are already ahead of many companies.
Another thing to consider when creating a strategy is pliability. Unexpected events are part of life. Your strategy needs to be a living thing, something that evolves as needed with thoughtful foresight.
Encourage collaboration and conversations between departments. Communicate goals so everyone is on the same page, knows how they contribute, and understands how they will be held accountable.Â
Strategy means nothing if itâs not carried out thoroughly. Employees should know what actions they are responsible for and hold the knowledge or training necessary to do their part. Clear, realistic goals and deadlines help keep everyone on track.
Line-of-Sight is a provocative, compelling catalyst of the critical discussions leadership teams must successfully carry out on an ongoing basis to ensure they know where theyâre headed, what theyâre trying to achieve, and how well theyâre doing in terms of making that happen.
Our Strategic Intent is âto provide every organization with simple, confidence-inspiring analytics and solutions that build their internal alignment and get things across the finish line.â We are âDisney friendly and Apple Innovative,â based on customer intimacy and adapting the application of the solution, which itself does not change.
Learn more here: https://www.imprinttalent.com/execution-excellenceÂ
Donât Just Survive, Thrive.
Avoid a death sentence for your business by engaging in healthy strategy execution. With a strong plan, you can build an enduring business that will experience growth and success for years to come.