Strategy Execution: 10 Critical Components for Successful Strategy Implementation
Written by R. Michael Donovan & Co., Inc.
TAMPA, Fla., June 22, 2016 /PRNewswire/ -- Executives often ask: what are the critical components of a successful strategy implementation process? R. Michael Donovan & Co., Inc., (www.rmdonovan.com) an executive advisory firm, offers a 10 point list with a brief explanation of each:
1. Communication: A clear, concise and persuasive case for change for all levels to understand what the strategy is and why. People need to know what the top priorities are and how they fit in. It is important to have an ongoing comprehensive communications program to keep people informed and ask for feedback. Acceptance of change throughout the organization is a gradual process.
2. Alignment of thinking, work efforts and acceptance down and across the organization's silos is not a one-time event. Alignment needs to be established and maintained. Remove conflicting functional objectives, priorities and performance metrics to coordinate cross-functional efforts on the right work. Be ever aware that disconnects might go undetected if you are not vigilant.
3. Accountability for performance needs to be real. People need to know expectations. The right KPIs allows for fact-based discussions and actions. People should have defined decision-making authority and know what needs to be escalated.
4. Resource Waste on initiatives and projects that do not support strategy need to be stopped. Reallocate resources to work on strategic objectives. Communicate that the company cannot chase every opportunity and focus on strategic priorities is essential.
5. Management Leadership means initiation of actions, active participation and establishing a results are required mindset. It's essential to clearly define initiatives and action plans, charters, sponsorship, roles, responsibilities, KPIs and problem solving methods for more effective teamwork to minimize delays.
6. Culture is unique to an organization with their strengths and weaknesses. Culture is a collection of individual values and beliefs which drive behavior. Transforming an organization to adopt an intentional culture takes time however, the individual behaviors needed for success can be defined. Employees need to know what defined traits and behaviors are the evaluation standard whereby individuals and supervisors can continuously work together to improve performance.
7. Strategy Execution Management eliminates many of the disconnects that are very common without a well-functioning closed-loop strategy execution process which creates process alignment and promotes organizational alignment. Keeping initiatives and action plans on schedule is essential to strategy implementation. Visibility into relevant and accurate information is essential for effective progress reviews.
8. Progress Reviews by executives and mid-level managers are frequently performed to know what is going well or poorly. Information flow from a myriad of spreadsheets to report progress is not likely anywhere near as accurate and effective as the information needs to be to identify corrective actions. A structured progress review process does a lot to minimize excuses, work slippages and lower risks that delay deliverables. Executive involvement sends a clear message to everyone in the organization. This is one of the best forms of accountability to keep strategy execution on time and on target.
9. Time Balance between the day-to-day running of the business and improving the business (strategy execution) is essential. Allocating time to running the business and improving it is part of the planning and scheduling of people's time for initiatives and action plans. Overloading and schedule misses can put the entire strategy execution process in disarray. Strategy Execution Management should highlight overloads and report schedule misses.
10. Simultaneously doing numbers 1 through 9 very well is necessary for successful strategy execution. Miss a step and/or doing them poorly will directly impact strategy implementation success.
If you would like to explore a strategy execution process assessment contact:
R. Michael Donovan
Strategy Execution Consulting Partners
727-474-5455 or email
SOURCE R. Michael Donovan & Co., Inc.
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