January 28, 2015

Executing strategy

Business Strategy on Blackboard

Failing to plan, plan to fail. We all know this. However, many businesses that create a strategy or business plan fail to execute it to a significant degree. This may be because it requires change, commitment, innovation, leadership and numerous other things to get your business ready to execute your plan.

The steps below will help you to successfully execute your business strategy:

A clear vision

Define what the business will look like if your strategy is executed successfully. Develop a summary of that vision and communicate it to all stakeholders. Communication must also be consistent - remind your team about it regularly and make it a part of their daily lives. People cannot follow you successfully if they don't know where you want to go.

Set some goals

As part of your planning process, you should develop 4 or 5 critical goal categories. Each one should be broken down into achievable tasks and given specific goals with delivery dates then tracked for progress. Don’t forget to assign the names of the people who are accountable for their completion.

Align systems and people

This is the step where most businesses fall down. Strategy execution and aligning people and processes to attain their vision is critical. They just assume that the firm will "figure it out". All systems, people, incentives and business processes must be aligned with the new strategy. People must understand what they need to do and how their role relates to executing a successful strategy. They’ll need help to establish priorities on what to do, as well as what not to do, to ensure that the overall strategy doesn't get lost in the day-to-day.

Review

The business should hold annual reviews of their current strategy and how outside forces have impacted on it. The aim of the review should be to determine whether the strategy is still valid, to assess progress made and customer feedback. Strategy execution doesn't just happen; it must be driven with the same commitment that built the business in the first place.

To find out more about how we can help your business achieve success, get in touch.

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