Strategy implementation is the stage that plays a decisive role in the success of strategic management. Because vision and mission are not enough, an effective leader must concretize strategic intentions with concrete steps and actions. Furthermore, in fact, the steps and actions in the new rollout reflect the real strategy a business is pursuing. Therefore, it is necessary to master the models and principles of strategic implementation in order to successfully implement the strategy. Below, we introduce six principles that help businesses build effective strategy execution models.
Although it may seem simple, in reality, both the art of choosing strategy and attempts to turn that choice into business impact often fail. Research has shown that more than 70% of strategies fail to achieve their goals. These strategies are really disappointing and more than that, it seems pretty predictable. So why can\’t we improve these unimpressive results? Why do businesses keep falling into the same trap? The answer is not simple and there are many different reasons that hinder successful strategy implementation.
Determine the strategic deployment model.
In order to successfully implement your strategy, businesses / organizations need to accurately define their capabilities and choose the right management system. Basically, each business / organization needs its own strategic implementation model. When it comes to building models, one category won\’t fit all. However, the following six guiding principles based on experience and research should serve as a solid starting point. These six principles are complementary and they will help consider aspects of the strategy\’s implementation at any stage.
- The first principle – Define the strategy
Clarify strategic options, come up with a convincing option, and develop a program to concretize strategic choices and set business behavioral and impact goals.
- The second principle – Unified leadership
Building unity in the leadership team, clearly defining the responsibilities and required behavior of the leader.
- The third principle – Reinforce participation
Engage all parties through co-creation and communication, while respecting individual views and facilitating new ways of working.
- The fourth principle – Aligning resource allocation
Reasonably allocate capital, time and manpower, establish a management system to coordinate and fine-tune strategy, and support strategic initiatives through portfolio management.
- The fifth principle – Accelerate the transmission of values
Build the capacity to convey core values to project and operational managers, thereby enabling strategy execution through high-impact projects with leadership empowerment. operational managers.
- Sixth Principle: Persistent pursuit of strategic goals
One of the main reasons why implementing a strategy fails is the lack of persistence in pursuing a strategic goal. When starting to implement a strategy, business leaders need to have absolute confidence in their chosen goals and path, avoid changing, chase the market and short-term trends to get instant profits.
Combining interwoven principles
First, building a proper strategic execution model as well as defining the capabilities and choosing the right management system is not an easy task. The six guiding principles and additional evidence show us that, there is no such thing as a perfect solution to implementing the strategy. Therefore, to complete the strategic goals, it takes a lot of effort, dedication and perseverance from the head.
On the other hand, the core ideas of the above principles are really common sense and are all based on well-known management practices. It is important to consider the interdependence of the factors as well as the need to develop an integrated approach.
Finally, equally important, we must always remember to put people at the center when implementing strategy. By doing this, businesses will have many chances of success.
Source: SLEADER compiled