When creating strategies extensive efforts are made and best expertise used. The strategic formulation and target setting are typically done by a small group of people. Execution on the other hand requires true commitment from complete management teams and key people across the organisation. That in itself should underline the benefit of putting as much, if not even more, emphasis upon excellence in execution as was done for creating the winning strategy. But is this usually the case?
Even if there is no doubt that strategy execution mostly is well planned and carried out there is always room for improvement. Research actually indicates that the vast majority of strategies and related projects don’t progress with expected pace.
My learnings relate to HOW the execution should be put into practice; the importance of reaching a strong common view, the significance of teams making decisions together and the need to have a broad participation to avoid silos. Also, the observation that teams will benefit from an appropriate process combined with facilitation support ensuring the expected outcome.
A professionally managed process will accomplish a strong common view and commitment. It will concretise the needed change, establish execution focus and activity paths across all key functions. A crucial part of such a process is also the recognition of capability and competence requirements. The benefits are evident and most importantly, they will speed up strategy execution.
An additional observation is that this can be accomplished efficiently and a well gathered team typically has all the insights needed.
Curious about your thoughts and happy to share my learnings in more depth.
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The typical delay in strategy execution costs companies at least one year, and 90% of strategies fail in the execution stage, says Senior Advisor Juhani Elomaa. “Companies instinctively know that time is money, but no one calculates exactly what it costs to delay by a year.”
In the past years, powerful megatrends have started to impact our daily life. Climate change, the environmental impact of plastic usage and new energy sources are well known topics for all of us. For large corporations, these forces create major opportunities but also major threats. Opportunities, because those making the change fast enough will be on the winning side. And threats because whoever cannot change fast enough will soon be left behind. The race against time is on. A gold rush for some, Titanic for others.