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Why is Executing Strategy So Hard?
28-Jan-2010
Many people set New Year’s resolutions. 60% of them fail by late
January as they slip back into their familiar habits (the average date
of failure is January 22).
It’s similar to what happens in most businesses. Developing a robust
strategic plan is just the beginning. Surveys show only about 10% of
companies can effectively execute their strategies.
Why is executing strategy so difficult – especially during today’s
tough economic conditions, when implementing the right strategy is
critical to ensure your long term survival and success?
It is because executing strategy is hard. Urgent issues concerning
your daily operations keep getting in the way of implementing your
strategic action plans. Strategic execution is important – but seldom
urgent. To succeed you need to adopt a disciplined execution
methodology - and create a winning culture - one that drives
accountability and results.
This growth tip, derived from a survey of business leaders documented in the Baldrige & Performance Excellence blog, shows the main barriers to executing a strategy are internal and
within your control – it is not external factors like the economy,
customers or competition. According to business leaders, the barriers
to execution are in order:
Worryingly, 69% of business leaders are NOT confident in their
organization’s ability to execute strategy! The main reasons for their
lack of execution confidence are in order:
Do you have a documented Strategic Execution Plan that provides a clear
road map of how your company will successfully compete over the next
3-5 years?
Do you have a culture of "disciplined execution" - where you set and
then effectively execute your strategic Action Priorities every quarter?
Do you want growth tips sent to you weekly?
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At your weekly management meeting (you do have one don't you?) - share the latest Growth Tip with your team and ask the question: "How can we apply this information in our business?"
Commit to taking some form of action. You will be glad you did.
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