9 Steps to Perfect Strategy Execution and Control
We believe that value-creation is the primary aim of any Business and that execution excellence is the basis of value-creation for organisations and individuals. Without a value-driven business strategy that increases ROI, a Business cannot grow.
It’s no secret that 9 out of 10 companies fail to deliver or execute their strategy and that most companies struggle to connect strategy and execution. According to results of a Brightline special report by The Economist Intelligence Unit, "59% of survey respondents admit that their organizations often struggle to bridge the gap between strategy development and its practical, day-to-day implementation” and according to Harvard Business Review “companies realize only 40-to-60 percent of their business strategies’ potential value”.
Further, According to Harvard Business White Paper: Why Strategy Alignment Matters-and How to Achieve It "To successfully execute a new strategy in today's fast-changing business landscape, organizations must accelerate the pace of building critical senior-level alignment and ownership around the strategy's vision, goals, and approach to change. Only then can they cascade the new strategy down to every level and out to every corner in the organization"
For leaders looking to gain the maximum value from their business strategy and bridge the gap between strategy and execution in their organizations, we suggest taking the following steps.
1. AlignThe Board and Senior Executive team align; they all buy-in and agree to a clearly defined Business Strategy. According to the White Paper "47% of Executives said they should have spent more time aligning their top team." For organisations in all industries today, strategic alignment has never been more essential – or more challenging to achieve. There’s no time to waste. With potent forces reshaping the business landscape at ever-faster speed, organisations can’t afford to leave strategy to chance. Learn more about how to achieve strategic alignment.
2. TranslateTranslate (digitalise) the Business Strategy into an executable ‘Value-Creation Plan’ with the CEO’s operational objectives translated into clear, understandable value-drivers.
3. ConnectConnect the Value-Creation Plan to the rest of the organisation by sharing it across the Business - bridge the strategy and execution gap.
4. AllocateEach Direct Report creates and allocates individual objectives and actions to team members that contribute to progression of each value-driver.
Empower your people to deliver your Business Plan. Make sure that they have the tools, skills and information to complete their actions and achieve their objectives. UNTAP by EXM partners the Institute of Strategy Execution (I4SE) whose goal is to help boost your strategy execution skills. I4SE is the global accreditation body for strategy execution practitioners offering online, classroom and in-company training and workshops for individuals looking to gain the necessary skills to execute a business strategy.
Track, report and share the performance of objectives and actions against the value-creation plan across the organisation; Senior Executives, stakeholders, business units, divisions, teams, etc
Give clear, timely feedback on individual goal and objective attainment.
Provide meaningful incentives to motivate and encourage employees to succeed.
Acknowledge individual performance and celebrate success and shape a winning culture.
In summary, the 9 steps to Perfect Strategy Execution & Control
- Align the top team
- Translate the business strategy into a usable format
- Connect it to the rest of the organisation
- Allocate actions and objectives to team members
- Empower your people to deliver the plan
- Share it across the organisation
- Feedback to individuals on their progress
- Motivate employees to succeed
- Acknowledge individual performance
Is your organisation's value-creation & strategy planning process as efficient as it could be?
The reality is that according to Harvard Business Review “Companies realize only 40-to-60 percent of their business strategies’ potential value”
Here at UNTAP by EXM we believe that execution excellence is the basis of value-creation for organisations and individuals. Are you ready to translate your Company's strategy into an executable ‘Value-Creation Plan'? Why not download our brochure today to learn more.