So, you’ve set goals and drafted strategies for your business. Now, what’s next? What are your plans towards achieving these goals and executing these strategies?
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So many organizational goals end up being words on paper or on a PowerPoint slide, without becoming reality. In fact, recent studies have concluded that about 90% of
businesses do not reach the realization of their strategic goals. This is sad, but what is the solution?
Harvard Business School defines strategy execution as “the implementation of a strategic plan in an effort to reach organizational goals”. This involves the entire planning process and setting up systems that can guarantee the execution of those goals. The solution to the lack of goal realization lies in identifying and engaging with key elements of strategy execution. These essential keys include:
Obviously, you can’t execute what you have not planned for. And talking about a plan here, it should not be some shabbily drafted plan for your organization, but a well-crafted realistic plan. Remember to set SMART goals. Be committed to a strategic plan and ensure all stakeholders involved have agreed to it. This is the first step to effectively executing your organizational strategies.
In some situations, the organizational strategies are formulated after employees have been onboarded. At such times, communicating the idea of your company and the strategies you’d be adopting could seem difficult. This is why you’d need to do a good job of communicating the entire process to them effectively. This should be done clearly and every attention to detail should be paid. Inculcate in your employees the habit of stewardship, so that all their decisions, actions and daily tasks are in accordance with the company strategy. This way, they are held accountable for loopholes.
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Create A Job-Strategy Alignment
Some organizations make the mistake of unintentionally drifting away from their strategies in terms of their daily operations. Always align your strategy to the work being carried out within the organization. For instance, you can’t strategize how to reach customer satisfaction and condone an inefficient customer support system. This is typically against your company strategy. The assigned roles of employees should always align with the company strategy.
Performance assessment is a key factor in effectively executing a company’s strategy. Key Performance Indicators (KPIs) should be applied in the entire strategic planning and execution process. You should be able to regularly ascertain if your employees or even partners are operating with the company strategy in view. This will allow for necessary corrections and adjustments on time before grievous mistakes are made. Keep a record of the progress your company is making in executing the corporate strategies. It will help you know what’s lacking and where to improve on.
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Emphasize Innovation And Optimization
Industries are moving at a fast pace, and to remain relevant in your industry, you need to catch up. This doesn’t imply that you should blindly follow the trend or copy others, but you must create room for innovation in your field. Optimize your process and constantly make improvements. Make provisions for systems that will enable you to get responses from the outside world, such as the customer feedback system. Take back these responses, implement them where needed and push for more effective strategy execution.
To execute your organizational strategy more effectively, draft your strategy and ensure it is being implemented. Don’t forget to always create room for organizational growth. That is the only way to stand out in this competitive space.
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This article was first published on 18th October 2021
chidiogo-akaelu
Chidiogo Shalom Akaelu holds a degree in English and Literary Studies, from the University of Nigeria. She is a freelance writer, editor and founder of Loana Press, a budding online publishing outlet.
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