Why are some organisations so much better than others at Strategy Execution? is it simply a matter of better strategies or less competitive business environments… or do they really do something different to achieve Execution Excellence?
The Road To Execution Excellence
The answer is naturally not as simple as the question… surely, the quality of a strategy is important, but when that’s said, it seems clear that organisations who are strong in Strategy Execution do things somewhat different – here are some example of what they do:
They Establish a dedicated Strategy Execution team with direct reference to the CEO – The team is empowered to engage on all levels and can escalate issues quickly to remove roadblocks
They ensure that the new strategy and the Strategy Execution team has full backing of a united leadership team
They establish a strong but agile governance/reporting structure for the strategy execution team to ensure bureaucracy is kept at minimum
They break the strategy into specific Workstreams, each with clear Objectives and Milestones attached to them
They make sure that all incentive plans becomes aligned with and in support of the strategy
They are willing to kill any project that is not in direct support of the strategy .. even major ones!
They ensure that Capital Allocation processes support strategic priorities and suppress strategic drift
They heavily engage and involve their organisation with open and honest communication and react positively to feedback, even when it clearly challenges management and their strategic choices
They invest in building and sustaining strong in-house strategy execution capabilities
Although this list is far from exhaustive, it does provide a reasonable pointer to some key differentiators between success and failure!
I’m always open for a talk about Strategy Execution and your road to Execution Excellence – feel free to give me a call today on +45 9393 5214