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In full transparency, I run a company that specializes in improving strategy execution by creating business simulations that are used within corporate leadership development programs.
What often keeps CEOs up at night is the gap between the execution of their strategy and the actual results. So how are CEOs of top-performing companies able to achieve their expected results?
You had finally decided on a handful of innovations that were going to accelerate your business, but then, as if figuring out how to execute those ideas successfully wasn’t hard enough, the pandemic hit.
A business involved in conducting clinical trials for medical and pharmaceutical companies recently sent me a copy of their strategic plan for review in preparation for a forthcoming strategic planning workshop.
In survey after survey, the execution of carefully developed strategy comes in as a key problem that evades solution by executives. They acknowledge that they can’t seem to get it right. It’s one thing to design a strategy in the boardroom and quite another to get it operating at all levels of the organisation.
The success rate of strategy execution is incredibly low. The fail percentages found in scientific studies range from as low as 7 % to as high as 90 %, with an average of about 50% (as reported in a 2015 review article by Candido and Santos in the Journal of Management & Organization).
Digital confusion in the workplace reigns because of multiple platforms and systems. Widely used tools such as email and spreadsheets aren’t designed for the collaboration workers need today, often keeping critical information in silos while also failing to provide dynamic realtime visibility for strategic planning and execution.
Most organizations struggle with executing strategy. So many of the best ideas on paper never even make it into the marketplace. A global executive survey conducted by Harvard Business Review Analytic Services, in association with the Brightline Initiative, found that roughly one-fifth of organizations achieve 80% or more of their strategic targets.
You’ve set organizational goals and formulated a strategic plan. Now, how do you ensure it gets done?Strategy execution is the implementation of a strategic plan in an effort to reach organizational goals. It comprises the daily structures, systems, and operational goals that set your team up for success.
A recent Gartner poll of strategy leaders revealed slow strategy execution as the top challenge for 2019; 70% said they had little confidence in their ability to solve the problem. The Gartner 2019 Strategy Execution Benchmarking Survey finds that 83% of strategists believe execution is more important now than it was three years ago.
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