Strategy execution is the application of a strategic plan in an attempt to reach the organization's goals. It includes selecting a plan, aligning roles with it, communicating the strategy, and monitoring and measuring the performance. Many businesses tend to fail because they don’t execute their planning well. Either the company’s goals and strategy aren’t communicated well or their jobs don’t align with the current company strategy. Maybe they fail because they don’t have a system in place to track and evaluate their employees’ performance in line with their strategy and goals. Here are five steps to successful strategy execution in your organization:
The first step for a successful strategy execution of your organization is to commit to a strategic plan. It is essential that all members of the team agree to the same plan. Committing to a plan ensures all the team members have a shared understanding and desire the same goals for the project. However, remember that plans shouldn't be stationary. They should evolve as time goes by, creating new challenges and opportunities. Communication among team members is vital to ensure that all share the same vision.
Establish roles and responsibilities aligning with the committed strategy. Problems arise when employees are hired without strategic roles in mind or when positions are aligned with a former company strategy that is no longer working. Jobs are highly optimized when they align with the company’s goals and strategy.
Communication is a great power tool. Sometimes, employees don't understand or aren't aware of the company’s strategy because it hasn't been conveyed to them. The organization's strategy execution depends on every member's tasks and responsibilities. Once done right, individual tasks can move your organization towards the bigger goal. Train managers to communicate the goals and strategies well. Additionally, encourage employees to celebrate small milestones that lead to achieving the bigger strategic goal.
Determine key performance indicators (KPIs) early in the strategic planning stage to measure your team's progress toward the organizational goal. Make sure it is defined numerically, as this permits you to monitor and evaluate your progress and indicates you to make any changes.
Take advantage of innovation but don't let it ruin your execution. Maintain control over the strategic plan you are committed to. Create a procedure to monitor challenges, obstacles and opportunities. Also, remember that a stationary organization has no room for change and growth. Motivate your team to brainstorm and keep evolving the strategy that will suit the company's goals.
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