August 5, 2017

Strategy Execution - Best Practices

What Is Strategy Execution?

By: Ed Barrows

Execute strategy through strategic projects

Identify strategy projects.
The first step in improving project-oriented strategy execution is to capture and organize all strategy projects

Resource strategy projects.
Projects that directly impact the strategy should be resourced.

Manage projects.
Organizations must develop a capability in project management if they are to execute strategy effectively.   The full complement of strategy projects  should be coordinated and controlled by a central strategy project office or officer with the responsibility for monitoring both progress and performance.

Communicate strategy.
It is difficult to execute strategy when the strategy itself isn’t well understood, or performance relative to it is not communicated.  Leaders must communicate their strategy to the workforce in a way that will help them understand not only what needs to be done, but why.

Align individual roles.
Senior leaders have to ensure that roles are modified so that employees at all levels see their contribution to the strategy success and can articulate and evaluate their personal roles toward achievement of specific strategic goals.  This is perhaps one of the most critical aspects of the execution process.

Reward performance.
In strategy execution, as in any other area of management, what gets measured gets done.  Taking this one step further, what get measured and rewarded gets done faster.  After explaining the strategy and aligning the workforce to it, senior managers institute the incentives that flow from the success of strategic endeavors or projects,  that drive behaviors consistent with the strategy.

Research on the strategy-execution gap

Updated 6 August 2017, 30 October 2016

1 comment:

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