If you constantly keep pace with the current trends, then you might already know that strategy execution is a hot topic in management. In fact, many Chief Executives are so concerned about strategy execution to the extent they rate it as both their first and second most challenging issue.
For those who have previously tried to execute strategy, then you can bear witness to that. When asked to define strategy execution, most managers respond differently. Some merely deem it as the successful implementation of a strategic plan. Others consider it as getting your strategy done.
Even though their perspectives are certainly valid, they make it difficult for them to understand what needs to be done to actually drive business growth. Here’s a look at some mainstream approaches to strategy execution.
Strategy Execution as a Process
One of the easiest ways of understanding what strategy execution entails is by making the case for execution a discipline or systematic way of exposing reality and acting on it. Actually, the heart of strategy execution lies in three core processes; people, strategy, and operations. Ensure you understand what this entails before you finally handle your strategy execution process.
Strategy Execution as a Step-by-Step Process
It always pays off for you to be familiar with the practice of strategy execution. While there are numerous books touching on this, many managers suffer from what might be called the ‘Goldilocks Problem.’ By this we are merely implying to the fact that the process view doesn’t contain enough detail to help managers construct the three process within a company.
If this is not enough, the systems view contains so many sub steps that it can be overwhelming for most managers. That leaves many wondering what it takes to find the ideal solution. Well, always take it upon yourself to visualize the strategy, measure the strategy, report progress, make decisions, and identify strategy projects.
It is then that you have to align strategy projects and manage them effectively. Keep in mind it also narrows down to communicating the strategy, aligning individual roles, and rewarding performance.
