In today's business world, strategy execution is inseparable from effective leadership and communication within the company.
The process of effective strategy execution, in our experience, follows these lines:
- Formulation and effective communication of strategy (mission, vision, values, strategic position, and what to stop doing)
- Defining of Vital Few Objectives
- Setting Goals That Lead
- Defining Measure, Targets, Initiatives
- Engaging the Entire Team - at all levels
- Commitment to projects and business results that support the strategy
- Aligning the organization to enable empowerment and communication
- Defining individual plans for everyone in the organization that support the strategy, VFOs, and initiatives
- Monitor progress toward goal achievements regularly and take corrective action
- Instill responsibility and individual accountability
- Innovate and solve problems along the way
- Review progress, review individuals, review performance and measures, review strengths, weakenesses, opportunities and threats
- Repeat, refine, improve continuously
BOTTOMLINE: For a practical approach to strategy execution, read Six Disciplines for Excellence.