Strategy Execution - Part V

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.