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Thursday, January 11, 2007

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.

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