Just think about that figure for a moment.
- Billions of dollars invested in creating strategies are lost.
- Millions of man hours are wasted.Hundreds of thousands ideas evaporate.
It is a horrendous failure rate that unbelievably is tolerated around the world. Far too many leaders can more easily recall an implementation that failed – whether it was strategy, technology or marketing. It is time to correct this by putting the spot light on execution.
It is time for an Execution Revolution!
One of the largest contributing factors to the high number of failed execution is that when leaders return to their offices after creating their challenge, they are commonly left on their own to work out how to implement it.
They must figure out how to inform the people in their division of the imminent changes; explain what needs to change and why; review the way the team is working and the current rewards and recognition to ensure it supports the new strategy; motivate their people; assess the current measures being used and report back to their peers. It is a multitude of activities that creates a maze that many leaders become lost in.
BOTTOMLINE: Execution of strategy is not a single decision or action -- but a cluster of structured and sustained activities over a period of time.