Turning Strategy into Action
Andrew Hone shares a post that highlights the reasons strategies fail and what to do to implement them successfully.
Developing the strategy is the easy part
You’ve just put the finishing touches to your business strategy. You’ve spoken to customers, researched the key market segments, and projected the financials.
The Board and shareholders are aligned and agree on the priorities to take the business forward.
That was the easy part!
Translating a strategy into action is a significant challenge. All too often, the benefits that were promised are delivered late, or fail to materialise at all.
Management teams get distracted by the day-to-day challenges of running the business. Cross-functional initiatives fall between operating silos, budgets get reallocated and the initial momentum is lost.
High failure rates
If this sounds familiar, you are not alone.
Despite strategy implementation being seen as a key priority by most senior executives, fewer than 15% of organisations consider themselves to be successful when it comes to executing strategy.
Estimates for strategy implementation failure rates range from 50% to 90%.
Our experience in implementing strategy
We have spent over twenty years helping clients translate strategy into action, working with a range of clients from start-ups through to large corporations and public sector organisations.
Through this, we have identified a number of key principles that can help you to avoid common implementation pitfalls.
By applying these principles, strategy implementation can be a more predictable, transparent and repeatable process.
Key points include:
- Why do strategies fail?
- Strategy Implementation Framework
- Underpinning strategy implementation
Read the full article, Implementing Strategy, on ZenithStrategy.com.