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.
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%.
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, improving both the speed and certainty of the outcome.
Why do strategies fail?
- Unclear strategy
- Lack of alignment among senior executives
- Lack of a clear plan
- Ongoing operational distractions
- Lack of cross-functional collaboration
- Poor culture / communication
Strategy Implementation Framework
- The mapping of the strategy into a series of individual initiatives
- Project plans developed for each strategic initiative, defining the objectives, milestones, resources and timeframe
- The team structure put in place to oversee and manage the ongoing delivery of the strategy (e.g. strategy steering committee, initiative project sponsors, project resources for individual initiatives)
Process & Tools
- The mechanisms to track progress against the implementation plan, and to ensure that issues that
could put the strategy at risk are addressed in a timely manner
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%.
organisation, but often include one or more of the following: Unclear strategy, lack of alignment among senior executives, lack of a clear plan, ongoing operational distractions, lack of cross-functional collaboration, and poor culture / communication.
Get the full report
- Identifies common implementation pitfalls
- Defines a clear strategy implementation framework
- Describes essential planning pre-requisites
- Provides recommended team and governance structures
- Reviews essential program management processes and tools