Best practices for strategy execution
The execution stage should be regarded as the moment of truth for your business’s strategy. It is here where you realise whether the time and effort you invested in your strategy will really pay off.
As it is such a delicate phase of your strategy, it is crucial that any potential errors are immediately picked up and dealt with.
Here are two key things you should keep in mind when executing your strategy to make sure everything goes to plan.
Maintain open lines of communication
Ensuring that information flows freely across organisation boundaries is vital to execution success, according to the Harvard Business Review.
Too often, upper-level managers are reluctant to divulge key aspects of the strategy to everyone in the business. Not being open about your strategy and making it clear to all involved is one of the surest ways to fail.
It is therefore important to ensure all facets of your strategy are communicated throughout your organisation as and when necessary. This includes broad strategic concepts such as your company’s vision and goals as well the more in-depth projects, tactics and activities required to carry out your strategy.
Maintaining strategic visibility across your organisation shouldn’t be a chore, regardless of how large it is. Strategy planning software, for example, can help to efficiently communicate key aspects of your strategy to the relevant people.
Make sure everyone is accountable
Part of the reason clear communication is so crucial in strategic execution is that it helps remind everyone about their place in the grand scheme of the strategy.
You should foster a mindset of accountability across the various levels in your organisation, and make sure everyone is aware about the individual and joint efforts they have to make to help enact the strategy.
Clearly notify every employee about the roles and tasks they are assigned in the strategy, and implement measures to make sure these are being carried out.