“A poor strategy executed well is always better than a great strategy executed poorly.” — Michael Porter
Strategy means choice.
Unfortunately, many companies have a document labelled strategy. But when you ask “what is the strategy in your strategic plan” all they show you is a research paper full of great internal and external analysis using models like SWOT, PESTLED, Michael Porter’s 5 Forces and lots of the stuff.
When you keenly analyze, you discover a missing link: lots of analysis but no relationships. Strategic choices are not properly informed by the analysis made.
The measure of a great strategy is in the ease of its execution.
Also read: Is your strategy a research paper? What is the strategy in your strategic plan?
Put your strategy to the test by answering the following questions:
- What are your top 3-5 strategic focus areas in the next 2-3 years? Hint: more than 6 focus areas, is bad. Anything above 7 is bad. And more than 10 focus areas is poor regardless of the size of your organisation
- For each focus area, what are the top 5-10 performance areas or targets that with clear measurable indicators? Who is responsible for each?
- For each performance area or scorecard target or business objective, what is the workplan? Who is responsible for the work plan? Does the work plan clearly indicate the initiatives or activities per objective, the costs involved and the timing including the expected outcomes?
- How often do you review strategy execution effectiveness to monitor performance and rectify gaps?
- Does your strategy have a clear financing strategy?
- What capabilities and systems have you invested in to deliver the strategy?
- Is your structure aligned to the strategy or not?
If you have answered the above questions well, you are on the right strategy execution path.
Do you want a professional to review your strategy and advise you on strategy execution support as well as training of your staff about your business imperatives, strategic focus and vision and to help them appreciate their role in the journey so that they are more involved and accountable? Contact us.
To get a strategy execution support or an expert to facilitate your strategic planning process, give us a shout and you will love it. To receive the #WinningTheGame 4-steps model toolkit, contact us today.
Copyright Mustapha B Mugisa, 2019. All rights reserved.
