Navigating Strategy Execution | May 2024

Event Pulse

Dive deeper into Cost Optimization with our Cost Optimization eBook companion guide!

Join us for episode 2 on "Mastering Business Transformation – Strategies for Success", to discuss this pain point and much more! Choose the time that works best for you and secure your spot today!

Available Sessions:

May 21st at 10 AM CST ?? Click to Register

May 21st at 6:30 PM CST ?? Click to Register

Insight Pulse

As leaders, how can we ensure that goal setting acts as a motivator rather than a stressor for our teams? The answer lies in creating a balanced approach that combines clear objectives with supportive accountability.

Effective Goal Setting Tips:

1. Align with Purpose: Ensure goals are meaningful and aligned with the team's values and the company's mission.
2. Set Achievable Milestones: Break down larger objectives into manageable steps to celebrate small wins and maintain momentum.
3. Encourage Participation: Involve team members in the goal-setting process to foster ownership and commitment.
4. Provide Resources and Support: Equip your team with the necessary tools, training, and time to achieve their goals.
5. Offer Flexibility: Be open to adjusting goals based on feedback and changing circumstances to reduce unnecessary pressure.

The Role of Accountability:

Accountability should be seen as a supportive measure, not a punitive one. Regular check-ins, constructive feedback, and celebrating progress can create an environment where accountability helps maintain focus and drive without inducing stress.

By fostering a culture where goals inspire and accountability supports, leaders can transform goal setting into a powerful motivator for their teams.

Industry Pulse

What we're reading...

Summary of "Transformations That Work: Lessons from Companies That Are Defying the Odds"

In the article "Transformations That Work: Lessons from Companies That Are Defying the Odds" by Michael Mankins and Patrick Litre, the authors analyze why many transformation programs in large organizations fail and how successful companies defy these odds. They highlight that over a third of large organizations have ongoing transformation programs, yet only 12% achieve lasting results.

Key findings from a Bain & Company survey of 300 large companies show that despite fewer outright failures, success rates for transformation initiatives remain low, with most producing mediocre results. The article identifies six critical practices for successful transformations:

1. Treating transformation as a continuous process: Companies should view transformation as ongoing rather than a one-time event. Dell Technologies exemplifies this by maintaining an evergreen agenda that continuously addresses critical issues.
2. Integrating transformation into the company’s operating rhythm: Transformation should be part of daily operations, not a separate program. Ford’s turnaround under Alan Mulally involved weekly business plan reviews to align the team and drive continuous improvement.
3. Explicitly managing organizational energy: Successful transformations manage the energy and workload of employees to avoid burnout. Virgin Australia’s meticulous sequencing of changes during its transformation helped manage organizational fatigue.
4. Using aspirations, not just targets, to stretch thinking: Setting ambitious goals beyond current benchmarks can drive breakthrough thinking. Adobe’s shift to a cloud-based model in 2011 is an example of setting high aspirations that led to significant transformation.
5. Driving change from the middle out: Middle managers, who have a clear understanding of operations, play a crucial role in driving lasting changes. Amgen’s approach of selecting mid-level leaders to spearhead initiatives is highlighted as an effective strategy.
6. Securing substantial external capital: Successful transformations often require significant investment. Companies like Ford and T-Mobile borrowed heavily to fund their transformation programs, leading to substantial growth and improved performance.

For transformation programs to be successful, companies must adopt these six practices, viewing change as a continuous process, integrating it into daily operations, and securing necessary resources to support these initiatives.

Reference: Mankins, M., & Litre, P. (2024). Transformations That Work: Lessons from Companies That Are Defying the Odds. Harvard Business Review, May-June 2024.

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