Strategy To Execution

As mentioned in an article on strategy in HBR June 2022 issue (by Andrea Belk Olson, CEO of Pragmadik) some?60–90% of strategic plans never fully launch. The causes of derailment vary widely, but execution consistently bears the blame. Coming up with a winning strategy is one thing. Execution of the strategy is another ballgame. While some businesses fail because their strategy was weak, there are a lot many more businesses that fail because they could not execute. In fact, a good execution will enable correction of the strategy itself. And that is probably what Zig Ziglar meant when he said -

"You don't have to be great to start, but you have to start to be great !"

I have mentored and coached leaders of well-established organisations to execute on their strategies. And I have worked with start ups to enable them create and execute their strategic plans. There are three broad elements that are essential for successful strategy execution.

Meaningful Strategy

Strategy has to match business aspirations. Leaders have to be clear on these aspirations. There is always a "magic in thinking big". And there are the pragmatic business goals that are desirable. The strategy should be able to cater to the practical realm and yet be strong enough to push the business towards its long term goals.

Not always do leaders start with a clear vision. It evolves. Yet a clear business direction needs to be set through clear business intent. The "Why" of the business needs to be spelt out clearly. This should lead to formulating the strategic BIG moves required to be made.

Keeping it simple, and keeping it focused on business outcomes required is key to coming up with a meaningful strategy. And that's the first step to a successful execution of the business.

Organisational Readiness

Organisational readiness is best understood through our D.E.CK.S. ? model. This model for mapping organisational health has evolved over two decades. Gauging organisational though D.E.CK.S. ? framework has helped businesses identify what they need to fix immediately and what parts need attention over the next one year.

Deliberate Direction - This is about where the organisation is heading and is there adequate enough alignment or not. It includes aspects like Vision, Strategy, Goal Setting, Organisational Planning, Values and Culture Expectations. Clarity of and alignment to business objectives helps people deliver higher performance across all levels in the organisation.

Execution Enablers - This maps the organisational readiness for execution. It helps looks at the Operational ways of working, Collaborative Environment, Resources and Empowerment given to teams for execution. Execution fails when these enablers are not in place. Enablement, coupled with right checks and balances, builds strong ownership to execute the plans.

Capability & Knowledge - This assesses organisational capability for business execution. It includes the Role based Functional competence, Leadership competence and Identification of gaps. Critical gaps in competence need to be either filled in through hiring the right talent or managed through right skilling. Retaining the right talent is becoming a challenge in the new normal. And need for coaching to build skills on job is recognised, though difficult to execute. Businesses often fail to map organisational capability and take action to build it right.

Systems For Success - This answers the question - What are the “Organisational Habits” for Excellence? This would be indicated by existence of Processes for Sustainability, Standardisation and projects for Excellence in Action. For a business to scale up fast, the business results should be outcomes of the business processes. Business leaders need to identify which processes require their attention first. Rome was not built in one day. But the process started one day !

If any aspect of the D.E.CK.S. ? model is below par, the organisation will find trouble in smooth execution of its business strategy.

What can be done for Planned Execution

Often business mangers say to me that what's the use of plans - they have to be changed anyway. And I say back to them -

Engrave your goals in granite; and make your plans in sand ... they always change !

Most managers have time bound targets. Good managers know what they have to achieve. And by when. Better mangers know how they are going to achieve them. Or at least they have a starting plan.

No business goal can be achieved just though any one individual's plan. There are interdependencies. Business needs a system which brings out such interdependencies and help plan execution through collective efforts.

Tracking and timely feedback are other essentials for successful execution of any plan. Plans fail. They have to be changed through timely feedback.

System for Strategy Execution

As mentioned at the start of this article, often businesses struggle to find a way for successful execution of strategy. A powerful approach to ensure execution is through implementation of OKRs - Objectives and Key Results. When implemented in the right manner, OKR approach ensures execution in line with the strategic priorities.

So if you are looking for a system to ensure strategy execution - adopt OKR way of working. OKRs have been around for a long time now and yet businesses don't know or understand how they can be used for business transformation.

At CRESKO we are bridging the gap between strategy and execution that most businesses feel today, through the established methodology of OKRs.

I share my experiences on OKR implementation through webinars. One such webinar is being held on 22 Nov, 2022 in collaboration with JOP. ?

In case you want to learn more about this then do register yourself and learn the right way of implementing OKRs for effective strategy execution for your business.

Know more about the event:?https://lnkd.in/dyK6za6k

Register here to receive your invitation:?https://lnkd.in/gFpE7PeX

See you at the webinar !