Our research suggests that less than 50% of strategies deliver the financial performance they promise. Evan worse the reasons why appear unclear to top managers. The result is: wasted energy, lost time and frustration. However some high performing clients have closed the strategy to performance gap. How did they do it?
They dealt with the 6 key factors that create the performance loss:
Inadequate resources. They put the right people onto the performance critical projects not just those who are available. Obvious, but many do make the mistake of allocating the wrong resources. High performing clients do not make this mistake.
Actions required to execute not clearly defined. Most executions of strategies I have facilitated require the delivery of 3/4 key projects not 27. Having this clarity of focus is critical. Keep it simple is a key mantra.
Organisational silos and culture blocks execution. Change is problematic in a typical corporate power and control culture. So the key is to select people to drive the change who are up for it and create an achievement sub culture with them. see earlier post, How to get your preferred culture.
No consequences for success or failure. If you want to change behaviour change the reward system. Reward success and have consequences for failure to comply with the process.
Poor performance monitoring. What gets measured gets managed so ensure the execution programme has the right measures in place.
Uncommitted leadership team. The strategy and execution plan needs to shared by and championed by the leadership team who take real pride in the execution performance.
Armed with the experiences of those who have successfully executed great strategies should help you to achieve similar successes. Don't miss any of these key factors out and remember "it’s not what you do it’s the way that you do it that's what gets results".
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