Implementing the actions as well as establishing measures of progress (which can also include financial targets) is the core of strategy execution. You will need to ensure widespread and clear communication and cooperation. Also schedule feedback loops which enable you to reflect on and maybe adjust your efforts. S
trategy is a dynamic process which must be evaluated and refined on a regular basis. One planning session per year is simply not enough. With knowledge of the process and potential pitfalls you will have a distinct advantage in any strategic discussion or action. This assurance comes from the thebalance.com website.
Key pain points of executing a strategy
- No clear targets and progress measures planned.
- Confusion between operational and strategic planning.
- Debates over budgets driven by egos and office politics.
- Missing constant evaluation and feedback loops which would enable taking advantage of lessons learned.
Quality of planning is still crucial
If you are about to participate in defining the strategic direction of your company, you may be sure that your colleagues have a great deal of trust in you and your capabilities.
Don’t be overawed: instead, make sure that opportunities and capabilities of your company are examined deeply enough, allowing for correct decisions. Potentially disruptive technologies and new players on the market are also very important considerations.
-jk-