101: EXECUTING STRATEGY
Having a strategy is one thing, but implementing that strategy in an effective manner is critical to see results. Otherwise, your strategy is just a plan never adequately put into action. Whether you are looking to renovate your facility, increase sales or launch a new product, proper implementation is as important as the development of the strategy. Here are three ways to help ensure your strategy's goals are achieved.
Narrow in on your primary customer. Any strategy implementation begins here, says Robert Simons at CEO.com. It's a commonsense way to gauge if competition for resources at your company — support functions and business units, for example — are worth it. “But I have more than one kind of customer,” some companies might say. “This answer is a guaranteed recipe for underperformance: the competitor that has clarity about its primary customer and devotes maximum resources to meet its specific needs will beat you every time,” writes Simons.
Communicate down the line. From top to bottom, employees need to understand the larger impact of their day-to-day choices. Don't let a lack of communication render your plan useless, or let team members pursue different goals. Gary L. Neilson, Karla L. Martin and Elizabeth Powers, in an article at Harvard Business Review, give an example of a company where “salespeople would routinely enter into highly customized one-off deals with clients that cost the company more than they made in revenues. Sales did not have a clear understanding of the cost and complexity implications of these transactions.”
Review, review, review. Evaluate the strategy, before, during and after implementation. Regular meetings “can help executives determine the strategy's soundness in light of changes within the organization, industry and economy,” writes Jesse Torres at Entrepreneur.com, and explore potential opportunities. n
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