By Rommin Adl
Regularly cited as a top CEO priority, strategy execution is considered the key to achieving superior business results. Unfortunately, the majority of organizations fail to effectively implement strategic initiatives, by their own admission. Research reveals that companies achieve a fraction of the financial results envisioned during the strategy's development. How much of this reality can be attributed to an organization's lack of business acumen?
BTS recently partnered with the Economist Intelligence Unit to conduct a survey examining the relationship between business skills and strategy execution. Not surprisingly, the data reveals that 65 percent of global leaders across various industries agree that insufficient business skills limit their organization's ability to execute and realize strategic priorities.
For high-performing companies, the link between strong business acumen and successful strategy execution did not come as a surprise. Leading organizations, in terms of revenue growth and profitability, were significantly less constrained by a business skills gap than low performing organizations. These findings imply that high-performing companies recognize the importance of business acumen and are focused on proactively developing these capabilities internally.
How does your company stack up? Are you among the 65%?
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Stay tuned! The full findings of the research will be published next week in the upcoming report, Skills Mismatch: Business Acumen and Strategy Execution.
About the Author: Rommin Adl is an Executive Vice President at BTS.