By Dan Parisi
A well-formulated business strategy, powerful product or breakthrough innovation can put an organization on the competitive map, but only sustained strategy execution can assure long-term success.1 However, navigating from strategy development to execution is one of the biggest challenges for today’s CEOs, and few are successful.
An Economist survey found that a discouraging 57 percent of firms failed to efficiently execute strategic initiatives over the past three years. The impact on competitive advantage and profitable growth is profound. Harvard Business Review reported that companies on average deliver only 63 percent of the financial performance their strategy promised.
Today’s leading organizations spend millions of dollars on formulating new strategies that are designed to propel the company past the competition. However, to execute the strategy, these same organizations invest significantly less, especially when it comes to the people side of the equation. This surprising reality is a missed opportunity.
Strategy execution is not the result of a solitary employee decision or action, but the consequence of a series of coordinated, enterprise-wide decisions and actions occurring over time.2 It is comprehensive and must bring the people in the organization along for the ride. Organizations can achieve successful execution, converting strategic plans into results, by investing in a robust process.
BTS Strategy Execution Journey moves beyond traditional strategy communication to dynamically engage, align and build capability of leaders. The Journey involves a four-phase process leveraging a powerful execution diagnostic tool, intensely customized and best-in-class experiential learning methods, C-suite involvement as coaches and teachers, and a results assurance methodology.
Discover how BTS’ Strategy Execution Journey can convert your company’s strategic plans into results. Read the full article.
1Neilson, Gary L., Karla L. Martin and Elizabeth Powers, “The Secrets to Successful Strategy Execution”, Harvard Business Review, 2008.
2Hrebiniak, Lawrence G., “Business Strategy: Execution is the Key”, Financial Times, 2005.
About the Author: Dan Parisi is an Executive Vice President at BTS.