Most companies’ strategies deliver only 63% of their promised financial value.
Why? Leaders press for better execution when they really need a sounder strategy. Or they craft a new strategy when execution is the true weak spot.
The result: wasted energy, lost time, and continued underperformance.
How to avoid these errors?
View strategic planning and execution as inextricably linked — then raise the bar for both simultaneously.
Start by applying seven deceptively straightforward rules, including: keeping your strategy simple and concrete, making resourceallocation decisions early in the planning process, and continuously monitoring performance as you roll out your strategic plan.
By following these rules, you reduce the likelihood of performance shortfalls. And even if your strategy still stumbles, you quickly determine whether the fault lies with the strategy itself, your plan for pursuing it, or the execution process.
The payoff? You make the right midcourse corrections — promptly. And as high-performing companies like Cisco Systems, Dow Chemical, and 3M have discovered, you boost your company’s financial performance 60% to 100%.
Source: Havard Business Review
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