A subject that I spend lots of time working on with leaders and teams. Every project is unique and at the same time lots of factors re-occur.
TL;DR
Strategy execution involves more than just grand plans and theoretical models. Real-world success necessitates comprehensive engagement of the entire team, clear and effective communication, fostering organisational health, ensuring accountability, establishing measures of success, and maintaining focus on strategic priorities. Drawing from lots of resources – academic literature, books, social media, and podcasts, this blog post explores each factor, illustrating why these elements are crucial and how they can make or break your strategy execution.
Engaging the Whole Team
Harvard Business Review often emphasises the importance of holistic team engagement in strategy execution. A strategy that’s inclusive fosters a sense of belonging, leading to higher employee productivity and satisfaction. Netflix’s ‘Freedom and Responsibility’ culture, documented in Patty McCord’s book “Powerful”, is an excellent example of a company engaging its entire team, encouraging them to think like business owners.
Effective Communication
Effective communication is a pivotal pillar of any successful strategy execution. A study by Project Management Institute found that ineffective communication leads to an average loss of $75,000 per year for small companies. Elon Musk’s tweets provide a unique example of how communication can shape public perception and drive company strategy. On the “WorkLife” podcast with Adam Grant, Musk elaborated on his communication style, proving that clear, concise, and timely communication is vital in keeping everyone on the same page.
Organisational Health
Organisational health is about creating a supportive environment that enables everyone to perform at their best. This involves nurturing positive office dynamics, promoting work-life balance, and fostering continuous learning. McKinsey’s study [5] on organisational health suggests that healthy organisations are twice as likely to outperform their competitors. Google’s ongoing commitment to creating a thriving work environment, as depicted in the book “Work Rules!” by Laszlo Bock], underlines the influence of organisational health on a company’s performance.
Accountability
Without a strong culture of accountability, even the most brilliantly conceived strategies can fall flat. Accountability cannot be thrust onto people; they must accept it, and own it. According to a survey by the American Management Association, 21% of companies believe that they have an effective accountability system. But success stories like the one described in Patrick Lencioni’s “The Advantage” show the tremendous impact accountability can have on strategy execution.
Measures of Success
Establishing clear measures of success is crucial for tracking progress and adjusting the course as necessary. According to a study published in the Strategic Management Journal, companies using performance metrics for their strategic initiatives achieved a 60% success rate compared to 35% for those who did not. Instagram co-founder Kevin Systrom, in an interview on the “Masters of Scale” podcast, discussed the importance of defining and using the right success metrics during Instagram’s early growth.
Maintaining a Clear Focus
Last but not least, maintaining a clear focus on strategic priorities is vital. In his book “Good to Great,” Jim Collins describes how companies that focus on what they do best outperform their competition. Moreover, the infamous #DeleteFacebook campaign underscored how companies can lose sight of their strategic focus, highlighting the necessity of remaining vigilant about core business objectives.
