There is often more planning put into strategy formulation than there is in its execution. This is part of the reason many businesses end up failing in the implementation phase. Understanding the reasons for high failure rates in strategy execution can help organizations to better plan and organize themselves for future change. With successful strategy execution, businesses are better placed to remain competitive in the marketplace and make more effective use of their resources to boost performance.

Here are some of the common myths or misconceptions behind strategy execution that can handicap the process and increase the likelihood of failure.

• Communication ensures comprehension

Communication of strategy across the organization has often been touted as necessary to successful execution. As a result, top management spends a lot of time talking about and sending out information on the strategy to be implemented. But repeated communications do not necessarily mean that those on the receiving end fully comprehend. It just means they are being bombarded with information that they may not understand, especially if their input was never sought during planning.

This is problematic because top management is more involved in planning and giving the business direction, whereas those in the lower ranks are the ones that execute. If they are unable to fully comprehend and internalize the strategy at hand, their ability to carry out the tasks needed to produce desired results is stymied. There needs to be greater effort put into ensuring all levels of management and those responsible for execution have a good grasp of the strategy and how this translates into the daily tasks they perform.

• Performance is the best indicator of execution success

When judging execution success, organizations tend to take a narrow view. They look at key performance indicators like sales and profit to determine who is being successful and who is failing. While this is a simple and direct methodology in the strategy execution framework, it leaves out other vital performance indicators that can have a broader and long-term impact on business success.

Agility and innovation are often neglected attributes that indicate management’s ability to experiment and adapt in an ever-changing business environment. Teamwork also fosters better communication and discussion that can help develop insights into how best to execute strategy. More weight needs to be given to such attributes, rather than just the bottom line, in determining how well a manager can adapt to change and drive strategy execution.

• Top-down execution

Successful strategy execution lies mainly in the hands of the lower ranks. They are the ones that will carry out the day-to-day tasks that will turn plans into action. Focusing attention and power at the top levels will slow down decision-making and make middle and lower managers feel disempowered. It is vital for sufficient authority to be distributed, allowing those in charge of strategic functions to carry out their tasks more efficiently.

• Successful execution relies on sticking to the plan

It is erroneous to think that you can account for every possible outcome or condition, both within and without the organization. Change is a constant and success lies in being able to recognize these changes early and adapt accordingly. No matter the amount of meticulous planning that goes into strategy formulation, businesses need to have managers and employees that are agile enough to respond to new challenges. They also need to allocate adequate resources and authority to support this quick response.

Conclusion

Being aware of the myths about strategy execution gives organizations foresight and puts you one step ahead of the competition. When those responsible for planning and execution know what possible misconceptions lie ahead, it means they are better equipped to identify such emerging challenges early and take corrective steps to keep the business on track to achieving its goals.

In addition, the success of the project will depend on if you have the right team working on it. That’s why it’s important to identify the right talent before the project begins to increase your chances of it succeeding.

There are plenty of ways to fill the roles you need, whether it be through LinkedIn job posts or indeed to identify the talent you are looking for, full-time or part-time. Other options include working with a small consulting firm like MicroAgility, where they provide you the right implementation consultant just for the project. Another option is to explore an online consulting platform like iAgility, where you can work through an online platform to find consultants.

Feel free to explore your options to identify which is the best route for you. Good luck with the execution of your strategy, if there’s anything our team can do to help, let us know!

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