In an ongoing global survey of senior executives, more than half of the respondents said that they think their company don’t have a winning strategy, and two-thirds think their organization don’t have the right capabilities to execute its strategy. Surprisingly, companies that are great at both strategy and execution don’t follow the prevailing practices of their industries. Instead, leaders of these companies excel at five unconventional acts — management practices that contradict conventional.
Most of the companies lacks behind due to the execution of strategy, as they have good strategies. For such companies here is a solution to execute your strategies efficiently.
We are glad to share 5 ways to close the strategy to execution gap.
1. Commit to an identity: Avoid getting trapped on a growth treadmill, chasing multiple market opportunities where you have no right to win. Instead, clear your mind about what you do best, develop a solid value proposition and building distinctive capabilities that will last for the long term. Deliver what you promise.
2. Translate the strategic into the everyday: Many managers assume they should adopt the best practices of their industry and treat external benchmarking as the established path to success. But design and build your own bespoke capabilities that set you apart from other companies. Then bring those capabilities to scale in your own distinctive ways.
3. Put your culture to work: Reworking the organizational chart and rethinking incentives. The culture of the enterprise, if considered at all, is seen as a hindrance. But resist disruptive reorganizations and instead put your culture to work. Tap the power of the ingrained thinking and behavior that already exists below the surface in your company, using culture, not structure, to drive change.
4. Cut cost to grow stronger: A conventional company might try to reduce costs across the board by going lean everywhere. But cut costs to grow stronger. Marshal your resources strategically; doubling down on the few capabilities that matter most and pruning back everything else.
5. Shape your future: Companies should not try to simply become agile. Don’t respond to external change as rapidly as possible. Instead, shape your future by creating the change you want to see. Consider all questions at the same time, in the same conversations with the same teams, so that strategy and execution are closely integrated in every decision.
Do all this boldly, with the confidence and acumen that comes from having earned the right to win, the ability to engage in a chosen market with capabilities that consistently outmatch competitors.
To read further details please click here.