In this informative 7-minute video from Harvard Business Review titled “Why Strategy Execution Unravels–And What To Do About It,” three cornerstones of successful execution are discussed, as well as five common myths.
Specifically, the cornerstones are:
1) Coordination – Coordinating across business units, keeping key information clear and simple (and make sure your systems support cross-business unit management as well). The video offers a smart reminder that execution should not be top down, but should be driven from middle managers closest to the action, with general guidance from the top. This is where the crisp, simple messaging is vital.
2) Agility – Rapidly adapting to change in line with strategy, even if it means shifting people across business units (but beware of chasing every opportunity; strategic focus is key)
3) Reallocation – Constantly reallocating resources and funds based on current strategy and priorities (allocation isn’t a one-time decision)
I couldn’t agree more regarding all of this. Having a clearly communicated set of strategies and business priorities that are coordinated across the business; being adaptive to change through regular portfolio reviews and adaptive delivery methods; and regularly reallocating resources and funds based on priorities are all crucial to successful strategy execution and help form a solid strategy execution framework.
These principles are what we’ve been preaching at PDWare for some time now and what I’ve been writing about for ages, so it’s great to see it so well articulated in this insightful video. As HBR reports, 75% of organizations struggle to implement strategy. I’d venture to say it’s because they’re not paying attention to cross-business coordination, execution agility, and regular reallocation.
One telling statistic highlighted is that only 16% of team leaders and frontline supervisors feel they have a good grasp of how priorities fit together. This is because communication is often focused on quantity over quality and dilutes the message with too many elements.
An example in the video depicted a company trying to communicate a message with dozens of objectives, values, priorities, competencies, and new terms. Who’s going to remember all that let alone care about it? Another mistake is an over-focus on hitting the numbers vs. compelling messages and rewards that actually drive behavior. Sadly, I’ve seen all of this in far too many organizations.
For those seeking to better execute on strategy, viewing the video will be 7 minutes well spent.