Pitfalls in Strategy Execution
Last week we highlighted how Strategy Execution is the act of aligning operations, management and performance improvement with business goals. Now let’s focus on why business strategies are often not achieved:
- The business might lack a common understanding of the strategy and how it will differentiate itself in the marketplace;
- Strategies are not effectively linked to department, team and individual goals and objectives;
- Strategies coincide with the annual budgeting cycle and have become little more than exercises to drive departmental budgeting and sales forecasting;
- Resources are not allocated to the business strategic priorities;
- There might not be KPIs in place at the operational levels to determine the extent to which activities support strategic objectives;
- Strategies change annually to react to short-term urgencies or new targets for business results.
As a result, how can we mitigate these pitfalls?
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