It is that time of the year again when key executives either spend the next few days at some venue off-site or lock themselves away in the Corporate boardroom formulating their strategy for the next year or 3 years. Usually they emerged feeling enthused about the direction they have elected to take the company, or they emerge anxious at the daunting task ahead of them as they set about achieving the returns promised to various stakeholders of the company. Whichever emotion they emerge with, there are 4 critical aspects of strategy and strategy planning that they should bear in mind:
- Sound planning and clear, focused strategies at both the corporate and business levels are critical
- Corporate and business strategies need to be integrated. They can not be pulling in opposite directions
- The key operational components of the strategy need to be clearly defined and communicated together with the metrics used to measure execution results
- A clear understanding of the resources and skills required if the company is to achieve the Strategy and the impact on the whole organization in providing those resources and capabilities
Should any executive emerge from their days of formulating strategy without giving a huge 'tick' next to each of these 4 critical issues, then you can bet that they will have trouble executing strategy from day 1.
I will tackle each of these 4 points over the coming weeks. Until then:
Yours in execution.
ian
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