Wednesday, April 24, 2013

What makes a brilliant strategy ?

The article, " The secrets to successful strategy execution ", provides an insight on the building blocks for a successful strategy execution. These include -

Clarifying decision rights,
Designing information flows
Aligning motivators
Making changes to structure.

Apart from these, I feel there are various other steps which should be followed. These steps are detailed below.

Step 1 - Clarify your vision
It is imperative to involve your stakeholders in your vision. Hence, a summary of the vision should be formulated and then communicated to all stakeholders. This will give a clear idea on what the company will look like if the strategy is successfully executed.

Step 2 - Set Goals
Every strategy should have a set of goals associated with it. They should be SMART ! A metrics should be maintained to capture time to time progress and short term milestones should be defined. Someone should be assigned who is accountable for the completion of these goals.

Step 3 - Align Systems
Alignment of people and processes is one of the most important steps. All systems, people, incentives and business processes must be aligned with the new strategy. Roles should be defined clearly. Employees should know how to set their priorities keeping in mind the strategy. They should also know what not to do for the successful execution of the company's strategy.

Step 4 - Work the plan
 Leaders in any organization should spent sufficient time on strategy. The goals defined above should further be broken down into corporate goals, then to department goals and then to individual goals and deadlines should be assigned with each goal. This is the responsibility of senior executives.They should be enthusiastic about the organization strategy and communicate details with other employees.

Step 5 - Review
 Reviews are an important part to know how well your current strategy doing and if any changes are required. Also, it helps an organization know if any external forces are effecting their strategies. Collecting customer opinions and feedback is one way to know this. Also, employees should be involved in giving their suggestions to senior executives. This can help in re-defining a strategy if any loop holes are discovered.

For any organization, defining a strategy is relatively easier than defining ways to execute it. It is the execution steps which actually drive a company to success.

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