Due to the competitive nature of businesses, having a good strategy while important is not enough. The execution of these plans is just as important if not more. After all, the real benefits can only be achieved by the successful execution of good strategies.
In a strategy research performed by the Economist Intelligence Unit Study targeting c-level executives in Global organizations, it was found that the majority of senior executives viewed strategy implementation as a crucial process for uplifting a business even though most admitted their company fell short in this area.
This research also implied that the number one factor that determined the strategic initiatives’ success was the participation of the C-Suite executives. It was found that it was best if they pinpointed and paid keen attention to the crucial initiatives and projects instead of micro-managing the business. Success was seen as a result of good strategy implementation practices and financial advancement was the reward for this effort.
Some key numbers to consider:
- 88% responded that executing strategic initiatives successfully will be “essential” or “very important” for their organizations’ competitiveness over the next 3 years.
- 61% admit that their firms often struggle to bridge the gap between strategy formulation and implementation
- The top 3 barriers to successful implementation are lack of change management skills, poor resourcing, and lack of project management skills.