Most organisations have a strategy document. It is likely to be filled with exciting ideas and a vision of what the future would hold if only they could sell more or restructure or diversify.
However, in so many cases, this strategy fails to become reality. Why does this happen?
Creating your strategy is only the beginning
Strategy is often viewed as a standalone process. Unless you understand that creating a strategy is only the beginning, you will fall at the first hurdle. It is not simply about sitting down, putting pen to paper and creating something that you really want to achieve. You need to combine this approach with a fundamental understanding of how to put processes and plans in place to achieve your strategy.
Your strategy should underpin your organisation’s actions, deliverables, goals and attitudes. It needs to be understood by everyone regardless of their title or position. It is your map to success.
Turning your strategy document into real organisational change
If you can confidently answer ‘yes’ to the following questions, you greatly increase the chances of your strategy becoming reality.
- Have you listened to, and communicated effectively with, all senior leaders and staff? Are they able to confidently articulate what they need to achieve?
Strategies delegated from above have less impact than those created by empowering and engaging with stakeholders and staff.
- Do you know who you are trying to serve, who your customers are and what they want?
You should do, because if you don’t then your competitors will.
- Do you have KPIs and can you accurately track and measure performance against your goals and objectives?
If you don’t have any measures in place and are unable to quantify targets, this could be the difference between success and failure.
- Have you set strategic boundaries and are you fully aware of any risks to the strategy?
If you have not inoculated the business against these risks you leave yourself exposed.
- Are you generating a culture of creativity and innovation to maintain competitive advantage and success?
People are often uncomfortable with change. To overcome such inertia you must encourage people to step out of their comfort zone and grow with the business.
- Your business exists in the real world and it cannot operate in a vacuum. Have you built into your strategy mechanisms for re-assessment and adjustment?
Turning your strategy into reality is most likely if it empowers you to seize opportunities and react to threats whilst still following the overall strategic direction.
Creating your strategy may be an exciting process, but executing it is a complex chain of actions, decisions and in some cases setbacks. The ability to execute your strategy correctly is key to ensuring your organisational aspirations become a reality.
If you would like to know how RSM can help your organisation to action its strategy please contact us.