To survive, compete, and create true value in today’s cutthroat global markets, businesses are employing ever-intricate strategies. However, even if a company develops the most creative strategies by thoroughly evaluating the market and technological trends, the war is still ongoing. Because these tactics are only useful if they are executed and carried out properly. It is simple to spend hours and hours formulating a brilliant strategy, but if it is not supported by actions, it is meaningless. In most organizations, execution is at one end of the planning spectrum, and strategy is at the other. Why? Because it is difficult to execute a strategy effectively.
It’s reasonable to say that many leaders got to where they were because they had strong ideas. Some were visionaries, inspiring the workforce with their visions of what the firm might and should be. Then comes the phase of execution. Many leaders often have a blind spot when it comes to execution, thinking their role is to develop strategy and leave the execution to lower-level management. However, strategy and execution are dynamic and entangled. Execution requires changes to strategic planning in terms of communication and cross-functional coordination as these flow, making the total execution work more difficult and time-consuming. Effective strategy execution is one of the most important things for the organization to achieve its goals.
Unfortunately, many firms need help understanding and addressing this execution gap and are forced to adopt the existing organizational structure and operational procedures. It’s critical that businesses actively work to close this execution gap. All that is necessary is to take action to establish some key components that support a culture of “get it done.”
1. Fix your organizational culture
Although it is often alluring, reorganizing is only sometimes required to build the engine that will drive your organization toward the desired success and growth. For instance, discovering and utilizing the areas of your strength is a form of reorganization without a never-ending churn of your people and processes. Try to spot the strengths that set your organization apart from others. Use that as your initial point to climb up the ladder of growth and success. At the end of the day, it is extremely critical for your culture to support your strategy. If not, there will always be gaps between your desired strategy and how it will be executed. In addition to this, your organizational culture should facilitate collaboration and feedback for your employees.
2. Include multilingual people in the decision-making process
Multilingualism in business refers to the ability to converse fluently in both the language of the boardroom and the execution team. People within the organization need to learn the talent of multilingual in order to close the gap between strategy and execution. Such people will always have a broader perception of the discussions and ideation of the strategy. At the same time, they will always think about how this strategy will be translated into execution because all strategies appear good until they are executed. They can visualize a brilliant plan and its implementation path in this way. Promote multilingual procedures and methods to make it simpler for individuals to understand the broader picture.
3. Move on from the traditional performance management system
Any company can have an inspiring vision and motivated employees. However, it’s critical to have a good tracking system that can track the path from plan to execution in a business culture that values results. A strategy should be incorporated into a worker’s performance and appraisal measuring system once it has been approved. As opposed to “what to do,” this will establish a culture of “how to do.” Employees will be aware of the steps that need to be taken to support the execution of the strategy to achieve the organization’s long-term goals. This is only feasible if your organization bins off the traditional and rigid performance management system for a more agile performance management tool. Doing so will ensure that the bridge between your strategy and execution diminishes, and your employees will take more responsibility in executing the strategy effectively.
4. Initiate the execution with a plan
In addition to increasing project efficiency, a well-thought-out execution plan will also develop the business to a great extent. Establish an ambitious plan focusing on sustainable value creation rather than financial gain, and aim just as high at the execution end in terms of commitment and obsession with reaching the target. An ambitious strategy and a precise execution plan can do wonders for your company when they are maintained together. All of this is possible when you start your strategic execution with a well-drilled plan rather than starting with the strategy straightaway. This plan will work as a support that will help you in bridging the gap between the strategy and execution.
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