Tue, Aug 26, 2008

Managers often find the disciplines surrounding developing and setting vision and strategy as stimulating and fun. However, the ultimate difference between success and mediocrity for any company is the ability to execute strategy with excellence. As Larry Bossity and Ram Charan state in their recent book, Execution, “the ultimate difference between a company and its competition is, in fact, the ability to execute.

The bottom line – STRATEGY IS NOTHING WITHOUT ACTION.

In my experience, I have found that CEOs too often do not understand the power behind developing a detailed plan of action. It is the leaders' job to “make it happen” — by ensuring that everyone in the organization understands his/her role in the grand scheme of the strategic plan, and that synergy is achieved across departments and business units. Aligning and linking the organization to the objectives is crucial, and the detailed action plan provides a powerful tool to guide and monitor the execution of the strategic plan.

Execution is a discipline unto itself that needs to be learned. Here are some questions to ask when preparing to execute with excellence:

• What tactics (strategic initiatives) will be required to achieve the goals?

• Who will lead each strategic initiative?

• What resources will he/she require to be successful?

• How long will it take to complete each initiative?

• What metrics will be use to track success over the duration of the strategic plan?

• What are the milestones along the way, and when will they be reached?

• What are the key decisions that need to be made?

• What are the positive and negative consequences of success or failure?

The ultimate goal is to channel organizational energies, abilities and knowledge toward achieving the long-term strategic goals. The “Implementation Plan” is a working document, created to assign responsibilities and accountabilities to ensure full commitment and buy-in. It links Strategy to Action and increases the odds of success.