5 Keys to Successful Strategy Execution [Consultation]

Table of Contents

Strategy Execution Is Key

 

In your search for a premium competitive advantage, have you ever tried crafting and executing a business strategy?  

 

If so, you'll know that achieving a competitive advantage is difficult to sustain because business strategy execution needs to be linked to your business strategy, your business operations and your IT systems.  Business strategy is a hot topic, not just now, but almost always.

 

So What Do You Do To Achieve Strategy Execution Success?

 

In our strategy execution consulting practice, we have seen that many people have found the key to successful strategy execution by using a balanced scorecard approach to business strategy management. Others have said that they already use the balanced scorecard approach yet their corporate strategy has not resulted in sustained competitive advantage nor in meeting their strategy ambitions.

Keys To Implementing a Successful Business Strategy


But there are a few things you should know before you develop and implement a business strategy to ensure your strategy execution process is initiated optimally.  After all, strategic execution is the key to success!  

Strategy Execution Consulting

 

In our work as corporate strategy execution consultants we have consistently seen a few things you need to know to make sure you select a strategy mapping and execution approach that will let you successfully execute your corporate strategy to achieve your mission and vision.

 

SAP Strategy Execution

Strategy Execution Requires Expertise in Multiple Dimensions

 

Do You Have A Quantified Strategic Vision?

 

Speaking of vision, one of the key prerequisites in the Balanced Scorecard Methodology is the development of a vision, specifically a quantified vision. Coming up with this is a key part of the strategic planning process and radically impacts the decision making process.

 

What is a quantified vision? 

 

In its’ simplest form, it is a statement such as we are currently doing $1 billion a year in sales and in 3 years we have a vision of doing $1.5 billion a year in sales.  That $ .5 billion, the delta, is what all of your strategic plans must be focused on achieving. 

 

More importantly, each element of the strategic plan, e.g., each initiative, must be designed to deliver a specific quantity of the $.5 billion a year delta.

 

If you're looking to realize your quantified vision, the best method to ensure you end up with something that lets you realize a business strategy is by looking for these 5 things:

 

  • Start your strategy map by performing a stakeholder analysis and environmental scan.

    Keep in mind that not everyone will be as familiar with these topics as you are so be prepared to explain “what is a business strategy” or “what is strategy execution” or even “what is strategy”.

    Be prepared to bring people up to speed.

  • Brainstorm and review your strategic position through a SWOT analysis.

  • Make sure your strategy execution process includes the establishment of an Office of Strategy Management. If it doesn't, you'll have trouble with strategy execution or implementation.

  • Ensure your execution strategy has a quantifiable and trackable execution premium so you can achieve a positive ROI while realizing your quantified vision.

  • Any good business strategy should let you link business operations and strategy. This is important because that linkage, at all levels of the organization including IT, is critical to strategy execution management.

 

Your Strategic Payoff

 

While not necessary, some great bonus features of a great business strategy are ease of execution, data or fact based foundation, and simplicity in terms of ability to communicate it both internally and externally.

 

In terms of building a solid fact based foundation, experience from thousands of companies has clearly proven the need and absolute necessity of having a rock solid data warehouse

 

It is not just that you need a data warehouse, like SAP Business Warehouse (SAP NetWeaver BW), to supply information to Strategy Management Software Solutions like SAP Strategy Management (SSM) or Business Unit Managers, it is that bad data leads to bad strategy execution and ultimately, potential failure of your entire strategic plan. 

 

How Much is Bad Data Impacting Your Strategy

Just how drastic is the effect of bad data?  It is reported that the U.S. economy suffers more than $600,000,000,000.00 (yes, Billion) dollar loss each year from bad data!

 

As you can see, there are a few things you should know before you sign up for the next strategy webinar or certification bootcamp. Strategy development is not as simple as buying some software sample templates or reading a few business strategy pdf books or viewing DVD’s on strategy.

5 Keys To Success

Now that you know 5 critical elements of strategy execution, you're better prepared to develop a successful business strategy without worrying about how to get from strategy to execution.

Heavy Load on the Leadership Team

It must be emphasized that leadership plays a key role in setting strategic goals, objectives, and creating initiatives for an organization. Strategic initiatives are the actions and projects that an organization undertakes to achieve its strategic goals and objectives. These initiatives are driven by the organizational strategy, which is the overall plan or roadmap that guides the actions and decisions of the organization. The leadership team is responsible for defining and communicating the strategic goals and objectives to the rest of the organization, ensuring alignment with the overall strategy. They also play a crucial role in creating initiatives that support these goals and objectives, by identifying opportunities, allocating resources, and providing guidance and direction to the teams responsible for executing these initiatives. In this way, leadership sets the direction and priorities for the organization, ensuring that strategic goals and objectives are effectively implemented and achieved.

Balanced Scorecard Strategy Management Consulting

 

Need a Balanced Scorecard Strategy Management Consultant to help you with these items? Our corporate strategy execution consulting practice is ready to work with you to set and achieve your goals.

 

 

Request Balanced Scorecard  Consulting Support

 

 

 

People who read this article also read: 

SAP SEM CPM Risk Register Design Template
Balanced Scorecard Based Strategy Development
SAP SEM CPM Balanced Scorecard Input Template
CIO's Guide To IT Strategy
Create A 5 Year Strategic IT Roadmap

 

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Lonnie D. Ayers, PMP

About the Author: Lonnie Ayers is a Hubspot Certified Inbound Marketing consultant, with additional certifications in Hubspot Content Optimization, Hubspot Contextual Marketing, and is a Hubspot Certified Partner. Specialized in demand generation and sales execution, especially in the SAP, Oracle and Microsoft Partner space, he has unique insight into the tough challenges Service Providers face with generating leads and closing sales using the latest digital tools. With 15 years of SAP Program Management experience, and dozens of complex sales engagements under his belt, he helps partners develop and communicate their unique sales proposition. Frequently sought as a public speaker in various events, he is available for both inhouse engagements and remote coaching.
Balanced Scorecard Consultant

He also recently released a book "How to Dominate Any Market - Turbocharging Your Digital Marketing and Sales Results", which is available on Amazon.

View All Articles by Lonnie D. Ayers, PMP

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