The Different Pillars To Be Built While A Strategy Is Executed Many of the strategic initiatives that a business takes fail to meet the expectations of the top brass. And there are reasons for that failure; the most common one is that these strategies aren't executed in a framework that is built of three pillars. And the absence of these three pillars (which are required while a strategy is deployed) has a nefarious effect on the company as well. So let us read all the different pillars that have to be kept in mind while a strategy is being executed. The three pillars There are three pillars that will enable you, the strategist, to bridge the gap between the strategy that exists on papers and the one that is executed in real time. So here are the three pillars. Strategy's formulation The corporate history carries a lot of examples of companies whose growth can be stalled as they were following a set of strategies that were based on flawed assumptions on competitors, internal capabilities and customers. Having less clarity about the strategic assumptions easily leads to unimagined, unwelcomed surprises while the strategy is being executed. By formulating these strategies correctly, you will be able to clarify as well as test relevant assumptions whenever the strategic visions are translated into reality.
Planning is the key Largely, every company does strategic planning correctly-it spends dozens of millions of dollars and billions of employee hours every year on this particular activity. In spite of such efforts, the strategic goals are pretty misaligned or unclear; and this misalignment/lack of clarity creates resourcing challenges easily. So the planning process should absolutely focus on aligning the Business Units (BUs) with the corporate center. Any horizontal alignment across functions and BUs must be maintained properly. Performance management must be prioritized Markets often shift between a company's strategic planning cycles-invalidating strategic plans along with several assumptions. So it goes without saying that sans the assistance of an effective system, the deployed
strategy's performance cannot be gauged. Without a proper performance management system in place, the companies can easily get caught in executing a faulty plan for weeks or even months without realizing a specific need of doing an adjustment. That is why a proper, well-defined performance management system enables timely course correction; this correction comes only after monitoring the business's and the project's performances. So here are the three pillars that have to be kept in mind for unlocking the full capacity of a company while a strategy is being deployed or executed. For any more queries, you must approach a qualified, experienced strategy execution consulting company without further ado. Group50 is leading Strategy Execution Consulting Company and developed methodologies for implementing a strategic execution process that provide clearly defined strategies, accountability and real time management. For more information Contact Us today.