GROWTH. TRANSFER. LEGACY.
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Leadership teams often find the process of developing and setting vision and strategy stimulating and engaging. However, the ultimate difference between success and mediocrity for any company is the ability to execute strategy with excellence. As Larry Bossidy and Ram Charan state in their legendary book, Execution, “the ultimate difference between a company and its competition is, in fact, the ability to execute.” The bottom line – STRATEGY WITHOUT EXECUTION IS USELESS.
CEOs too often do not understand the power behind the discipline of strategy management, namely developing a robust strategy, achieving strategy execution excellence, namely managing execution throughout the scope of the plan. It is the leaders’ job to “make strategy happen,” and ensure the organization is aligned to achieve its long-term strategic objectives. An explicit detailed action plan provides a powerful roadmap to guide and monitor the strategy’s execution. The action plan ensures that strategy becomes part of everyone’s responsibility, and everyone understands his/her role in the grand scheme of the organization’s strategy. The resulting collaboration and synergy achieved across the organization raises the likelihood of realizing your strategy’s desired outcome.
Strategy execution is a discipline unto itself that requires patience, persistence and, in most cases, needs to be learned. Here are some questions to help guide your thinking when preparing to execute with excellence:
1. What initiatives will you focus resources on to achieve the long-term strategic objectives?
2. Do you have leaders with the capability and capacity to lead your strategic initiatives?
3. Do your initiative teams have the resources required to be successful?
4. What metrics will you use to track progress and what are the critical milestones to achieve your strategic objectives?
5. Is the leadership team willing and prepared to hold each other accountable to the success of the strategic objectives?
The ultimate goal is to channel organizational energies, abilities and knowledge toward achieving the long-term strategic objectives. The “Action Plan” is a working document, created to assign responsibilities and accountabilities, and ensure full commitment and accountability. By linking Strategy to Action, it increases your odds of successfully achieving the full value of your strategy. Is execution excellence one of your organization’s core capabilities? We would like to hear from you.
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“No excuses. No explanation. You don’t win on emotion. You win on execution.” Tony Dungy (Former coach of the Indianapolis Colts NFL football team)
Dick Albu is the founder and president of Albu consulting LLC, a strategy management consulting firm focused on engaging and energizing leadership teams of middle market private and family businesses. With offices in Stamford, CT, the firm is dedicated to helping its clients formulate robust business strategies and follow through on execution of key strategic initiatives. Dick Albu can be reached at 203-321-2147 or RAlbu@albuconsulting.com. Rob Krist, Managing Director can be reached at RKrist@albuconsulting.com. Please visit Albu Consulting’s website for more information at www.albuconsulting.com.
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