Business can be funny, one moment something is hot, and the next it's gone. Often replacing the tried and true with new, flashy, and easy to use. But is it really built to last? Why have strategy execution failure rates skyrocketed?
I believe strategy execution has gradually been eschewed, by the formerly great management consulting firms in favor of strategy creation and increased profits, by corporate executives and their management teams trying to keep pace with the new warp speed of changing business and thereby less time and attention focused on actually implementing those necessary business changes, and ultimately by the "do'ers" themselves in favor of sexier projects and fancier bullets on their resumes, after all great project execution is really hard work.
Strategy execution, two very simplistic words, but as I would do with my clients let's break these down to ensure we are aligned in understanding. Strategy, in itself can be defined as an idea, concept, scheme or plan created to bring forth a competitive advantage or to alleviate a business pain point. In and of itself a strategy is an idea, hopefully a good one. But in order to reap its' realized benefits, next it must be broken down into actionable concrete steps. Execution are these series of steps, implemented, to make the strategy or project materialize. Without excellent execution, all strategy fails to meet its full potential or worse completely falls flat. See figure #1 below.
Edison and Einstein both often used the quote, "1% inspiration, 99% perspiration", in their respective fields of invention and science. In the coming weeks I will further break down strategy execution to provide meaningful short takeaways that can be applied immediately within your own organization.
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| Strategy Execution Benefits Curve |
About Us:
At CompassX we know all about strategy execution and great project execution excellence, 80% of our client work is focused on nothing else. I personally have spent the past fifteen plus years learning and applying what it takes to bring a client's strategy to greatness. You can contact me at kyleh@compassx.com
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