Critical Approaches of a Successful Strategy Implementation

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Literally, the process of implementing a strategy is not as easy as flipping over a coin or writing on a piece of paper. In the prevalence of business context, the ultimate impact of a strategy implementation is very crucial because it plays a significant, yet, centralized part in an organization; especially, for assisting a company to avoid any foreseeable failure so as to minimize the future consequences of unfavorable results from a decision taken. Owing to this matter, the efficiency of utilization in a company’s resources such as finance, human, equipment, etc. alongside the chosen business strategy will entirely affect the company's managerial levels at all costs.

To begin with, the process of formulating a business strategy and implementation are two different things. A strategy implementation executed on the practical field is seemingly more difficult sometimes than the formulation process of a business strategy. Well, according to the survey findings from several large companies in United States, it is revealed that the majority of them were experiencing problems in executing their chosen strategy. As a result, the most prevalent types of issues discovered which they happened to experience based on the survey interviews were wasting a long period of time in making a plan, ineffective coordination, employees who were not capable and competent enough, environmental factors (both external and internal forces), lack of leadership from managerial levels, and so on.

Following the above researched findings, there are actually a few available steps for a company to be concerned with in order to successfully create the soothing process of its business strategy implementation:

1. Aligned Initiatives
Such prior initiatives taken should be in accordance with the chosen strategy executed. Kaplan and Norton developed a note card based on the three criteria: relevance – 50%, the needs – 30%, and the risk – 20%. Therefore, any actions taken during the process of a strategy implementation must pay a closer attention to these criteria so that the appropriate initiatives can be decided beforehand.

2. Funding and Performance Issues
The resource of a company’s equity should be divided and allocated evenly to all of its divisions so that the allocation of a company’s capital can be managed efficiently by each department. In regards to the funding case, for example, a company’s performance has to be improved and carefully assessed. Every employee should know their role or their job function to perform effectively. Needless to say, each employee also must show their supports to the chosen strategy that has been determined by their organization.

3. Structuring the Following up (Considering an Alternative Strategy)
A company’s structure must be changed in accordance with its chosen strategy during unforeseen circumstances. Such changes in a company’s organizational structure can be helpfully needed if the first strategy determined appears to be not working.

4. Engaging Staff and Employees
It is important to learn that implementation of any business strategy in a company should entail all of its employees. The leaders or those who are on the top managerial levels in this regard must prepare and analyze both the strategy and changes that may occur, particularly in case if the strategy chosen in the first place does not run effectively according to plan. To be able to convey messages and communicate a strategy to all of a company’s employees is crucial because this will determine significantly the success of a strategy implementation process. Therefore, it is essential for a company to know what are the expectations gained after the message has been communicated to all of its stakeholders (notably, among its employees). To understand about the vision of a company’s strategy being carried out, each individual staff should thoroughly comprehend their job functions and duties, the expected results derived, and how they can measure and evaluate their performance regularly.

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1 comment:

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