Strategy

Posted 19 Aug 2019, Editor's Desk

5 Steps for Effective Strategy Implementation and Execution

Introduction

  • Do your strategies often fails?
  • Do you want to know how to implement a strategy successfully?  


Organizations create strategies but due to a lack of proper knowledge of strategy implementation and execution process they are not able to execute them properly and as a result, their strategies fail.


In this article, we will discuss how to implement a strategy successfully through 5 simple steps of the strategy implementation process.




Step 1 – Unique, Clear and Distinct

It is the first step of the strategy implementation process.


For strategy Implementation and execution, you need to:


✅ Create a tough, bold, and distinct set of choices in your organization.

✅ Create such a unique and clear set of choices that it becomes easy to present your organization distinctly.



Step 2 - Strategic Positioning

The uniqueness of your organization should be positioned strategically. It is the second step of the strategy implementation process.


❌ Do not make a product that sells well in the market.

✅ Make a problem-solving product that solves the problem of your customer.

✅ Make a product after identifying the need of your customers.


As an entrepreneur or CEO, Step 1 and Step 2 are your responsibilities. So, you need to perform them on your own end effectively.



Step 3 - Incentivize the Behavior with Emotional Value and Financial Value

Even if you have made the strategy for positioning but your employees and management are not ready yet. So, you need to incentivize their behavior. It is the third step of the strategy implementation process.


You need to provide the following types of incentives to your employees and management:



Emotional Incentive

✅ Take emotional commitment from the employees for implementing the strategy.

✅ Tell employees how this strategy will be beneficial for them and the company.

Financial Incentive

✅ Provide financial incentives to the employees for the work they do to implement the strategy.

When you and your team come together, the execution will be easy.



Step 4 – Identify the Skill Deficit, Knowledge Deficit, and Execution Deficit

If employees want to help you in strategy implementation and execution but they do not have the required skills or they do not know what should they do and how to do, then it is impossible to execute your strategy.


In such a case, you need to:

  • Identify the different types of deficits of your employees like skill, knowledge, and execution.
  • Become the gap partner of your employees to help them to fill their deficits.
  • Train, inspire or engage your existing employees.
  • Bring new skilled manpower to implement the strategy.



Step 5 – Flexibility is the Solution for Frequent Barriers

✅ Make your frameworks and working style flexible.

The framework is necessary for execution. Without frameworks of strategy implementation and execution, you cannot be successful.


There are two types of frameworks –

  • Standard Framework
  • Creative framework


Once you know the standard frameworks, you are able to make your own framework, which will be customized according to the current situation or problem.


When CEOs or entrepreneurs start making their own customized frameworks, they provide these frameworks to their juniors and juniors just need to enforce the devised strategy implementation process to let your company start growing.

Do you have a query..?