Strategy implementation is the final stage in a process of business transformation that starts with the drafting of strategic initiatives. In today's fast-changing, globalized environment, where traditional boundaries are disappearing and technologies are rapidly changing, companies need to constantly update their business strategy to stay ahead. Successful strategy implementation takes on greater importance as the need for organizations to adapt to new realities intensifies.
Moving organization change forward
Different issues can frame the need for strategic business transformation and organization change. Your company's revenues may be sliding, a competitor may be siphoning away business or you may be facing a technological disruption. Whatever the issue, you and your executive team need to find the right strategic initiatives to drive better and lasting performance for your company.
Defining the necessary strategic changes is one thing, but ensuring successful strategy implementation is another. Top leadership skills are needed to ensure that the strategic planning models that look so good on paper actually get to be enacted. Statistics show that more than two-thirds of strategic initiatives fail. That's either because people refuse to change or stakeholders fail to agree on the proposed business transformation.
Benefiting from outside advice
Management training programs offered by top international business schools can help equip senior business executives with the right leadership skills for strategy implementation.
One of the greatest obstacles to organization change is lack of buy-in from those affected. Entrenched habits and routines are difficult to alter, particularly from within a company. Another option is therefore a trained strategy facilitator, who can propose solutions from a neutral vantage point on how to bring stakeholders together.
Strategy workshops can also help an executive team charged with the responsibility of directing strategic initiatives. Strategy management training can separately provide top managers with the effective negotiation skills and conflict management skills to bridge divisions and unify the troops.
Get ready for strategy implementation
Well-designed strategy facilitation should follow a rigorous process that is actively involved from start to finish in the process of organizational change. You should count on a thorough methodology that looks at:
- The context of your organization: How is your business environment changing and who will be your future competitors, suppliers and customers? How do your strategic initiatives address this?
- The commitment to organization change: How clear are you about the rational, political and emotional commitment to new initiatives?
- Follow-through: Do you have a solid communication plan in place to make sure goals are embraced and that strategy implementation is successful over the long term? What kind of monitoring and control process have you set up and how are you engaging the entire organization on an ongoing basis?
Partnering with the best
As you consider the choices for moving your organization's strategic initiatives forward, consider the advantages of partnering with a top-ranked business school known for developing global leaders. You will get your best returns from an institution specialized in business-driven executive development and learning-based strategy execution. Also look for one that is flexible enough to meet your needs, including the best possible strategy implementation.
Interested in training on strategy implementation? How about IMD's: