Watch this four-step guide to strategy execution and avoid letting your brilliant new plan stall before it even gets out of the garage.
Michael Jarrett, INSEAD professor, discusses strategy execution in a video from the HBR Blog Network.
“When you learn that over 70% of corporate initiatives are never successfully implemented, it makes sense to ask if it makes sense to never strategize at all,” he says. With some basic steps in strategy execution, however, Jarrett says that your strategy “isn’t doomed to failure.”
First, ask yourself if you have the right strategy. Do this by defining a clear goal, a target market, and a support structure within your company for your new strategy. Next, stick to a fair and open process when creating your strategy to avoid any “general mayhem” from ensuing when word gets down among the various departments. Everyone needs to be on board from the beginning. After that, rely on project management skills to implement the new strategy properly. “Don’t leave it to executives to create their own implementation plan,” Jarreett says, and always treat strategy execution as an initiative in and of itself.