Tips On Formulating A Good Strategy For Your Business and Executing It
Every company aims to come up with a good method and execute it well well. But often times it is found that it was either a great strategy, bad execution or bad strategy and great execution. Why and how to avoid this?
Let us start with what is a strategy? In simple terms, it means the plan to accomplish the wanted goals or results. If any institution has well defined objectives, and can generate a strategy to achieve them, it should be half the battle won. But it is seen that implementation fails. Why? It can be the fault of the group that implements the strategy, or a few unidentified factors that unexpectedly or unknowingly creeped in while executing the plan.
What should be done? Ideally, the group that forms the strategies should consider the factors such as who will execute it, does the company have the capacity to execute, what if any accidental changes or events happen while executing, what are the risks involved, and so on. No strategy can be created without taking into account the capability of the people who will be executing it. One may establish a great marketing plan but if the field marketing staff fail to understand and execute the game, it is destined to fail and then the blame game starts.
Can a company make a single group that not only creates the strategy but is also responsible to execute it? This will remove a lot of hiccups on the way. The problem is expertise. I am a good strategist and not a good executor. You are a bad strategist but a great executor on the ground. What if such arguments are presented by the team under formation? All right, how about making a strategy and keeping the execution team in the loop during the process of creating strategy? This creates another set of problems. The views of both groups may be so different that no positive effect will ever take place.
I have discussed in brief about these factors above. In real life, more complications come up and especially in large organizations, the complexities increase. The only solution for the top management is to set goals and discuss them with every one. After getting every one in confidence, create strategies and let every one take part in the strategy formation. Choose about what is totally possible and why it may be possible. Let the group that will implement the plan commit itself to achieving what is totally possible and promise them with rewards if they manage to achieve the other part also. The synergy between the strategy makers and the executors will ultimately select the final effect.
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