What is strategy execution? (With steps, tips and benefits)
By Indeed Editorial Team
Published 12 April 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Organisations rely on strategies to implement strategic plans and accomplish goals successfully and efficiently. Strategic execution helps in closing the gap between planning and execution. If your work involves developing and implementing strategies, then finding the answer to 'What is strategy execution?' can help you perform your role effectively. In this article, we explain what strategy execution is, explore the approaches that organisations use to implement strategies, provide tips and steps on how to execute a strategy and highlight the benefits of strategy execution.
What is strategy execution?
Strategy execution is the implementation of a strategic plan to achieve organisational goals. It entails operational objectives, systems and daily structures that set up your team or individuals entrusted with particular duties for success. Learning 'What is strategy execution?' can benefit most businesses. This is because even the best strategic plans can fail without the right execution. There are various approaches that you can use to execute a strategy. It's helpful that you consider which best applies in implementing your strategy.
Approaches to strategy execution
There are various approaches that organisations can use to execute strategies, including:
Approach strategy execution as a process
One approach you can use to execute a strategy is to view it as a process. A process can help define the steps you can take to implement the strategy. Consider identifying the following:
People: Determine the persons involved in implementing the strategy. Consider who your employees, shareholders and consumers are and how they fit into the strategy.
Strategy: Consider developing a strategy to help you achieve the company goals. Consider highlighting the steps you or your team can use to execute it.
Operations: Identify your team's tools to implement the strategy, such as team members and software systems.
Approach strategy execution as a system
Another approach is to view the strategy execution as a system. A system is an organised set of principles or procedures that managers can use to guide the strategy execution. Consider using the following steps to execute the strategy:
Develop the strategy: Consider identifying a method that you can use to implement the plan. This may entail identifying communication channels and goals that the strategy seeks to achieve and individuals that the strategy may affect.
Devise a plan for the strategy: The second step is to outline how to accomplish the organisational goals. This plan can identify the team responsible for implementing the strategy and the tasks involved.
Align strategy with company goals: Consider aligning your business strategies with company goals to help you achieve overall goals. You can choose performance metrics associated with goals to help you focus on achieving those goals.
Coordinate business operations: Consider scheduling regular meetings to discuss the progress of strategy implementation at each stage. That way, you can make adjustments where necessary.
Monitor performance of the strategy and the team: Consider monitoring the progress of each team member towards achieving goals. You may use task management software to track progress, allowing you to report the progress to the executives.
Test and adjust the strategy: The final stage is to test the strategy to analyse if it was successful or not. Consider implementing a new strategy in steps, such as in one department, and then test and adjust it before implementing it for the whole organisation.
Approach strategy execution as decision-making
You may also approach strategy execution as a decision-making process. This approach helps you determine the best method to execute your strategy. Consider using the following steps to make the decisions:
Identify the problem: Determine the problem and the decision you require to make.
Collect information: Gather details about the issue, including who and what your decision can affect.
Consider alternatives: Find alternatives that you can use to solve problems if one method fails.
Decide: Analyse the pros and cons of each alternative and decide on the best one.
How to execute a strategy
Here are some of the steps that you can use to execute a strategy:
1. Create a communication plan
To execute a strategy effectively, create a good communication plan. Have a plan of how to communicate each step of strategy execution. You can schedule regular meetings and choose a communication channel that every team member can use, such as emails, to ensure everyone understands what they require at each stage. As a manager, work on improving your communication skills to help you convey clear and accurate messages.
2. Identify goals
To develop and execute a strategy, you can identify the goals you want to accomplish. By identifying the goals, you can develop a step-by-step guide to achieving these goals effectively. For example, if your goal is to update computer systems, your strategies may involve updating software, buying new computers and training employees on how to use the new systems.
3. Determine tasks
After determining the organisational goals, you can set out tasks to complete and accomplish these goals. Consider prioritising tasks as per their importance and delegate them to individuals who can complete them effectively. You may use project management tools to help you organise and monitor the tasks.
4. Evaluate the strategy
The last step is to evaluate the strategy. You can use performance metrics to measure your strategy's success and determine where you can make adjustments. Consider gathering feedback from the team to provide insight into task completion, workflows, processes and goals.
Tips for strategy execution
Here are tips that you can use to improve strategy execution:
Involve your team in planning
Consider involving your team in creating strategic plans. Employees who participate in planning tend to understand the strategy better, which helps them accomplish tasks effectively and efficiently. Involving your team in planning may also help you gain different views that you can use in developing strategies, and it may also help the team commit to the plans.
Align the strategy with your workplace culture
Consider the workplace culture when developing strategies. For example, if your workplace encourages the use of technology, it would be best if you incorporated a strategy that encourages or uses technology. This helps reduce using too much cost and time to change workplace culture, and it also helps employees be more accepting of the strategy.
Align strategy with individual roles
Most employees want to feel part of the organisation by handling tasks and roles that contribute to achieving an organisation's goals. As a team leader, be sure to make all employees feel valued by involving them in executing the strategy. This helps motivate employees to work towards their goals and the organisation's success.
Measure and monitor performance
Instead of executing the plan and then waiting to evaluate its success at completion, consider monitoring and measuring performance at each stage. Consider continuously assessing the team's progress towards achieving goals. You may use performance indicators to measure success. Having numeric metrics can help your team keep track of their progress, motivating them to keep working towards their goals. Continuous monitoring may also help the team assess any changes they require to make based on the progress.
Balance control and innovation
While it's important to keep innovating, it's also important that you adhere to the set plans and strategy. This helps in avoiding confusion and conflicts. You may balance control and innovation by deciding which strategies to negotiate or adjust and which ones to not. You may also determine the persons who have the authority to adjust or change the strategy to avoid everyone executing tasks as per their fit strategies.
Benefits of strategy execution
Here are some of the benefits of strategy execution:
Strategic execution engages business executives, managers, shareholders, and employees in planning. This helps in making the entire organisation work towards a common goal. Engaging employees in decision-making and planning helps them feel valued, motivating them to be more productive and efficient.
Strategy execution helps every employee to understand the company's goals with clarity. Employees know the roles and tasks they require to complete to achieve the set goals, and they also have a step-by-step guide to performing these duties. Clear communication can help an organisation work efficiently and effectively without delays.
Strategy execution helps employees understand their roles in achieving goals. This helps them focus on their specific tasks, improving their productivity. Using performance metrics also helps employees track their progress, encouraging them to work towards their goals.
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