Question

Actions that promote good Strategy Execution will obviously support organizational success. “Implementing a new or different strategy calls for managers to identify the resource requirements of each new strategy initiative and then consider whether the current pattern of resource allocation and the budgets of the various subunits are suitable.”Well-conceived policies and procedures aid the task of strategy execution by completing what actions?

Answer 1

The discipline of getting things done lies in three core Processes: People, Strategy and Operations. People is more important than strategy or operations. The manpower is required to see the trends/ changes in the market, create strategies based on the outputs and convert those designed strategies into operational reality. All the activities are logically connected/ interlinked with each other. The strategy execution is supported by the well framed policies and procedures with the following actions:

1. Setting up the clear vision and priorities- The things/ tasks should be prioritised with the supporting initiatives. It will be difficult if there are too many priorities to focus on at a time. This can be the "Define" phase in the strategy Execution Cycle.

2. Translating the Vision into Values/ Objectives- The priorities are simplified and breaked down into planned set of actions. This "Translate" phase involves designing the path in acheiving the objectives. The staff should gather for periodic meetings.

3. Assessment through Research and Data Analysis- In order to meet the final targets, the strategists should set KPIs (Key Performance Indicators) which are measured and monitored on an ongoing basis. The data should be procured and the results should be evaluated based on schedule. This is the main function in "Measure" phase.

4. Building an Action Plan- The "Act" phase involves taking the actions that change the flow of processes. This might involve training as well as redesigning the processes within the organization. Another important tool in this phase is one page strategic plan is developed with all the elements and shared to the employees. This makes the employees to contribute well, feel motivated and engaged.

5. Embedding the changes- The processes that run the organizations' day to day business are embedded with the necessary changes and handed over to the concerned process owners in "Embed" phase. It should be well designed so that the stakeholders should be adaptable for a change.

6. Operate Phase- Finally, the strategy has to be executed as per the plan and the implementation components.