As you work to turn your strategic plan into results, there are ten stumbling blocks that are likely to trip you up. Removing them will give you a chance to execute your strategy effectively.
TCii recently led 21 planning sessions with small and medium-sized companies in the UK. At the conclusion of each planning session we presented the leadership teams with the good news/bad news reality of strategic planning and execution. The good news: You now have a concise written plan that all leaders agree will take the organisation to the next level of its success. The bad news: You now must execute it, and the odds of doing so are against you.
Consider these cold, hard facts. In a recent survey of leaders, more than 400 CEOs and their right-hand executive responded that "failure to hold people accountable" is the single greatest threat to an organisation's ability to execute its strategic plan. Is accountability an issue in your organisation? If so, it's one of ten stumbling blocks we've identified that trip up leaders as they work to turn their strategic plan into results.
Ten stumbling blocks to effective execution
In our planning work with organisations of all stripes and sizes, we have discovered ten stumbling blocks to effective execution. Smart leaders remove these stumbling blocks, listed below, and improve their organisation's performance.
- Goals are unattainable. It's okay to have a stretch goal; just make sure you have a reasonable chance of achieving it. Nothing kills morale faster than a target that's impossible to hit.
- Goals are poorly defined. Without specific, measurable goals, you and your team will be unable to determine whether progress is being made.
- Lack of commitment. If the leadership team cannot agree on and then commit to the plan, don't expect the rest of the organisation to implement the plan effectively and efficiently.
- Lack of clear responsibilities with the right people. Your plan must clearly and concisely articulate who is doing what, by when, for how much, for what expected result.
- Wrong people in positions. Companies historically hire for skill and fire for attitude. What would happen to performance in your organisation if you reversed this thinking?
- Lack of discipline to execute the plan. The plan may need to be adapted, but do not get distracted from executing your plan by the next "great idea". Too many great ideas can kill your business.
- Lack of performance consequences. How do you reward achievement? How do you penalise underperformance? This is the "accountability" stumbling block. Address stars and laggards appropriately. After all, leaders get the behaviour they tolerate.
- Lack of time to execute. If you have planned properly, you have identified the three or four most significant priorities that will deliver the results you want. Make time for these priorities. Other opportunities are secondary.
- Lack of money to execute. Similarly, your most significant priorities command your greatest budget investment. If these goals are important, it's time to put up the money or stop talking.
- Changing market conditions. Yes, this is a big stumbling block. Okay, a huge stumbling block. There are, however, two pieces of good news here. Read on.
Good news for bad times
The first piece of good news associated with changing market conditions is that you – as a leader – will determine whether you are going to be a victim or a victor. There are plenty of case studies about small companies that survived tough market conditions and emerged stronger than ever.
The second piece of good news associated with changing market conditions is this: Of the ten stumbling blocks to effective execution, the first nine are within your direct control. You can decide how good you want to be.
The first four stumbling blocks can be addressed with an effective plan. The next five stumbling blocks require leadership to put your plan into action.
Which stumbling blocks can you begin removing today? Get going.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
