Over 60 percent of strategy execution fails. Though ideas might sound great in the C-suite, they can be very difficult to execute among your workforce. Two INSEAD professors spent 15 years studying just this issue, and were able to formulate a 6-point stress test to find a company’s strategic points of weakness.
Would your company stand up to their test?
The six points are as follows:
- Do you have a viable strategy? Does your strategy make sense and will it create value for your company?
- Do you have a comprehensive implementation plan? An implementation plan requires more than just structuring the strategy, and implementation is where things can really go wrong
- Do you know the hidden barriers to implementation? You need to know where things can go wrong in your implementation plan
- Do you know how to overcome the barriers? You’ll need to have ways to deal with the problems that can crop up during implementation. In particular you need to know what the timing and the pacing for the project should be.
- Do you have the critical skills? Knowing what needs to be done and being able to take the appropriate actions are two different things. Do you have the managerial skills to execute your plans?
- Do you have a continuous learning system? All executives need to be able to implement these strategies, and so it’s important to have an organization that focuses on continuous training.
Does your company pass the test?