How these 5 factors enable you to successfully implement your strategy

 

All businesses and organizations got to monitor their strategic position frequently to handle the new market challenges. In this Blog, I have discussed the SWOT analysis in detail. Which enables businesses to formulate the strategies to counter the internal and external factors. The aim of this article is to highlight the key factors in implementation of strategy.

Effective implementation of strategy is important to the success of organizations and businesses. Strategies principally fail due to any flaws in themselves, however the issues in, and in fact the ways that are adopted to implement the strategy. planning a strategy isn't the sole job for the success of organizations, however the correct implementation is that the key to relish the important edges of the strategy. Failure within the implementation of the strategy typically results in failure as an entire.

We will discuss some very important steps, to help and guide the managers about the real-time problems encountered in the successful implementation of the strategies. Before going through these steps, first, you must understand what is meant by strategy implementation.

Strategy Implementation 

It is execution of managerial plans to achieve the long term goals.

 It converts the opted strategy into the moves and actions of the organisation to achieve the objectives. Simply put, strategy implementation is the technique through which the firm develops, utilises and integrates its structure, culture, resources, people and control system to follow the strategies to have the edge over other competitors in the market. 

It is the process of execution. The managers strive to turn their long term plans into actions to achieve the desired results, within predefined time and budget frameworks. 

Now come to our steps in effective implementation of Strategy

1st Factor: Identification of Goals and Variables.

You need to identify the Goals, in black and white, you need to achieve with your new strategy. These Goals may be professional development, market expansion, and/or business growth. These Goals must be realistic, attainable, and aligned with Organizational Goals and vision.

Another important aspect is to understand the variables encountered in achieving your goals, the right way is to lay down contingency plans. 

2nd Factor: create Emotional Value of Strategy.

Remember Emotions are Devotions, you can't implement the strategy without the devoted involvement of your team. To bring this devotion, it is necessary to emotionally connect your team with the strategy. The strategy should answer the emotional why?

Tell them why this new strategy is good for the organization, for the Business. Why the new strategy will have a positive impact on the employees of the organization. And why the strategy improves the organization's position in society. 

3rd Factor: Determine and Fix Gaps

After clearly determining the strategy and its Emotional justification, it's time to define a roadmap to take action. In this phase you first determine the Gaps you will face in implementation. These gaps are of three types

Knowledge Gap

It's the difference in understanding the strategy between you and your team. You need to discuss in detail with your team, how they perceived the new strategy? What are the goals or outcomes of the strategy according to their viewpoint? 

Skill Gap

After a clear understanding of the strategy. It's time to check the capabilities of your team to achieve the desired results. List down the necessary skills to perform the task. If you find any skill deficit, arrange proper training for your team, or otherwise hire a new team with the required skill sets. 

Execution Gap

Even with a fully trained team, most strategies cannot be put into practice. One of the main reasons for this is the operational structure of companies. The hierarchy, reporting system, operational system, and supply chain management hindering the execution of the strategy. It is necessary to redesign and align these operational factors with the new strategy to fix the execution Gap.

4th Factor: Attach financial incentives to your strategy.

The financial justification of the strategy is as important as the emotional justification. The commitment is only involved with the financial outcomes at the workplace. You should communicate the financial outcome of the strategy to the top management. Your team also needs to know what financial benefits they would have if they work in a new way. If you want their commitment, you must incentivize the new way of work. If your team knows it's financial benefits with the strategy they will perform accordingly. The implementation of strategic plans needs strong relationships, which requires strong commitment.

And the whole system will move in one direction to implement the strategy. 

5th Factor:  Design Flexible customize Frameworks

Some people or departments always work together to put the strategy into practice. All of them have different jobs but interlinked with each other. So the manager designed a framework to enable the execution of the plans to implement the strategy. These frameworks are consist of methods, processes and tools to perform the tasks from beginning to end. These frameworks provide a loose guide to the team members. Your task is to make the framework very much flexible so that it will adjust with the working pattern of every department involved in the implementation of the strategy. The frameworks must have customized structure so that they can address the temporary changes in the plans and working environments time to time. 

Conclusion

Real destiny of every strategy is the successful implementation. Which incorporates the comprehension of Goals and Encountered factors, it needs the dedication and responsibility of your team towards the strategy. You are needed to fix the Gaps assuming any, in the capacities of the framework and abilities of the individuals in question. Lastly plan the Frameworks with most extreme conceivable adaptability and customization with being focused on prime Goal.