Business Strategy Implementation
Common Mistakes When Implementing Business Strategies
Business strategy implementation mistakes abound. Here are a few mistakes to avoid when implementing your company's business strategy.
Now that you've invested countless hours in meetings to develop your new business strategy, you're eager to roll it out and put it into action.
But strategy implementation isn't as easy as pulling a trigger. If it's going to be done right, you'll need to take a measured, intentional approach.
Remember, although you've been mulling over your strategy for months, most of your employees have been kept out of the loop. When you announce the new strategy, they will be hearing about it for the first time, and many may not feel equipped to achieve the goals and objectives you've laid out for them.
When you combine employee concerns with the fact that execution requires a completely different mindset than strategy development, you can see why the implementation stage may not be as easy as it sounds. You need to cover all your bases, starting with a few common mistakes that need to be avoided during the implementation of you business strategy.
Strategies vs. Tactics
Confusion between strategies and tactics may be the most common mistake companies make when implementing a business strategy. A strategy is a plan that describes how your business will achieve targeted objectives; tactics are the specific steps that achieve them. In other words, tactics are the actual methods, procedures, and timelines that you will depend on to make your strategy a reality - and tactics form the nuts and bolts of the implementation stage.
Other Common Mistakes
- No accountability. Tactical implementation requires a strict system of accountability. Every task in the implementation process has to be assigned to a specific team member and accountability mechanisms need to be instituted to ensure task completion.
- No communication. Internal and external communication is an important element of a successful implementation. In addition to communicating strategic details to your workforce, you may need to devise a PR plan to announce your intentions in the marketplace.
- No measurement or review. Effective strategy implementations are constantly monitored and reviewed. Outcomes need to be quantified in order to evaluate them according to the benchmarks described in the strategic plan.
- No flexibility. Confidence about a new business strategy is a good thing. Overconfidence, on the other hand, can be the kiss of death to an otherwise viable strategic initiative. If your strategy isn't meeting performance benchmarks, don't hesitate to make adjustments during implementation, even if it means devising an entirely new strategy.
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