Execute Your Strategic Plan
Implementation is the phase that turns strategies and plans into actions in order to accomplish strategic objectives and goals. Implementing your strategic plan is as important as — or even more important than — your strategy. The critical actions move a strategic plan from a document that sits on the shelf to actions that drive business growth. Sadly, the majority of companies that have strategic plans fail to implement them. According to a Fortune cover story, nine out of ten organizations fail to implement their strategic plan for many reasons:
60 percent of organizations don’t link strategy to budgeting.
75 percent of organizations don’t link employee incentives to strategy.
86 percent of business owners and managers spend less than one hour per month discussing strategy.
95 percent of a typical workforce doesn’t understand their organization’s strategy.
A strategic plan provides a business with the road map it needs to pursue a specific strategic direction and set of performance goals, deliver customer value, and be successful. However, the strategic plan is just a plan; it doesn’t guarantee that the desired performance will be reached any more than having a road map guarantees the traveler will arrive at the desired destination.