Mostly, companies are facing the question: Are we doing the right things? But rarely: Are we doing the things right? (cf. Kreikebaum et al. 2011, p. 161) So, what is the difference between these two questions? The first one is about the companies’ strategy, the second about the implementation of it. As simple as it sounds – it is not! A great strategy or breakthrough technology is only then a competitive advantage, if it is implemented and executed firmly. Unfortunately, most companies fail at this attempt (cf. Neilson et al. 2008, p. 143).
A variety of studies has shown that there is a great gap between strategy development and strategy implementation. A study from Corboy & O’Corrbui claim that nearly 70% (cf. Corboy & O’Corrbui 1999, p. 29) of strategic plans are not implemented successfully; different ones say the numbers of failure are even much higher and revolve around 90% (cf. DeLisi 2001, p. 2; Riekhof & Offermann 2006, p. 31).
Many managerial books are focusing on the strategy development, the question how to find the right strategy, but not that many face the question how to implement the ideas into practice. As the strategy development processes work well and a vast number of well-tested tools for analysis and development of strategies as well as high-quality management books concentrating on strategy derivation processes exist, the gap is on the side of the strategy implementation. In the meantime, all over the world corporations are losing billions and simultaneously jeopardizing their future while failing in strategy execution and implementation.
In practice, there is still a lack of coordination of strategy implementation processes. On the one hand there is no consistency of strategy programs especially when it comes to realisation of strategies and on the other hand there are too many or impropriate tools in use. While hundreds of different strategy tools and methods are today available, also in computerized form and included into specific processes, there is still a lack of information how to use them efficiently and how to implement them into the strategic roadmap.
This paper is closing the gap between strategy and practice, facing the issues of strategy implementation and presenting a checklist for successful strategy implementation
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Issues for Failing of Strategy Processes: People, Organization and Tools
- Key issues of failing of strategy processes in companies
- Leaders' Deficits while Dealing with Strategy Processes
- The Balanced Scorecard as a Tool for Strategy Implementation
- Key Factors of Strategy Implementation
- The intuitive approach and its impact on strategy implementation
- Implementing a Strategy: The Concept of Wheelen and Hunger
- Checklist for Implementing a Strategy Roadmap
- An Empirical Study Concerning the Strategy Implementation
- Field Research - Object, Scope and Target Group
- Findings from the Interviews
- Insights from the study
- Checklist for Strategy Implementation. A Consolidation of Theory and Practice for Best Results Achievement
- Checklist for a Successful Strategy Implementation
- Hints for Strategy Communication
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to bridge the gap between strategic planning and successful implementation. It addresses the common reasons for strategy failure and provides a practical checklist to guide leaders in achieving better results. The focus is on practical application and overcoming the challenges frequently encountered in translating strategic plans into tangible outcomes.
- Causes of Strategy Implementation Failure
- Role of Leadership in Strategy Execution
- Effective Tools and Methodologies for Implementation
- Practical Checklist for Successful Strategy Implementation
- Importance of Communication in Strategy Rollout
Zusammenfassung der Kapitel (Chapter Summaries)
Introduction: This introductory section sets the stage by highlighting the significant disparity between the creation of strategies and their successful execution within companies. It underscores the considerable financial losses and future risks associated with failed strategy implementation, emphasizing the need for effective strategies and the critical role of implementation in transforming plans into tangible achievements.
Issues for Failing of Strategy Processes: People, Organization and Tools: This chapter delves into the fundamental reasons why strategic plans often falter. It dissects the crucial roles of people, organizational structures, and the tools employed in the process, pinpointing key areas where breakdowns occur, including leadership deficits and the inappropriate or inefficient use of available tools. The chapter emphasizes the interconnectedness of these three elements, showing how weaknesses in any one area can significantly impact the overall success of strategy implementation.
Key Factors of Strategy Implementation: This chapter explores essential elements driving successful strategy implementation. It examines different approaches, including the intuitive approach and the structured methodology of Wheelen and Hunger, comparing and contrasting their effects on outcomes. The chapter culminates in the introduction of a practical checklist designed to guide the implementation process, providing a structured framework for leaders to follow.
An Empirical Study Concerning the Strategy Implementation: This section presents the findings of empirical research conducted to investigate the practical application of strategy implementation. The study design, target group, and methodology are outlined, followed by a detailed discussion of the interview results and key insights gleaned from the research. The findings likely provide valuable evidence supporting or challenging the theoretical concepts discussed earlier in the paper.
Checklist for Strategy Implementation. A Consolidation of Theory and Practice for Best Results Achievement: This chapter consolidates the theoretical concepts and empirical findings into a comprehensive checklist designed for practical use. The checklist provides a step-by-step guide for leaders to effectively implement strategies, focusing on key actions and considerations. Further, it offers practical advice on communication, a crucial element often overlooked in successful implementation.
Schlüsselwörter (Keywords)
Strategy implementation, leadership, organizational tools, successful execution, checklist, empirical study, strategic planning, implementation failures, communication, balanced scorecard.
Frequently Asked Questions: A Comprehensive Guide to Strategy Implementation
What is this document about?
This document is a comprehensive preview of a paper focusing on strategy implementation. It bridges the gap between strategic planning and successful execution, addressing common reasons for strategy failure and providing a practical checklist for leaders to achieve better results. The preview includes the table of contents, objectives and key themes, chapter summaries, and keywords.
What are the key themes explored in the paper?
The key themes revolve around the challenges of strategy implementation, including causes of failure, the crucial role of leadership in execution, effective tools and methodologies, a practical checklist for success, and the importance of communication in the strategy rollout.
What are the main reasons for strategy implementation failure, as discussed in the paper?
The paper explores various reasons for failure, focusing on issues related to people (leadership deficits), organizational structures, and the tools used in the strategy process. It highlights how weaknesses in any of these areas can significantly impact the overall success of implementation.
What methodologies or approaches to strategy implementation are discussed?
The paper examines both intuitive approaches and structured methodologies like the Wheelen and Hunger model. It compares and contrasts their effectiveness and provides a practical checklist as a structured framework for implementation.
What kind of empirical research is included?
The paper includes an empirical study involving field research. The study details its object, scope, and target group, presenting findings from interviews and offering key insights gained from the research to support or challenge the theoretical concepts discussed.
What practical tools or resources are offered in the paper?
The paper provides a comprehensive checklist for successful strategy implementation. This checklist consolidates theoretical concepts and empirical findings into a step-by-step guide for leaders, including practical advice on communication to facilitate a successful strategy rollout. The balanced scorecard is also mentioned as a useful tool.
What is the overall goal or objective of the paper?
The paper aims to help bridge the gap between strategic planning and successful implementation by offering practical guidance and addressing common pitfalls. It seeks to improve the translation of strategic plans into tangible outcomes, minimizing financial losses and future risks associated with failed implementation.
What are the keywords associated with this paper?
Keywords include: Strategy implementation, leadership, organizational tools, successful execution, checklist, empirical study, strategic planning, implementation failures, communication, balanced scorecard.
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- Monika Sadowska (Author), 2012, Successful Strategy Implementation, Munich, GRIN Verlag, https://www.grin.com/document/272411
