Presentation | Strategy Implementation Success Factors

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Information about Presentation | Strategy Implementation Success Factors
Business

Published on April 23, 2014

Author: ArnoudvanderMaas1

Source: slideshare.net

Description

This PowerPoint presents the Strategy Execution Agenda – a management model with 8 success factors that allows managers to master one of the greatest management challenges – successfully implementing strategies.

STRATEGY IMPLEMENTATION SUCCESS FACTORS Dr. ARNOUD VAN DER MAAS a.vandermaas@strategosconsulting.nl April 2014 STRATEGOS CONSULTING Strategy | Execution | Finance www.strategosconsulting.nl

o  The successful implementation of strong and robust strategies gives any organization a significant competitive edge. o  In current turbulent environments, the ability to develop and implement new strategies quickly and effectively may well mean the difference between success and failure for organizations. o  Well-formulated strategies only produce superior performance for organizations when they are successfully implemented. o  Even the best-made strategies are worthless if they cannot be successfully implemented. STRATEGOS CONSULTING Strategy | Execution | Finance STRATEGY IMPLEMENTATION AS COMPETITIVE ADVANTAGE STRATEGY IMPLEMENTATION SUCCESS FACTORS 2

o  The successful implementation of strong and robust strategies gives any organization a significant competitive edge. o  In current turbulent environments, the ability to develop and implement new strategies quickly and effectively may well mean the difference between success and failure for organizations. o  Well-formulated strategies only produce superior performance for organizations when they are successfully implemented. o  Even the best-made strategies are worthless if they cannot be successfully implemented. STRATEGOS CONSULTING Strategy | Execution | Finance MOST STRATEGY IMPLEMENTATIONS FAIL STRATEGY IMPLEMENTATION SUCCESS FACTORS 3

Strategy Implementation Success 1 Appoint Competent Management 2 Train and Develop Employees 3 Reward Execution Performance 4 Develop a Strategic Vision5 Increase Employee Self-efficacy 6 Celebrate Visible Results 7 Translate Strategy into Execution Plan 8 Appoint an Execution Leader STRATEGOS CONSULTING Strategy | Execution | Finance STRATEGY IMPLEMENTATION SUCCESS FACTORS STRATEGY IMPLEMENTATION SUCCESS FACTORS 4

o  Competent employees and especially management are the most important success factor for strategy implementation. o  Inadequate capabilities of managers are a common cause of strategy implementation failure. o  When employees have little confidence in the ability of management to execute the strategy then their commitment to the strategy will be low. o  Having incompetent members within a team has a negative influence on the performance of other team members. o  Successful organizational members tend to leave an organization when they have to work for incompetent managers and feel that their performance is not appreciated or even worked against. STRATEGOS CONSULTING Strategy | Execution | Finance APPOINT COMPETENT MANAGERS AND EMPLOYEES STRATEGY IMPLEMENTATION SUCCESS FACTORS 5

o  Training and education of organizational members is a important lever for strategy implementation. Adequately trained staff is one of the most critical steps top management can take to ensure successful strategy implementation. o  Implementing a new strategy often requires new activities and ways of thinking, which can be learned by training and educating employees. o  Training and education improves employee knowledge and skills, self-confidence and makes them perform better. o  Training and education can consist of courses, collective classes, (on-the-job) training, and individual guidance and coaching. STRATEGOS CONSULTING Strategy | Execution | Finance TRAIN AND DEVELOP ORGANIZATIONAL MEMBERS STRATEGY IMPLEMENTATION SUCCESS FACTORS 6

o  Strategy implementation requires a reward system that monitors its progress and demonstrates top management’s commitment to the realization of the strategy. o  Reward systems are essential for motivating staff and ensuring appropriate behavior in relation to the strategy. o  Rewarding implementation performance increases the motivation and performance of organizational members. o  Informal rewards (pats on the back, a sense of pride, enthusiasm) greatly increase the motivation, self-confidence and performance of organizational members. o  Employees often do not get compliments when they perform well but do get criticism when they make mistakes. This greatly reduces the motivation, self-efficacy and performance of organizational members. STRATEGOS CONSULTING Strategy | Execution | Finance REWARD EXECUTION PERFORMANCE AND GIVE COMPLIMENTS STRATEGY IMPLEMENTATION SUCCESS FACTORS 7

o  Successful strategy formulation and implementation begins with formulating a sound and clear strategic vision by top management. o  The strategic vision describes the desired future state of the organization and helps clarify the direction in which an organization is to move. o  The strategic vision needs to be attractive and easy to communicate toward organizational members, customers and other stakeholders. o  A clear and attractive strategic vision increases the confidence of employees in a successful outcome of the implementation effort. STRATEGOS CONSULTING Strategy | Execution | Finance DEVELOP A CLEAR AND ATTRACTIVE STRATEGIC VISION STRATEGY IMPLEMENTATION SUCCESS FACTORS 8

o  When organizational members have high self-efficacy and believe that they can perform the new implementation tasks successfully, they are more likely to perform well. o  Another result of low self-efficacy may be that, organizational members can become afraid to make mistakes, take initiative, and participate in decision-making. o  Low self-efficacy can result from low self-confidence and self-esteem, an authoritarian management style, and an environment in which many things fail. o  Increase self-efficacy of employees through coaching and counseling, rewarding performance, a people-oriented management style and by creating an organizational culture in which people are able to make mistakes and learn from them. STRATEGOS CONSULTING Strategy | Execution | Finance INCREASE SELF-EFFICACY OF ORGANIZATIONAL MEMBERS STRATEGY IMPLEMENTATION SUCCESS FACTORS 9

o  Achieving visible improvements in performance, especially in the beginning of the strategy implementation (quick wins) increases the motivation and commitment of organizational members. o  People are more inclined to accept new things when they see that these things work and lead to results. o  During the strategy implementation it is important to make change visible to organization. By making change visible (such as new logo, uniforms and offices) management van show the organization that they are committed to the strategy and things are really changing. o  Achieving results is even more important when the organization is in crisis and short-term results are needed to let employees regain confidence. STRATEGOS CONSULTING Strategy | Execution | Finance ACHIEVE AND CELEBRATE VISIBLE RESULTS STRATEGY IMPLEMENTATION SUCCESS FACTORS 10

o  The implementation plan specifies the processes, activities and operational objectives required to achieve the goals of the strategy. o  Translate the strategic objectives into measurable operational objectives linked to departmental and individual goals. o  Effective strategy implementation requires clear implementation tasks, activities and responsibilities. o  By allocating clear responsibilities for the execution of the implementation activities, progress can be measured and controlled. o  Specific and ambitious but realistic goals that are accepted by organizational members lead to the best task performance. STRATEGOS CONSULTING Strategy | Execution | Finance TRANSLATE THE STRATEGY INTO AN IMPLEMENTATION PLAN STRATEGY IMPLEMENTATION SUCCESS FACTORS 11

o  Successful strategy implementation requires one board member who is responsible for the outcome of the strategy implementation. o  The implementation leader is responsible for articulating and communicating an attractive strategic vision that guides the strategy implementation. o  A successful leader inspires followers through the communication of a captivating vision designed to motivate followers to ambitious goals. o  When leaders practice moral virtues such as fairness, integrity, honesty, loyalty, determination, courage and responsibility increases the willingness of followers to follow the leader. STRATEGOS CONSULTING Strategy | Execution | Finance APPOINT A STRATEGY IMPLEMENTATION LEADER STRATEGY IMPLEMENTATION SUCCESS FACTORS 12

o  Oprichter Strategos Consulting, een adviesbureau gespecialiseerd in strategieontwikkeling en implementatie. o  Ervaren adviseur in strategie & financiën in overheid, gezondheidszorg en non-profit. o  Gepromoveerd in Strategisch Management aan Rotterdam School of Management, Erasmus Universiteit. o  Deze presentatie is gebaseerd op zijn proefschrift over strategie ontwikkeling en implementatie in publieke en private organisaties: repub.eur.nl/res/pub/12278 STRATEGOS CONSULTING Strategy | Execution | Finance DR. ARNOUD VAN DER MAAS STRATEGY IMPLEMENTATION SUCCESS FACTORS 13

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