Successful Strategy Execution: How to keep your business goals on target

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However smart your business strategy is in theory, it will have little effect if you fail to carry it out. A survey by the Economist Intelligence Unit suggests that companies typically realise only about 60% of their strategy?s potential value because of failures in planning and execution. Corporate politics, personalities and turf wars, and misunderstood intentions and silo thinking combined with changing circumstances result in the strategic focus becoming dimmed or distorted. And this loss of focus is rarely noticed because few companies track performance against long-term plans. Drawing on original research, together with work carried out by London Business School, Cranfield School of Management, UCLA and consulting firms, this book outlines the ways in which organisations such as Reuters, Diageo, Pfizer, Deutsche Bank and IBM are carrying out their strategy more effectively by Clearly identifying priorities Considering the deployment of resources well in advance Monitoring performance continuously Breaking strategy down into easily achieved objectives Intensive team-based coaching that ensures everyone understands their role an priorities Fostering a risk-friendly culture that encourages freedom of action if it supports key strategic goals.

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Michel Syrett has studied and written about management issues for 25 years. His work has been published in The Sunday Times, The Times, the Financial Times, The Independent, The European, Management Today, Director, Asian Business and the South China Morning Post. Table of Contents Setting the scene The problem defined: vision is nothing without execution Looking back: British Airways Looking back: General Electric Looking at the present: Domaine Chandon Looking at the present: case examples in this book Friction General Electric: turning slogans into mantras in Hungary Pfizer: dealing with discordancy Friction: the military provenance Friction: the business version Strategy: the make-or-break role of the line From friction to focus Focus Luxfer Gas Cylinders: moving beyond operational excellence Focusing on ?hot spots? Domaine Chandon: from focus to clarity Lipper: clarity as bedrock Pfizer: turning around its teams Delegation and discretionary powers: the essence of military command From clarity to communication Communication Diageo M?et Hennessy Japan: words really matter Communication or consultation: the new realities IBM: test-marketing new values Networks not hierarchies: the new social imperative Reuters: fast forwarding corporate transformation Behaviour Luncheon Vouchers in 1989: creating a competitive environment Behaviour and how it is shaped Deutsche Bank and employee commitment: a new area of risk Behaviour: the strategy execution challenge Coaching and personal support: the learning agenda Internal and external consultancy support: the changing agenda From coaching to measurement Measurement HSBC Rail (UK): charting the future through corporate cartography Strategic Management Tool 1: the strategy map Strategy execution: the importance of effective performance measures Strategic Measurement Tool 2: the balanced scorecard British Telecom: aligning human resources to the business strategy Strategic Measurement Tool 3: the mission dashboard Thomson Financial: using clear measures to achieve great performance From measurement to leadership Leadership Six leadership roles for successful strategy execution Instilling focus and clarity Generating commitment and engagement Allocating scant resources Creating the right milestones of achievement Fostering collaboration Managing pace Change Reuters: shifting gear as circumstances demand Strategy change management: the new context Managing uncertainty: a new management discipline Innovation East African Breweries: exploring the links between clarity and creativity The underlying need and desire for innovation Fostering innovation: eight roles Look below the surface Goldman Sachs: bringing organisational deviants to the surface in a way that supports strategy Pathway A pathway to successful strategy execution Effective change management: a virtuous spiral Ineffective change management: a vicious spiral