Strategy and execution are two important concepts in business and organizational management. While they are related, they are not the same thing.
Strategy refers to the overall plan or approach that an organization or individual takes to achieve a particular goal or set of goals. It involves making decisions about what objectives to pursue, what resources to allocate, what actions to take, and how to adapt to changing circumstances. Strategy is about creating a roadmap for success.
Execution, on the other hand, refers to the actual implementation of the strategy. It involves carrying out the tasks and activities necessary to achieve the goals set out in the strategy. This includes planning, organizing, and coordinating resources, as well as monitoring progress and making adjustments as needed. Execution is about putting the plan into action and getting things done.
In short, strategy is the “what” and “why” of a plan, while execution is the “how.” A well-crafted strategy is essential for success, but it must be supported by effective execution to achieve the desired outcomes.
Why a Gap exist?
The strategy execution gap refers to the disconnect between the development of a strategy and its successful implementation. Despite having a well-crafted strategy, many organizations struggle to execute it effectively
There are several reasons why this gap exists:
- Lack of alignment: Often, there is a lack of alignment between the strategy and the organization’s culture, processes, and systems. This can lead to resistance or apathy from employees, making it difficult to execute the strategy effectively.
- Poor communication: If the strategy is not communicated effectively throughout the organization, it can result in confusion and misunderstandings. This can lead to a lack of buy-in and support, making it difficult to execute the strategy.
- Lack of resources: Successful execution of a strategy requires adequate resources, including funding, technology, and skilled personnel. If the organization does not have the necessary resources to execute the strategy, it will likely fall short of its goals.
- Lack of accountability: Without clear accountability, there may be a lack of ownership and responsibility for executing the strategy. This can lead to finger-pointing and blame-shifting when things go wrong.
- Ineffective implementation: Finally, even a well-crafted strategy may fail if it is not implemented effectively. This requires strong leadership, effective project management, and the ability to adapt to changing circumstances.
To bridge the strategy execution gap, organizations need to address these issues by aligning the strategy with the organization’s culture, communicating it effectively, providing adequate resources, establishing clear accountability, and executing it effectively.
How can this Gap be Closed ?
Closing the strategy-to-execution gap is crucial for companies to realize their strategic objectives and achieve long-term success. Here are several ways companies can close this gap:
- Clear communication: Ensure that the strategic plan is communicated effectively throughout the organization. Make the goals, priorities, and expectations clear to all employees. Use simple language, infographics, and presentations to facilitate understanding.
- Align objectives: Align individual, team, and departmental objectives with the overall strategic goals. Develop a comprehensive system of key performance indicators (KPIs) that measure progress towards these goals and provide regular feedback to employees.
- Prioritize initiatives: Prioritize projects and initiatives based on their impact on strategic objectives. Regularly reassess and adjust the priorities as needed to ensure alignment with the strategy.
- Engage leadership: Ensure that leaders at all levels understand and support the strategy. Provide them with the necessary tools and resources to communicate and implement it within their teams. Encourage leaders to act as role models and champions of the strategy.
- Develop capabilities: Identify the skills and competencies required to execute the strategy and invest in employee development programs. Foster a learning culture that encourages continuous improvement, innovation, and adaptability.
- Foster collaboration: Encourage cross-functional collaboration to break down silos and facilitate knowledge sharing. Establish mechanisms to share best practices, lessons learned, and insights across the organization.
- Establish governance: Create a governance structure that enables effective decision-making and resource allocation. Clearly define roles and responsibilities, and establish processes for monitoring, reporting, and adjusting the strategy as needed.
- Monitor progress: Regularly track and evaluate the progress of strategic initiatives. Use data-driven insights to make adjustments and improvements as needed. Celebrate successes and learn from failures to continuously improve execution.
- Adapt to change: Embrace a culture of agility and flexibility that allows the organization to respond to market changes, customer needs, and emerging opportunities. Regularly review and adjust the strategy to maintain relevance and alignment.
- Maintain focus: Keep the organization focused on the long-term vision and strategic objectives. Resist the temptation to be distracted by short-term issues or immediate challenges that may derail the strategy execution.
By following these steps, companies can close the strategy-to-execution gap and enhance their chances of achieving their strategic objectives.
About the Author
Dr. Dawkins Brown is the Executive Chairman of Dawgen Global , an integrated multidisciplinary professional service firm .
Dr. Brown earned his Doctor of Philosophy (Ph.D.) in the field of Accounting, Finance and Management
He has over Twenty Six (26) years experience in the field of Audit, Accounting, Taxation, Finance and management . Starting his public accounting career in the audit department of a “big four” firm (Ernst & Young), and gaining experience in local and international audits, Dr. Brown rose quickly through the senior ranks and held the position of Senior consultant prior to establishing Dawgen.
He is a member of Chartered Management Institute (CMI), member of the Institute of Internal Auditors (IIA) , member of the Association of Certified Fraud Examiners (ACFE), member of Information Systems Audit and Control Association ( ISACA ) member of American Planning Association (APA) , member of the American Finance Association (AFA) and member of Association of Certified E-Discovery Specialists (ACEDS).
As Executive Chairman of Dawgen Global , he is responsible for the strategic guidance and strategy execution of several entities within the Dawgen Global Group.
