According to executives, nearly half of all strategic initiatives fail. I am not surprised by the failure rate, but I am thrilled by the honesty. When we can admit a problem, we can begin looking for a solution.
There are two reasons strategy fails. Either there is a flaw in the strategic plan or the strategy fails in execution. The root cause of both failures is confusion around what strategy is, and what it is not.
Principle one: Acknowledge that strategy delivery is just as important as strategy design. Ideas don’t thrive in a vacuum. Change doesn’t happen on paper. And strategy isn’t just a fancy word for a business plan. Bringing a strategy to life requires more than a discussion.
Principle two: Answer the “Why?” first. Without answering the “Why” question first, you don’t have any criteria to evaluate the objectives, and how they will be executed. You are left with the option of hoping it won’t fail.
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