As an organization, you can’t even think of strategy execution if there isn’t a connector
between your planning and objective accomplishment. That’s what the steering process is
there for.
It allows corporate transformation (plan) and maximizes the ease of project portfolio
management. Here’s how you know that you definitely need a steering process for strategy
execution.
• Your employees have strayed from the campaigns or initiatives taken up by the company.
• There’s no visible connection between the strategic goals and the staff’s activities.
• Your program lacks measurement, improvement, monitoring, and tracking.
• Indecision is rampant in the workplace, making it hard for anyone to come to an agreed-
upon decision.
On the other hand, if you have a steering committee that’s responsible for leading the team
towards the strategic goals, you won’t have to experience these setbacks.
Is the ‘Link’ Missing?
Do you ever wonder why your company fails to meet its strategic goals despite having an
adequate budget, resources, and workforce? It’s possible due to the problematic or non-
existent steering process.
Here are a few things to look out for:
• Inability to Change: If you feel that your organization has developed a resistance to
change, it’s possibly due to poor initiative management. Although you’re starting new
projects, you’re applying the same old principle to them, leading you nowhere near
success.
• Messed Up Teams: When there’s little to no coordination in cross-functional
dependencies, you’ll have a frustrated staff, always waiting for the previous department
to finish their work or hurrying to get theirs done in time for the next division.
• Complicated Root Cause: Even when trying to find the root cause, you can’t exactly put
your finger on it. That’s because there’s not just a single cause - it’s a whole group of
reasons.
• Competition Is Winning: Even with more resources, you’re unable to keep up with smaller
competitors. It makes you wonder: what could they be doing right? The answer is the
steering process.
Apart from these setbacks, the biggest complication arising from poor strategy execution
and initiative management is that all departments in your company might be doing great.
However, for some reason, they’re unable to bring feasible business results.
That’s because simply getting your daily work done isn’t important. Every employee in the
organization should know that their work contributes towards a bigger strategy or business
plan. For that, you need a proper steering process.
How to Link Strategy With Execution?
A worldwide survey consisting of 700 executives showed that 92% of the leaders did not
excel at strategy and execution simultaneously. These statistics offer a look into the often-
unruly system of strategy execution in most companies.
As discussed, a poorly managed steering process can be the reason behind this. But how do
you overcome this problem? How to find the missing link and connect your strategy to
execution? Here are a few ways to do it.
Align Your Goals
While communication is important, it’s not the only thing you need to get your staff on
board. Align your company’s goals with every team member’s tasks. Make sure you’re mapping your strategy in such a way that it can be spread across different functions and divisions of the organization. Furthermore, give your staff the sense of validation that their input is imperative for the company. Everyone from the desk worker to the CEO should know their role in the company’s success and strategy execution.
Monitor and Measure Progress
Simply assigning people tasks isn’t where the story ends. You also have to monitor their
performance by setting the right Key Performance Indicators to measure their progress.
Instead of using outdated methods, utilize real-time performance trackers to ensure that all
your employees are working towards a common goal.
Create Hierarchical Engagement
Everyone in the company should partake in initiative management and strategy execution,
whether they’re the senior partners or the lower-tier staff. Often, enterprises lose their
momentum at senior positions. However, it’s the front-liners that are in need of these tools as they’re where the change begins.
A study showed that only 42% of the managers and a meager 27% of the employees know
the organization’s strategic plan. Don’t let this happen at your company as it will affect your
strategy execution largely.
Have An Actionable Approach
Having a feasible approach is necessary for effective project portfolio management. Poor
strategy execution is still execution, but it’s not giving you any results. Here’s what to do
instead: Make sure you’ve defined the goals clearly to every member of the team.
Prioritize some goals and work on them initially to set the momentum.
Besides simply giving instructions, listen to the feedback, too. If required, be sure to make
the changes that will lead you to success.
Make Steering Committees A Success
Finally, one of the most important things for corporate transformation and strategy
execution is to get the best out of steering committee meetings.
When brainstorming for possible solutions, don’t leave room for wrong options as there are
none. Take everyone’s perspective into account and go with the best one. However, don’t
over-rely on it.
If the brainstorming process is creating too much upheaval and isn’t generating sufficient
engagement, switch to brainwriting. Present a problem at the meeting and give each
attendee a piece of paper.
Tell them to write three solutions for the given problem in five minutes. After the time is
over, the attendee must pass the sheet to the person sitting next to them, and this person
should then write three more solutions inspired by the ones written on the sheet they’ve
received.
If this goes well, you’ll have dozens of useful solutions in just one meeting.
Sometimes, it also helps to discuss the worst ideas everyone could think of. In this way, you
can discard the options that are a no-no or contemplate turning them into good ideas.
Conclusion
When it comes to corporate steering, all high-authority hands need to be on deck. From
having productive meetings to efficiently conveying the strategy to the organizational staff,
the steering committee has a lot to do.
Companies that have an impeccable steering process are successful in ensuring strategy
execution and project portfolio management. These are the 8% of companies that translate
their strategies into substantial results.
Hopefully, the guide would have given you insight into corporate transformation (plan) and
initiative management tips that you can use to make your corporate steering process a
success.