By now, we’ve covered the major points that influence a company’s strategy execution.
Apart from following a basic routine and overcoming challenges, organizations also need
to follow a few principles for initiative management and maximizing corporate
performance.
Form A Cascade
Forming a cascade means breaking down the larger business initiative into smaller
manageable parts at the organizational level. The length of your cascade will depend on
the size of your company.
When doing so, follow the MECE principle. It includes ME (mutually exclusive) and CE
(collectively exhaustive) elements.
• Mutually Exclusive: These are the goals that reduce complexity in the strategic
execution by preventing overlaps. Basically, you rule out the groups, projects, and
solutions that might have been considered twice.
• Collectively Exhaustive: Simply put, exhaustive refers to the inclusion of all possible
solutions and options. For instance, if you’re planning means of transportation for your
products, make sure you consider every medium in the book.
Communicate
A company that communicates well performs well. Don’t limit yourself to emails. Use other
communication methods, like coffee corners, intranets, informal encounters, meetings,
discussion groups, and billboards to ensure everyone is on the same page.
Compare Your KPIs
While your business strategy is the best bet you have, it’s not a confirmed route to
success. At the end of the day, it’s still a hypothesis that you need to test and prove. So,
take time during strategy execution to check how close the results lie in favour of your
hypothesis.
Having Key Performance Indicators and measuring the company’s performance against
them could be helpful in this regard.
Compare Your KPIs
Strategy execution is not an overnight process, especially if you’re working in a large-
scale industry. However, with proper strategy steering and management, you’ll definitely
be able to ensure optimal corporate performance in the long run.