You need a good strategy to move forward with your business, but sometimes the strategy fails. Here are 4 reasons why a strategy can fail and what you can do to improve effectiveness.
- Execution – Your strategy is only as good as your ability to implement. That’s my favorite mantra. That’s because a strategy is pretty useless if you can’t execute on it. Two things that can get in the way are processes and alignment. A good strategy without a strong process for execution can hinder results. Likewise, a strategy that is not aligned across the business may look more like chaos than anything else. Start by getting management and employees on the same page, then follow that up with clear policies, procedures, and processes.
- Buy-In – You’re the leader and you have a vision. That’s great, but you must gain buy-in. Too many leaders get stuck in a silo, trying to do things all alone. Why? Trying to lead and move a vision forward without inviting others along is a slow, tedious and frustrating process. Why eat alone when you can invite others to the table? Get input from the people that are there to help you.
- Prioritizing– Goals, goals, and more goals. Feeling super ambitious? That’s great, but don’t let the goal get ahead of you. Make sure you’re clear on the priorities and understand your overall capacity. Take a look at your top priorities over the next 12 months. Now break those down into critical milestones that can be tackled each quarter.
- Analyze and Assess – Assessing where you are and how you got there is just as important as planning the path forward. Businesses need to be both nimble and forward thinking. Create strategies based on good data, but be flexible enough to identify emerging ideas and make adjustments.
A strategy is a strategy REGARDLESS, but what makes it good and effective is your ability to analyze, prioritize, get buy-in across your staff and team and establish an aligned process for execution.
For more ideas and assistance with business strategy, make sure to connect with The Business Practitioner.