5 Steps for Successful Business Strategy Implementation
Take full advantage of your business strategy investment
Strategic planning is a rigorous process. It is full of deep discovery, fresh insights, “aha” moments, and a competitive spirit. The goal of developing a business strategy is to gain alignment at the leadership level for the next 3-5 years. A well-crafted business strategy guides leaders across an organization about what should and should not be done according to the organization’s core values and the priorities of the business. Defining the organization’s core values helps to ensure that employees are on the same page, and with the same goals. When the strategic plan is finally complete, it can feel invigorating.
While you might have an extra “kick in your step” heading to the office the following day, reality hits quickly and your day job can regain control of your work life in short order. Even the most disciplined leaders with excellent time management skills can easily get distracted. Before your strategic planning process becomes a distant memory and to get the most value out of the time and money you and your team invested, be sure to make strategic plan implementation a priority by following these key steps:
- Make sure each functional leader leaves with a copy of their goals and a tracking mechanism to follow up with
- Set your first follow up one-on-one within 30 days and a peer presentation date a just few short weeks later
- Be sure functional leaders are setting SMART goals that are aligned with the agreed-upon plan
- Create incentive compensation plans tied directly to strategic plan goal achievement
- Evaluate strategic plan goal achievement as part of the annual employee review process
Finally, be sure to get offsite again within a year and evaluate the progress made, or lack thereof. Listen to your team, ask questions about their process, and make the necessary adjustments needed to move forward. Business strategy implementation is a never-ending part of the strategic process. By making implementation a priority you can greatly increase the success of your strategic plan.
