Establishing organizational goals and formulating a strategic plan are critical for all businesses. To make sure that they reach this goal, strategy execution is critical. Kavan Choksi mentions that strategy execution simply implies to the implementation of a strategic plan in an effort to reach the goals of a company. Successful strategy execution requires a systematic approach, especially in times of economic uncertainties. A company cannot wait for the recession to go down or inflation to shrink, and the economy to normalize to execute its business and growth strategy. They need to rather focus on increasing opportunities and creating plans for small strategy execution.
Kavan Choksi marks a few important aspects of effective strategy execution for a business
Before moving towards strategy execution, entrepreneurs firstly have to see to it that all the stakeholders and decision-makers agree on the strategic plan. It is not uncommon for business stakeholders to become nervous during economic uncertainties, and entrepreneurs must ensure that they have trust in the business strategy. Businesses must ignore the conflicting news during turbulent times and focus on the basics: employees, stakeholders, customers and scenario planning. Committing to a robust strategic plan prior to implementing it makes sure those discerning decision makers and their teams are aligned on the same goals, and creates a shared understanding throughout the company.
Strategies, however, should never be stagnant, especially during economically turbulent times. They must evolve with brand new opportunities and challenges that may come up along the way. Companies must be proactive with their strategies and prioritize scenario planning to navigate the volatility. Strategy execution majorly depends on continually assessing progress toward goals. Hence, the numeric key performance indicators (KPIs) of the company have to be determined during the strategic planning stage itself to effectively measure its performance metrics.
One of the biggest barriers a company may face in regard to effective strategy execution in times of uncertainties is that the roles of the employees are not always designed by factoring in the strategy, especially as the strategy may keep evolving. When it comes to strategy execution, the power of clear communication can’t be overlooked. Given that a staggering 95 percent of employees don’t understand or are unaware of their company’s strategy, communication is a skill worth improving. Companies also need to analyze the composition of their workforces and try to make sure that each and every employee is able to contribute productively to the organization’s goal. In many ways, strategy execution does rely on the daily tasks and decisions of every member of a company. Therefore, it is prudent that each of them understands not only the broader strategic goals of the brand, but also how their individual responsibilities make achieving them possible.
To improve employee productivity and boost the company performance, managers have to properly communicate the impact of the daily work of each team, and foster a culture that celebrates milestones and successes on the way to reaching large strategic goals.In the opinion of Kavan Choksi this would help build the morale of the employees and encourage them to work harder towards the business goals.