How to Execute Strategy (part I)

No, not kill strategy, but how to accomplish your strategy. As we’ve discussed previously strategy is one of the most often used and most effective tools available to leaders today. But, studies show that less than 30% of strategies are successfully implemented. In fact, the Conference Board’s CEO survey recently revealed that chief executives are so concerned about strategy execution that they ranked it as both their number one and number two most challenging issues.

Think about that for a minute. Everyone states that strategy is the most often used and most effective tool that leaders have, even though most strategies are never successfully implemented. Imagine how effective strategy could be if it could be more easily implemented!

Thankfully, many really smart folks have attacked the strategy execution issue and left us with some great concepts on how to execute strategy. Larry Bossidy and Ram Charan wrote “The Discipline of Getting Things Done.” Robert Kaplan and David Norton wrote “The Execution Premium.” Both are great works and have their merits, but if I had to give you one book on executing strategy, it would be “The 4 Disciplines of Execution” by Chris McChesney, Sean Covey and Jim Huling. It is a simple 4 step process that works, if you work it. They are called “disciplines” for a reason. It is not easy.

The 4 disciplines are:

  1. Focus on the Wildly Important
  2. Act on the Lead Measures
  3. Keep a Compelling Scorecard
  4. Create a Cadence of Accountability.

If you are a regular reader of strategy literature, you probably don’t see much new in these 4 disciplines. The real magic is in the discipline of executing all 4 disciplines.

Let’s start with focusing on the wildly important. Seems simple doesn’t it? Who wouldn’t focus on the goals that are wildly important? The trick to this discipline is that you must focus on only your 1 or 2 most important goals. Face it. Each day we face a storm of urgent demands as soon as we walk into the office or glance at our smart phones. Everyone and everything needs your attention right now, except for that long term goal that could make a huge difference in the success of your organization. That goal sits quietly in your notes from your last strategy session. It is incredibly patient. It doesn’t say a word and that is why it rarely gets accomplished!

The storm will require a certain amount of your time every single day. The key is what you focus on when you come up for air. Do you grab the next item on your list or do you know what the #1 most important goal is for your organization and go to work on that? That is why your team cannot have more than 2 wildly important goals. I tell my clients that they can only have 1. If you choose the right goal, just one is plenty. It will have such a huge impact on the success of your organization that no one will doubt you for only focusing on just one goal. You can have a second goal, but think of it as your back up goal. The one you will put attention on after you have accomplished your first goal.

How do you choose this goal? It does take time, but if you’ve done your homework and know the values and purpose of your organization, your one, most important goal will be easy to recognize. If your organization has not laid out its vision and purpose, download a copy of my eCourse via this link.

Next week, we’ll look at leading versus lagging measures. This concept is what I found to be the single greatest idea in the entire book.

What is the #1, most wildly important goal for your organization this year? Leave a comment below and let’s inspire and encourage one another!

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