Key Issues in Strategy Execution Essay Sample
This sample will explain the key issues in relation to the strategic execution of the plan and ways to resolve these issues. It will assist the students of financial and strategic management to have a clear understanding of the concept.
Strategic execution requires proper planning and development of a strategy that will give a high return on investment and value. It requires effective implementation of plan, communication, and management to execute strategy effectively.
The development of a strategic plan is important for the growth and success of the organization. Such a plan is of no use if it does not cost-efficient, goal-oriented or resourceful unless it can be properly executed by the management team.
Strategy and execution are two different terms with different meanings. For the development of a strategic plan good strategic skills, optimum utilization of resources are required to achieve the goal.
While the execution of a strategy involves the implementation and execution of a plan through practical tactical skills. It puts the strategic plan into action and helps in the attainment of the goal and vision of the organization.
Issues in the strategic execution of a plan
There are some key factors that influence a plan and negatively impact the strategic execution of a plan. It mostly occurs when all the team members do not agree with the plan and refuse to coordinate with each other.
Some of the key issues in strategy execution are :-
The improper and poor setting of a goal
Strategic goals must have clarity and transparency in them. So that people working in the organization get a clear understanding of the working of a plan and its execution.
If a team is working on a plan it must be crystal clear to them and there should be no scope of confusion or ambiguity.
Strategic goals are mostly broad and is a complex system of collective objectives that require resources to attain the goal. These resources used for attaining the strategic goals are all scattered across the various departments and locations of the organization.
Proper setting & communication of goal across the teams helps the employees to be responsible and prioritize tasks for the execution of a strategic plan.
Lack of coordination in the alignment of goal
If the members of the team are not in proper coordination with each other and hardly cooperate during tasks. If their individual goal is not in alignment with the goal of the organization.
It will derail the work of every particular day and lead to non-achievement of strategic goals. It will also cause regular conflict in collaboration, communication, and non-achievement of tasks.
Non-alignment in work is also due to non-strategic work that the employees do on a daily basis. They do not have a goal or a personal interest to achieve a task. They have the easiest way to complete their work and non-strategic objectives become their priority.
Inability to track progress
When there are unorganized spreadsheets and no effective way to keep a track of the progress of the organization and its financial situation.
If there is no transparent system and ability to manage a strategic goal in a proper way it will lead to issues in the execution of a plan.
Employees not aware of the strategy
When the personal goal of an individual employee is not in alignment with the goal of the organization and when there is a lack of awareness in them about strategy.
They will not have any personal interest and involvement in the organization and its goal. As a result, they do not feel connected to the organization and take no personal responsibility which creates a loophole in the system.
No specific parameter of measurement
If there is no specific parameter of measurement or an indicator then management of goals & tracking of progress is not possible.
No standardised measurement or indicator creates issues in the execution of strategy plan and achievement of goal.
Methods to deal with issues in strategy execution
The following methods can be used by the management team to deal with the above-mentioned issues during the execution of the strategy.
- For improving any improper and poor setting of goal certain methods needs to be devised properly.
Goal-oriented and setting method to be followed in the organization. They must be standardized, timely measured, specific, and attainable by nature.
Best practices in relation to setting and execution of goals should be adopted by the organization.
The manager of each team should be held responsible for their responsibilities for their team goal setting and must only focus on that. This will collectively help in setting an organizational goal.
- There should be a clear alignment of work and goal that needs to be established in the organization for the attainment of the strategic objective.
It will help the people of the organization to be more confident, positive, and organized. Alignment of work to be maintained by a proper hierarchical structure. The establishment of clear alignment of work will ensure that who is working on which objective.
- In order to track progress keeping a record of the balance sheets, spreadsheets, financial accounts are a must to ensure transparency of transactions.
This improves the ability to track progress by improving coordination and manageability in the organization. It helps to realise efficiency of organisation and lets us know the score that helps in attaining the strategic goal of every employee.
- Employees must be allowed to have their personal strategic goal for the attainment of ambition and preferences in their career. Managers afterward must work towards the individual goals of the employees trying to align it with the larger strategic plan.
Employees must be treated as not just full-time paid professionals but rather as assets of the company by giving importance to their individual goals.
- Making the strategy goal clear using methods like OKRs to give structure to the goals. The setting of executive goals and directing a leadership team to focus on the strategy.
An advanced and transparent technology to be used for predictive analytics for goal attainment.
It focuses on the strategic goal that is important for the execution of the strategy. It must focus only on matters that is important and mandate to accomplish more.
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Sample written above mentions the issues faced during the execution of any strategic plan in an organization and methods to deal with such issues.
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