Getting sidetracked by urgent work tasks is the most common reason given by the majority of
executives and business leaders I talk with. Though they know the importance of having a clear
vision and direction for their company, they often fail to execute.
In fact, 80% of business leaders feel that their company is good at crafting strategy but
only 44% at its implementation. In addition to this, 85% of teams spend less than 1 hour
a month discussing strategy. (Source)
Here is 4 reasons most businesses fail to execute their strategic plan:
- No clearly defined roles within teams – no one really knows what is and isn’t their
responsibility so that they fail to align with the plan and take on board the action steps
needed within their own department. Internal capabilities need to be assessed and roles
clearly defined for successful implementation. - No link between the strategic plan and budgets – finances often become a limiting factor
for businesses looking to expand and grow. Understanding what’s possible and what
needs to be actioned is essential in the initial stages of the strategic planning process. - Fear of failure – though we know that where we are today is not where we want to be
tomorrow, often leaders get caught in fear and fail to take action. Without risks there is
no reward. Reigning this in and having a clear step-by-step process will help bring clarity
and confidence. - No accountability – one of the key reasons leaders hire business coaches is to have
someone hold them accountable to their goals, among other things. Having monthly
meetings with your teams, your advisors and a coach will help you stay aligned with your
over vision and keep you accountable to the high-return actions that are required to
continuously progress.
Holding firm to your strategic plan, and assessing it every 6 months will allow you to focus time,
resources, and your team in the same direction.
Is it time to reassess your company’s direction? Do you need to be held accountable to your
goals? Get in touch today.
