Implementation of Strategy in 4 Steps
Implementation of strategy, an effective strategy, goes far beyond just outlining one in a management retreat.
Planning, developing and implementation of strategy in the right way makes it an effective one! There are four steps to ensure you and your team are on the road to a successful outcome.
4 Steps for implementation of strategy summary below:
- Develop Strategic Initiatives: Organizations that define more than 5-6 critical initiatives are generally focused on task implementation rather than strategy. Likewise, exploration of more than 2-3 growth initiatives represents a strategic planning outcome that has no direction or focus.
- Assign Accountability: Once both critical and growth initiatives have been defined, individual Project Managers should be assigned to lead the charge, plan the implementation, drive the process & communicate the results. The use of chartering is a process commonly used by project managers that allows organizations to clearly convert strategy into action while managing accountability.
- Build Strategic Project Charters: The aggregate of strategic initiatives & associated charters represent the short term and long term implementation of the key strategies. Although they are prepared and managed by different individuals, it is important that the approach is consistent.
- Monitor & Communicate Progress: Many organizations struggle with the implementation of key initiatives; accountability is frequently a major stumbling block. By assigning Project Managers and the consistent use of project chartering, project plans can be well defined, resourced and monitored. The aggregate results of the charters collectively address the implementation of defined key initiatives. It is customary that on a weekly basis, each Project Manager reports the status of their charter, so that combined project plans are managed by a single source.
Read the original article here: Planning and Implementation of Strategy in 4 Steps