Robin Speculand, founder and CEO of Bridges Business Consultancy Int, dispels myths surrounding strategy execution.
Myths BUSTED
With more strategy executions failing than succeeding—67% succeed according to our 2016 research—my aim is to challenge your beliefs. Why? Because if we constantly fail at something more than we succeed there must be a flaw in our thinking.
I have been researching and consulting companies in strategy execution for seventeen years and over that time I have seen leaders habitually repeat the same mistakes. Strategy execution is in its infancy but is becoming more important in business as organizational and strategy life cycles are becoming shorter. In the 1950s the average company would live for 61 years, today it is eighteen years. Almost 52% of the Fortune 500 companies since 2000 are gone. According to Professor Richard Foster from Yale, “By 2020, more than three-quarters of the S&P 500 will be companies that we have not heard of yet.”
Just 20 years ago it was not unusual to have a strategy for 10 years. Today, the average strategy is three to five years. These shortened life cycles mean that when a company plans a new strategy, the pressure is to deliver on its promises to stakeholders by doing it right the first time, and for that to happen, five key beliefs have to change.
01 execution planning is done after strategy planning
Strategy planning was introduced as a discipline in the mid-1960s. Since then, organizations are striving to develop their ability to craft strategy and we are still learning. For example, we understand the word ‘strategy,’ but we do not have a common global definition for it.
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Building A Quality Culture
A strong company culture defined by its values, beliefs, and behaviors, has a profound impact on its products and services. More so in today’s VUCA world, where to stay relevant and maintain a competitive edge, it is critical for organizations to build a culture that focuses on quality. Suresh Lulla, author of Quality Fables, elucidates through significant examples how creating a culture of quality is imperative to driving success and productivity.
Customers For Life
The history of General Motors in India can be traced back to the 1920s, when it became the first automotive company to set up an assembly plant in the country. The relationship since then has not been as fruitful as GM would have hoped. GM’s flagship brand, Chevrolet, was introduced in India to build upon the success of the popular Opel marque. However, success has been fleeting at best—an issue that GM India is determined to rectify. It aims to do so by adopting a two-pronged approach: using customer feedback to influence product development, and delivering a superior sales-to-service experience.
The Digital Shift
… technology will radically disrupt HR in the near future. Indeed, it is already changing the way HR works and the role it plays and opening the door to a new type of “digital HR” function.1 The rise of digital and social media is changing the dynamics of HR and creating new ways of hiring, engaging, and retaining employees.
The Story Of Telling
“The best brands are built on great stories,”* this remark by Ian Rowden best captures the strategy of diligent brand building. Much more than attractive logos or the products themselves, what builds a brand is how successfully a story is woven around it. Brand marketers have to be good storytellers indeed.
Complexity Is Simpler Than You Think
Kay Kendall and Glenn Bodinson, authors of Leading the Malcolm Baldrige Way, shatter myths about excellence models such as Baldrige and EFQM.
Proponents of Isolation Never Become Victors
Multilateralism in the political and economic space has always led to frameworks that favor the mighty. WTO was no exception. With agriculture kept out of its purview, it could never become a truly fair and free trading system. China was the only large emerging economy that exploited relative openness in low-cost manufactured goods to take full advantage of the system. Other emerging economies could at best garner minor gains.
A History Lesson (From Year One) for Trump and the Brexit Crowd: Isolationism Has Never Worked!
Professor Stephane Garelli on growing isolationism.
A Win-Win Game
Business is not a sport where some stakeholder has to lose or fare badly for others to do well. Building an atmosphere of trust and transparency between all stakeholders will help companies retain them even during adverse times.
A Sustainable Model
With a total market value of $4.3 trillion and an employment base of at least 1.3 million direct employees and millions of others indirectly employed, platforms have become an important economic force.*Companies today are constantly looking for ways to build platforms—Infosys Ltd announced its plans of monetizing its platforms to make them a $2 billion business by March 2021. But are all platform businesses successful?
Custom Made
…three in four consumers said they receive too many emails from brands, and one-fifth said they could not handle the current volume…69 per cent have ‘unfollowed’ brands on social media, closed their accounts or cancelled subscriptions.*In these times, when the market is flooded with products and services, the most efficent way to engage customers is to offer them customized content. To achieve this, brands need to focus on observing the nuances of individual preferences.
