What are the 6 steps for successful Strategy Execution?
The hardest thing about “Strategy” isn’t the planning phase but the execution phase. At a high level, the execution journey encompasses the following steps:
- Strategic Planning: This step involves clearly defining the strategy and creating an action plan to achieve it. It is important to consult with stakeholders and ensure that the strategy is agreed upon by all parties.
- Strategy Communication: It is crucial to share the strategy with the team and stakeholders to ensure that everyone is aware and understands the plan.
- Goal-setting: Specific, measurable goals should be identified and communicated to the team to ensure that progress is being made towards achieving the overall strategy.
- Tracking and Reporting: Establishing a tracking system and progress reporting process helps to ensure that progress is being made towards the goals and the overall strategy.
- Performance Management: Defining performance expectations and evaluating team performance helps to ensure that everyone is aligned and working towards the same goals.
- Rewarding: Recognizing and rewarding successful execution helps to encourage ongoing improvement and drive engagement towards achieving the overall strategy.
Why is strategy execution so important?
Strategy execution is so important because it helps organizations to achieve their goals and realize their full potential. By following a structured process, teams can work together effectively to execute the strategy and move the organization forward.
What's included in this Strategy Execution Template?
- 6x Focus Areas
- 12x Objectives
- 12x Projects
- 24x KPIs
Who is this Strategy Execution Template for?
This Strategy Execution Template is for leaders and teams in organizations who are looking to implement strategies that are executed successfully. It is a useful tool for guiding teams through the fundamental steps to ensure successful strategy execution organization-wide.
How is this Strategy Execution Template relevant to your organization?
This Strategy Execution Template is relevant to any organization that is looking to implement strategies and achieve their goals. By following the structured process outlined in the template, leaders and teams can work together effectively to execute the strategy and drive the organization forward. The template provides a clear roadmap for success, with specific actions and measures to ensure that progress is being made towards the overall strategy.
1. Define clear examples of your focus areas
Focus areas are broad categories used to group problems or challenging areas within your organization. Creating focus areas helps guide your organization on what areas are a priority to work towards.
An example of a focus area within the Strategy Execution Template is: Define Tracking and Reporting process.
2. Think about the objectives that could fall under that focus area
A strategic objective usually has to be specific and measurable to cause enough impact and effectively explain what you want to achieve.
An example of an objective within the focus area 'Define Tracking and Reporting process' within the Strategy Execution Template is: Establish tracking system.
3. Set measurable targets (KPIs) to tackle the objective
A KPI is a key performance indicator that is measurable and evaluates the success rate of an organization in relation to the task at hand. KPIs can be very industry-specific or broad and applicable across multiple industries.
An example of a KPI for the objective ‘Establish tracking system’ in the Strategy Execution Template is: Percentage of goals tracked.
4. Implement related projects to achieve the KPIs
Projects are ways in which the objective can be achieved, but more so, closely tie in with ways in which organizations can make sure they are working towards their KPIs.
An examples of a project within the Strategy Execution Template is: Implement tracking software and set up tracking meetings.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Make sure your strategy is front and center with Cascade. You can plan, execute, measure and adapt your strategy in one easy-to-use platform and make sure your strategic plan is connected to on-the-ground execution.
Use this Strategy Execution Template and launch your strategy in Cascade; it’s $0 forever.