Purpose – In business, the statistic that nine out of ten strategies fail has gone viral over the last couple of years. A prime reason for this is that leaders are under intense pressure in the current economic conditions to deliver on their strategy promises to shareholders. This article offers advice on how to execute a successful strategy within your organization. Design/methodology/approach – Gives advice for businesses that are trying to implement their next strategy, highlighting the importance of learning from past mistakes and making the right choices. Findings – Leaders must recognize that strategy implementation is extremely difficult and that they habitually underestimate its challenges. They perceive crafting strategy as the harder challenge and therefore by default blame the toughest area when it fails. Executing strategy, however, is just as tough as crafting the right strategy. Practical implications – Provides tangible strategies that managers can adopt to enhance the effectiveness of their business strategy. Originality/value – This article offers sage advice on how to implement a successful strategy, focusing on some of the trends that will start to appear over the next few years.
Strategic Direction – Emerald Publishing
Published: Aug 23, 2011
Keywords: Management strategy; Leadership; Implementation