A lot of companies are struggling to bridge the gap between the corporate strategy and its execution. A problem with most such companies is that they aren’t asking themselves these crucial questions or answering them holistically. The first such question is whether the company is clear in which way it wants to add value to the marketplace. The next is the unique capabilities in which they are better than the rest. Defining how these myriad capabilities work together is the next. Then there is the matter of those capabilities reflecting in the strategy documents. The company should also understand the “sweet” spot behind its product or service. A crucial point often missed at this stage is the ability to leverage such abilities. Another question is on whether employees concerned can collaborate on disparate capabilities. Finally, one needs to realize whether the leadership is truly good at reinforcing those capabilities. In order to forge together a culture of accountability, companies must actually curate together an executive team to look into such questions, instead of the usual incremental, financial approach towards strategic planning. Similar to annual employee surveys, pulse interviews must be conducted to involve more people into discussion on such matters. Lastly, the board must get involved as they would have the longitudinal sustenance to think through long-term ideals.

Source:https://hbr.org/2017/11/8-tough-questions-to-ask-about-your-companys-strategy?utm_source=twitter&utm_medium=social&utm_campaign=hbr

Uploaded Date:13 December 2017