Implementing strategies effectively are of great importance. The success of a strategy depends on how effectively it is implemented. Elucidate.
All good companies periodically critically evaluate their business plan, and develop their business strategy. Repeated evaluation on a regular basis is needed because of the dynamic, ever-changing and evolving business atmosphere and markets.
Implementation is the means to accomplish the strategy, and classically involves 6 areas of endeavor.
1. Action Planning: you must create a list of tasks, time lines for their accomplishment and required resources.
2. Organizational Structure: Is the company organizational structure capable of accomplishing the tasks? If not, what changes must be made?
3. Human Resources: Does the company have managers and workers with the skills needed to implement the strategy? If not, who should be recruited and how?
4. Business Plan: Does the strategy and implementation plan fit within the overall business plan? Does the business plan provide adequate financial support for implementation of the strategy?
5. Monitor and Control: Develop a mechanism to monitor and document progress in implementation. Provide a means of control.
6. Linkage: Unite and coordinate all aspects of the operation so that the right hand supports the left. Ensure that all components of the company act in concert, and preferably synergistically to implement the business strategy.
A business strategy is of no value until it is implemented. Implementation is to business as execution is to football. Both are needed for the company or team to thrive.