Companies with communicated visions have higher revenue growth, higher productivity, and lower project costs (Source: University of Maryland). As Thomas Edison said, “Vision without execution is hallucination.” However, 95% of workers are unaware of their company’s strategic business objectives; thus, they do not know how they can help achieve success for their company (Source: Kaplan & Norton’s Balanced Scorecard).
Organizations need both strategy and execution; yet, many confuse the two. Larry Bossidy, author of Execution, says 20% strategy and 80% execution.
The strategy needs to:
· Challenge the existing (Don’t just “eat off the menu”)
· Show that common sense have been vigorously applied
· Provide simple, steady process
· Eliminate costs continuously
· Be better, not perfect
And at an employee level,
· Explain how they are a critical “cog in the wheel”
· Reward for mothership vs. department (or individual?)
· Align to a compelling long term vision/value
Without strategy, execution is aimless. Execution is the missing link between the aspirations and the results.
Does your organization execute your strategy?
