Question

The "knowing-doing gap" is one of the big challenges of strategy. Some recent research has suggested that what makes companies exceptional is their ability to execute/implement their chosen strategy. Based on your reading of the book chapters and articles, identify some of the secrets of successful strategy execution.

Answer 1

Below are some of the secrets of successful strategy execution -

1. Firm needs to identify strategies and create a sequential execution process to ensure the strategy is executed accordingly.

2. The resources required at various phases of the strategy execution needs to be planned accurately and a buffer needs to be kept.

3. The dependency between tasks needs to be clearly established.

4. Risk management practices should be in place for unexpected scenarios.

5. Knowledge management should be done by capturing the documentation.