Editorial Overview
Many Strategies Fail Because They’re Not Actually Strategies
Harvard Business Review | by Freek Vermeulen | November 08, 2017
This HBR article from 2017 argues that, “Many strategy execution processes fail because the firm does not have something worth executing.” Moreover, most strategic processes are mismanaged, too high-level and disorganized. Rethinking these initiatives can make all the difference.
Educate Your People
The article takes British toy company Hornby Railways as an example. In the early 2000s, the business very successfully switched their target from kids’ toys to collectibles geared towards (for the most part) adults. They clearly defined their target persona and reached them in an authentic and transparent manner. Their strategy included three simple and to the point action items: 1) make the perfect scale model (rather than toys); 2) for adult collectors (rather than children); 3) that appealed to a sense of nostalgia.
Be Clear and Honest
Transparency to all levels of a company leads to fulfilled employees and united understanding of goals. Paramount to this is internally communicating strategies and instilling them in a way that the team will take it to heart. Strategies, like mission and vision, should be part of and inherent to the very nature of the team. Once every employee has bought-in to the company’s strategy, they will be the ideal front line of the business, representing the company to customers as loyal brand ambassadors.
Break It Down and Be Specific
But how to implement said strategy? Keep it simple.
- Breakdown the strategy into actionable goals and deliverables, i.e. into business quarters, so that there is a build-up to the final outcome that also allows business leaders to be agile and adjust as they go as they learn more.
- Use specificity and embrace your niche. Communicate the niche deliverables to your employees and customers. For example, if your product is to help your customer lose weight, state this specifically. This provides transparency and helps everyone understand the overall goals and strategy.
Dual Direction Internal Communication
The article quotes Stanford professor Robert Burgelman who said, “Successful firms are characterized by maintaining bottom-up internal experimentation and selection processes while simultaneously maintaining top-driven strategic intent.” Employees (especially in customer service and communications positions) are the front line to customers and prospects, and thus understand both. They are key to learning what is and isn’t working—because they hear it every day. Listening to them, and incorporating their learnings into the agile growth of the product/service and organization at large, is paramount to achieving success. At the end of the day, managers will do well to remember that they chose their team members for a reason, so they need to trust their team. Plus, diversity in viewpoints allows for better outcomes.
Don’t Fear Change
Key Takeaways
No company is the same so there are no templates for streamlining the strategic overhaul, but there are five key points to remember.
- Educate your people. A workforce that knows the direction of its company is a happy and fulfilled workforce.
- Be clear and honest. Transparency makes everyone feel good.
- Break down elements of your strategy into bite-size pieces. And be specific.
- Encourage insight and feedback from all levels of the company.
- Be ok with change. In fact, welcome it with open arms. Nothing will change if you change nothing.
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