18.) Strategic Alignment Beats the Competition
How much time and energy do you spend thinking about how to add new features to your products and services?
How much of your budget is spent on sales and marketing activities?
How big is your product development portfolio?
My experienced guess is that your answers to these questions is ‘a lot’ or ‘significant’ or ‘a bundle’ or in some cases ‘way too much’
Now here’s another question for you:
How much time and effort do you spend on your strategy execution system?
Now if your answer is: ‘not much’ or ‘not enough’ or worse yet ‘what’s that?’ then you are missing a BIG opportunity to increase your competitive advantage and in a HARD TO COPY way.
According to a study published in the Harvard Business Review, the #1 blockage to strategy execution is that people are not clear on the actions to take and the decisions to make that support the strategic plan. And it’s #1 by a big margin.
So doesn’t it make sense that you should start by removing that obstacle?
If you don’t, all the resources that you have committed to your strategies will be sub-optimized. You will not get the full bang for your buck.
Here are your three take-a-ways:
- Start and start today at formally and systematically aligning your people’s accountabilities, actions to be take and decisions to be made.
- Start with the leadership team. If the leadership team is not aligned, the wobble that it causes gets much worse in the rest of the organization.
- Do the alignment as teams. EVERYONE, at ALL levels need to understand who is supposed to be doing what.
Make it happen…..out execute the competition