Execution – it’s a key part of great strategy

You may have heard before that one of the reasons why a strategy doesn’t work is because of a poor execution. In order words, a strategy is great but an execution is not so much. This notion is just wrong. Execution is a key part of a good strategy. When a strategy fails, it’s because the whole thing fails.

Richard Rumelt (who wrote a great book called “Good Strategy/Bad Strategy”) suggested that good strategy has 3 key components namely – a diagnosis of a situation, a guiding policy, and coherent actions. The last bit, the coherent actions, is the execution. What’s the point of having a strategy if you don’t plan to execute it right?

I just finished the second round of a book called “Who says elephants can’t dance” by Louis Gerstner. And this quote is brilliant – “Execution is really the critical part of a successful strategy. Getting it done, getting it done right, getting it done better than the next person is far more important than dreaming up new visions of the future”.

When look at your business, you need to identify the challenges you want to overcome. It’s the first step to create a good strategy. After you get the challenges right, coming up with the ways to overcome them with a clear set of action items would make a perfect strategy. It sounds simple. Unfortunately, not many business is able to do it.

Apivut @ SiB

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