Many great strategies fail to deliver any value for the simple reason that they never get implemented. This article discusses some of the barriers to organizational change and proposes six tactics that can help organizations get from an unimplemented strategy to an implemented one.
The author uses a case study of Blockbuster, Inc., which had more than ten years' notice of the need to change its operating model but was unable to do so and recently went into bankruptcy protection. The author then presents a series of lessons and examples for how companies can avoid a similar fate.
The key lessons from the case studies involve six tactics: having explicit 100 and 1,000 day plans for the strategy development and implementation process, respectively; having high expectations but separating aspirations from the budgeting process; communicating the strategy clearly and concisely; showing the necessary leadership commitment; making some quick moves to signal implementation of the strategy; and realigning the organization to fit the new strategy.
The key message of this article is that strategy does not create value unless implemented. Executives and advisers with responsibility for strategy need to devote as much attention to ensuring the strategy is implemented as they do to developing the strategy itself.
