Summary:
Although approximately 88% of large organizations engage in strategic planning, as reported by Bain & Company, a survey by McKinsey reports that only 45% are “satisfied” with their strategic plans. If only 45% are satisfied, that means that more than half are not satisfied. Of the 45% satisfied, how many are actually happy with their plan?
This article points to Jay Galbraith’s 5 Point Star Model as a useful tool to use when executing your strategic plan. Strategy sits at the top of the star and follows with Structure, Processes/Systems, Rewards, and People.
Structure appropriately follows strategy because without structure strategy is doomed to fail. Processes/systems often gets misaligned because people tend to do what has always been done. Thinking outside the box can and often does get met with resistance because people are comfortable doing what they already know and change is stressful. Next, rewards should fit the level of performance. For example, when educators allow students to advance with only a 75% passing grade, they are setting their students up for unrealistic expectations when they enter the work force. Lastly, people are necessary to get the job done. Don’t underestimate the need for quality HR management.
Article Quote:
“The 5 Point Star Model is a great way to improve the execution of your strategic action plan and to create sustainability. now is the time to revisit your plan or create one. even if you think you can get by without one, let me ask you this final question: “Would you fly in a plane that had not filed a flight plan?” So if your life is worth a flight plan, then shouldn’t your business or organization be worthy of one as well?”
Link:http://www.gogreentoolshed.com/ensure-sustainable-execution-of-your-strategic-action-plan
The elements offered in Jay Galbraith’s model are valid and should be considered, however the execution of the plan also needs constant monitoring in order to course correct or to move quickly when opportunities arise. Keeping the plan in front of the eyes and on the minds of your entire organization will increase the chances for positive results.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/