These are the 3 biggest reasons a business strategy will fail.
Strategies are exciting to talk about, but executing a successful strategy is not easy to do. Even the most successful companies struggle to do it. Having a strategy and being able to fulfill it can be the difference between a business surviving vs thriving.
1. Lack of Commitment to the Strategy
New strategies require commitment to the strategy. Often employees need to apply new ways of working which can create pain-points within a business as the transition is occurring. Whether its adopting new technology or new procedures, it can be burdensome on the current way of doing things. People are not as adaptive as we would hope and changes can be challenging. Less than 10% of New Year’s resolutions last the full year. It’s a sad reality of how well we stick to change even when we declare we will.
Therefore, there needs to be an unwaivering commitment to the strategy. It is not just going to happen. There needs to be both positive and negative reinforcement, along with transparency so everyone is seeing the strategy progress. People want to be a part of positive changes. If the strategy is in the forefront more consideration will be taken with day-to-day actions. Then, once momentum begins to build, the likelihood to reach goals and fulfill the strategy increases.
2. Lack of Expertise
It’s hard to know what you don’t know. When it’s important to your business strategy; you need to seriously consider some expert assistance. There is no shame in asking for help, especially in today’s fast paced business environment. Teams are often are inexperienced in new initiatives and need to ramp up quickly. Leaving it up to them to seek new information. Research and learning can be time consuming and costly; especially if they make newbie mistakes. Also, it can be a distraction from other responsibilities. Often times things stall because someone is not sure what to do next or they are not confident to move forward.
Whether it be expertise in how to apply a new software, train on new sales skills, or expand into a new market, when you are exploring new territory learning from others who have experience can be hugely beneficial. It can boost your team’s confidence and get them excited about the new direction. Expert help to grow your business and to reach your strategy goals shows support toward the goals and a commitment to success. It also ensures the work is getting done. Outside help creates accountability. It helps your team make better decisions by having an expert on the team. It can get them set up and on track much more quickly.
3. No Roadmap
Lastly, a strategy is doomed without a roadmap or plan. Possibly, just as bad, is a high-level plan that doesn’t have documented details behind it. It just leaves way too much to chance. Ultimately, when companies make strategic shifts they don’t typically happen by accident. They happen due to a series of well thought-out steps taken systematically to achieve the results. They call it a strategic roadmap. It might include testing and analysis to guide the plan, but it is a detailed plan that considers all the time and resources necessary. The important part is making sure the plan has attainable goals. Make sure it includes an account for all the time and resources needed to fully execute it. Unexpected pitfalls can cost extra time and money and completely derail your strategy. So it has to be well thought-out. There needs to be realistic understanding of everything it will take to execute the strategy. This is an important component to executing a strategy.
