Strategy and execution represent the two sides of one and the same thing.
The problem is that things are changing so fast these days, so what is the point of executing a poor strategy, and similarly why to waste valuable resources and time to form a strategy that is never implemented. So here comes the classic chicken and egg debate in strategic planning arena. Strategy or execution: which one is more important?
- Strategy and execution - represent the two sides of one and the same thing. There is no good strategy without an execution and there is no good execution to a bad strategy. The real strategists are also able to lead the change by themselves and adopt based on situations. And “Good strategy" is based on theories applied by great leaders in the industries. Its execution lies on the wisdom of the leader in applying it with considerations on the specific needs, conditions and goals of the organization. Hence, good strategies are good because they can be executed efficiently and effectively.
- These days strategy steers execution and execution directs strategy – the evaluative approach. The strategy is becoming more a living entity of strategy and execution, moving from the conventional approach of strategy plus execution to an evaluative management of iterative approach, the organization requires changing the underlying management practices and values that drive performance and organization agility.
- Execution is time-critical, but you can’t have smooth execution without the solid strategy. Execution has seemingly increased in priority as a result of the rising frequency of change and turbulence today blurring the distinction between strategy formulation and execution. Many business leaders think they’d rather have great execution than superior strategies, but If you execute the wrong strategy, it is not going to get you where you want to be, on the other hand, if you have a great strategy. But fail to implement, it will also not lead you to the Promised Land either.
- An organization must have strategic agility. Strategy and execution are composite; one is useless without the other. The challenge is that the environment changes so fast nowadays that your strategy must be very flexible. Therefore, you need to have a strategy before execution, but it must be an agile strategy, Making this change requires a more fundamental and effective approach. It starts with creating a working environment that requires the change to take place.
- Both strategy and execution are the two equally important facets of the same coin: In order to reap the success in the business, a clear and concrete strategy is needed for proper execution. Key Quotes include:
- Strategy is associated with analysis; and execution with getting things done
- Execution is producing results in the context of those strategic choices
- You cannot have good execution without having good strategy
- The quality of your Execution depends a lot on the quality of your Strategy
Conclusion: While the Strategy is oriented to the future and the decisions are taken by few, Execution is oriented to the present and the decisions are taken by many. both Strategy and Execution are important and vital to the business. When your business is not executing well, take a look at your Strategy.