These accelerators are described as key capabilities needed to win today and tomorrow in terms of strategy execution.
Strategy Execution is more difficult due to its complexity and the culture or resistance. The top reason why strategy implementations fail is because they were not actionable from the get-go. How to identify the appropriate accelerators for expediting strategy execution. It's crucial to address common barriers to strategy execution, such as unclear strategic thinking, lack of consistent support from leadership, too many strategic initiatives, and failure to manage change effectively. It's important to identify the right accelerators for expediting business strategy execution.
Know your people: Live the business, stay in touch, and don't rely on information only, as information could be outdated or comes from different sources. Finding and building the right team and empowering them to implement the strategy. This involves understanding your team, their strength and weakness, and maintaining direct connections with the business operations. A strategy implementation team should be built with great people who can drive changes efficiently, break the resistance of people and encourage them to accept new changes.
Insist on realism: Identify and act on weaknesses in the organization. This accelerator emphasizes the importance of being honest about organizational challenges and addressing them proactively.The most 'dangerous' weaknesses are those you're completely unaware of. In addition to knowledge, a good professional should be able to exploit what he/she knows; a high performance team needs to complement each other's skills, not only use their strength to unlock business potential; but also strengthen their weakness to accelerate strategy execution.
Act on a priority list: Focus on no more than 3 or 4 strategic priorities. This helps in maintaining focus and avoiding the common barrier of having too many strategic initiatives. Insightful business management pivots between the external and internal drivers, frames a systematic strategic change agenda that addresses all the corporate priorities, reaps some quick wins and also focuses on the long-term strategic goal of the business appropriately.
Follow through: Digital organizations are flatter, to close the accountability gap by improving cross-functional collaboration, accountability is conducted inward, in that the team respects and supports all team members while successfully completing the work. If one is accountable for a certain result, the individual has to be empowered. Of course, that does not happen all the time. Make sure people know who will act on decisions and when. This accelerator emphasizes clear accountability and timelines for strategic actions.
Appropriate rewards: People management has the most power and potential to impact an organization's future when it drives bifurcated strategy-strategic and operational aspects of change. Reward people doing boundary-crossing work across functions and geographies. This aligns with avoiding the barrier of inappropriate rewards that focus only on short-term success. Reward innovation, not mediocrity; reward effective problem-solving rather than symptom fixing; reward learning agility, not stagnation, etc.
Take up a coaching role: This is described as the best way to build talent and pass on insights and experience. It involves leaders actively developing their team members. Work on priorities and options in your personal strategic plan: Commit to taking stock and not hitting a wall. This suggests the importance of personal strategic planning for leaders and full engagement for the team members. The goal is to build a high performance team for producing better than expected results.
These accelerators are described as key capabilities needed to win today and tomorrow in terms of strategy execution. They focus on leadership practices, organizational focus, and talent development rather than external programs or services typically associated with startup accelerators.
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