Strategy Development 
But the real challenge for most of you is understanding why a good business strategy failed. No matter what way you look at it, a good business strategy seems to have all the keys in place for success. Results might not live up to your expectations.
You’re probably not looking in the right place. It’s not your business strategy that needs dissecting, it’s your execution of it. Here are some of the top execution mistakes that can lead a good business strategy to fail.
Overlooking your data
A good business strategy outlines some specific, measurable key performance indicators (KPIs) that can help you monitor your progress towards success. But putting them in your plan and actually using them to inform business decisions are two different things.
Partner with us to help you outlined specific goals for your business strategy and several corresponding metrics for each goal. Set up procedures for analysis (monthly, quarterly, etc.) and use these insights to make changes to your strategic plan where necessary.
Focusing on the wrong data
Just as you can easily ignore your data, it’s also easy to spend too much time focusing on specific data points that don’t paint a complete picture of performance. Hard numbers aren’t the only indicators of successful strategy execution.
It’s common to think of growth numbers as your one true metric of success. But it’s easy to stray away from important elements of your business strategy while maintaining positive growth.
Failing to implement an everyday strategy
Most business leaders identify key systems that need to be put in place to implement a business strategy, make changes at a high level, then walk away assuming the day-to-day operations will fall into place as well.
Gaining insights and making even small changes on the everyday level has a bottom-up effect that can help empower your business goals even more. Not to mention, it’s much more cost effective than just throwing money at a problem until it solves itself.
Fixing what doesn’t need fixing
Maybe you’ve developed a new business plan that’s radically different from your old one.
While you needed to make a lot of internal changes to achieve this, but it wasn’t necessary to completely reorganize the business structure and processes. Instead evaluate the strengths and weaknesses of different teams and business initiatives. Then make necessary changes.
Your business likely already has a work culture with some effective elements that just need tweaking. Remember that it’s possible to drive massive change and success without cleaning the whiteboard and starting from scratch.
Inability to adjust
Contrary to popular belief, succeeding with a good business plan rarely involves sticking to it 100%. Your work environment, consumers, market, and other elements all change rapidly. An approach that was relevant when you first drafted your business plan might not be as effective a few months down the road.
A good business strategy should be a template that you use to guide decisions. Then you can rely on your quantitative data and qualitative insights to drive decisions as you progress. Adjusting to changes or new insights is all a part of building and adapting an effective business strategy. Think of these changes as opportunities instead of failures.
The bottom line
Building a strong business strategy is only half of what you need to succeed. Strong, sustainable business growth comes from an effective plan, proper execution, analysis and adjustment as you go.
Partner with us for successful strategy implementation and sustainable results.