Common Strategy Shortcomings

September 4, 2018

Once your strategic goals are in place, it’s time to build your plan. Gather your team and dig deep to decide what needs to happen to achieve the goals that will grow your business.

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1. Choose Your Players: Pick the right team members to implement your strategic initiatives.

2X the average cost of one year's salary is paid by companies per employee turnover

66% of HR organizations develop strategy separate from the organization's strategy

2. Get Your Team on Board: Show your team the value of your new strategic plan.

40% of managers blame implementation issues on a lack of employee alignment

15% of middle managers attempt to anticipate and avoid problems

3. Find Your Go-To Person: Assign one person to ensure that implementation is done correctly.

1 of 4 organizations lose sight of company strategy when responding quickly to issues

38% of implementation problems are only resolved after a significant delay

4. Educate Your Doers: Give your team the knowledge they need about the overarching strategy.

15% of team leaders understand corporate priorities

$62.4 million lost yearly for U.S. businesses due to inadequate communication to employees

5. Study Your Plan: Determine the effectiveness of your plan at each stage.

9 of 10 companies don't track key performance indicators to tell them how well they're doing

3rd highest reason strategic plans fail is the use of the wrong measures

Creating a business strategy is a vital part of business growth. To learn how you can build the clear path needed to grow your business, take a look at this Strategy Session article.