Most companies have unique strategies that are designed to generate wealth by combining your strengths with available resources. Strategic managers plan products and services to meet current and anticipated market trends. The strategic implementation process involves putting these plans into action. Implementation processes are as varied as strategic plans, but certain strategic business techniques recur in many individual business strategies. To choose the best strategy implementation process, determine your business’s short- and long-term goals, prioritize those goals, and identify certain measurable criteria that will help determine your strategy’s level of success.
A short-term strategic implementation process supports the long-term strategy. For example, a company might have a long-term strategy that involves a 30 percent revenue gain over five years and a short-term strategy that involves a 0.5 percent sales gain each month for the next three years. months. Short-term implementation requires a lot of communication and physical coordination of employees working on tasks. Each completed task moves the business towards the completion of strategic objectives.
Every strategic implementation process must have objectives with measurable activities and results. Examples of measurable results include total sales, customer satisfaction ratings, productivity and expense reduction. Business managers use these measures to assess and track team members and to ensure that departments and teams stay on track as they work toward strategic goals.
Many business strategists choose to use prioritization as part of the strategy implementation process. Strategists order short-term tasks according to what the company values and what is most important to the overall strategic objective. Companies that are trying to increase sales will have different priorities than companies that are trying to cut costs, even though both companies may have the same tasks in their short-term set of goals.
In business, the term “cascade” refers to the process of linking short-term goals to long-term goals. This is the inflection point of the strategic implementation process, where business activity and the environment begin to resemble what was outlined in the strategic plan. The process is called a waterfall because the measurable goals merge to create a set of long-term, integrated goals. When choosing how to implement a strategic plan, many executives also determine when and how to recognize cascading milestones.
Functional tactics are the routine activities that create a physical reality from the ideas written in a strategic plan. Finance, marketing, production, human resources and operations execute functional tactics that must be managed taking into account the priorities of the strategy implementation process. Strategists assess the company’s chain of activities to determine which employees must perform specific functional tactics related to implementing the strategic plan.