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Make Strategy Work by implementation!
You are invited to listen to the Thomas Group’s panel discussion on making strategy work from a Retail perspective. The discussion was built around Dr. Hrebiniak’s recently released book, Making Strategy Work.
Without effective execution, no business strategy can succeed. Unfortunately, most managers know far more about developing strategy than about executing it -- and overcoming the difficult political and organizational obstacles that stand in their way. In this book, leading consultant and Wharton professor Lawrence Hrebiniak offers the first comprehensive, disciplined process model for making strategy work in the real world. Drawing on his unsurpassed experience, Hrebiniak shows why execution is even more important than many senior executives realize, and sheds powerful new light on why businesses fail to deliver on even their most promising strategies. Next, he offers a systematic roadmap for execution that encompasses every key success factor: organizational structure, coordination, information sharing, incentives, controls, change management, culture, and the role of power and influence in your business. Making Strategy Work concludes with a start-to-finish case study showing how to use Hrebeniak's ideas to address one of today's most difficult business execution challenges: ensuring the success of a merger or acquisition.
Sample Chapter - 118 KB -- Chapter 1: Strategy Execution Is the Key
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1. Strategy Execution Is the Key.
Execution Is a Key to Success
Making Strategy Work Is More Difficult Than the Task of Strategy Making
Sound Execution Is Critical-A Focus on Making Strategy Work Pays Major Dividends
Managers Are Trained to Plan, Not Execute
Let the "Grunts" Handle Execution
Planning and Execution Are Interdependent
Execution Takes Longer Than Formulation
Execution Is a Process, Not an Action or Step
Execution Involves More People Than Strategy Formulation Does
Additional Challenges and Obstacles to Successful Execution
Wharton Executive Education Survey
The Results: Opinions About Successful Strategy Execution
Poor Execution Outcomes
Making Sense of the Data and Going Forward
The Execution Challenge
Having a Model or Guidelines for Execution
Strategy is the Primary Driver
The Power Structure
Coordination and Information Sharing
Clear Responsibility and Accountability
The Right Culture
Controls, Feedback, and Adaptation
The Next Step: Developing a Logical Approach to Execution Decisions and Actions
2. Overview and Model: Making Strategy Work.
Common vs. Unique Execution Solutions
A Need for Action
A Model of Strategy Execution
Need for Integration
Executing Business Strategy
"Demands" of Business Strategy
Integrating Strategy and Short-term Operating Objectives
Incentives and Controls
Context of Execution Decisions
The Execution Context
The Organizational Power Structure
The Leadership Climate
Need for a Disciplined Approach
3. The Path to Successful Execution: Good Strategy Comes First.
Is the Impact of Strategy Overrated?
Issue #1: The Need for Sound Planning and a Clear, Focused Strategy
AT&T: Bad Corporate Strategy?
Issue #2: The Importance of Integrating Corporate and Business Strategies
The Role of the Business Is Unclear
Inappropriate Performance Metrics
Battles Over Resource Allocations
Assessments of Business Performance Create Additional Problems
The Strategy Review
Issue #3: The Need to Define and Communicate the Operational Components of Strategy
Integrating Strategic and Short-Term Objectives
Need for Measurable Objectives
Issue #4: Understanding the "Demands" of Strategy and Successful Execution
Developing the Right Capabilities
The Demands of Global Strategy
A Final Point
4. Organizational Structure and Execution.
The Challenge of Structural Choice
Johnson & Johnson
Citibank and ABB
The Critical Structural Issues
Structural Issue #1: Measuring Costs and Benefits of Structure
Structural Issue #2: Centralization vs. Decentralization
Structural Issue #3: The Strategy-Structure-Performance Relationship
5. Managing Integration: Effective Coordination and Information Sharing.
The Importance of Integration
Royal Dutch/Shell Group
Interdependence and Coordination Methods
Types of Interdependence
Coordination Processes and Methods
The GE "Work Out"
Facilitating Information Sharing, Knowledge Transfer, and Communication
Creating, Using, and Sharing Knowledge
Methods, Tools, or Processes for Information Sharing
Informal Forces and Information Sharing
Additional Informal Factors Affecting Information Flow and Knowledge Transfer
Clarifying Responsibility and Accountability
Responsibility Plotting and Role Negotiation
6. Incentives and Controls: Supporting and Reinforcing Execution.
Role of Incentives and Controls
Incentives and Execution
A Basic Rule: Don't Demotivate People
Reward the Right Things
Controls: Feedback, Learning, and Adaptation
The Control Process
Develop and Use Good Objectives
Reward the Doers, the Performers
Face the Brutal Facts Honestly
Clarify Responsibility and Accountability
Controls Require Timely and Valid Information
Leadership, Controls, and Execution
The Strategy Review: Integrating Planning, Execution, and Control
Step 1: Strategy Formulation
Step 2: The Execution Plan
Step 3: Initiating the Control Process
Step 4: Cause-Effect Analysis and Organizational Learning
Step 5: Feedback and Change
Step 6: Follow Up and Continue the Process
7. Managing Change.
Managing Change: A Continuing Challenge
Steps in Managing Change
A Model of Change and Execution
Components of the Model
Relating Change to Execution Problems
Other Factors Affecting Change
8. Managing Culture and Culture Change.
What Is Culture?
Culture is Important for Execution
Culture is Not Homogeneous
Culture Affects Performance
Organizational Performance Affects Culture
A Model of Culture and Cultural Change
The Top Line: The Effects of Culture
The Bottom Line: Changing Culture
Rule 1: The Reasons for Change Must Be Clear, Compelling, and Agreed Upon By Key Players
Rule 2: Focus on Changing Behavior-Not Directly on Changing Culture
Rule 3: Effective Communication is Vital to Culture Change
Rule 4: Adequate Effort Must Be Expanded to Reduce Resistance to Change
Rule 5: Beware of Excessive Speed
9. Power, Influence, and Execution.
A View of Power and Influence
Strategy and Environment
Problems or Dependencies
Uneven Resource Allocations
Internal Dependencies and Power
Using Power and Influence
Coming Full Circle: Conclusions About Power
Power and Execution
Define Power Bases and Relationships
Form Coalitions or Develop Joint Ventures with Those in Power
Focus on Value-Added, Measurable Results
A Final Note on Power: The Downside
10. Summary and Application: Making Mergers and Acquisitions Work.
Making Merger and Acquisition Strategies Work
Why Focus on Mergers and Acquisitions?
Why Do So Many Mergers and Acquisitions Fail or Founder?
Using the Present Model and Approach to Execution
Cultural Integration in M&A
Business Strategy and Short-Term Objectives
Incentives and Controls
Managing Culture and Culture Change
The Critical Role of Leadership