Research: Implementing strategic plans for businesses

Strategy implementation involves activities and decision-making mostly for the first time in the organisation. Therefore, time estimation for their completion involves considerable newness and uncertainties for which certain allowance of error has to be catered for. Most organizations use their own thumb-rules for making allowance for such time-estimation errors. As such errors occur in a random fashion, there is some chance that the errors may also be of random nature and may get neutralised.

Planning implementation timetable

Designing key success indicators in order to monitor the implementation of the strategic plan

Strategy implementation requirements are described in the Plan Implementation Document. The requirements of all organisational teams, involved in strategy-implementation, must be assessed and analyzed to provide proper support to them and to allocate the required resources.

The following aspects need detailed analysis at all levels and final approval by the top management in the organisation.

a) Feasibility for mobilization of required resources within the available time frame: The Plan Implementation Document provides information of resources required for the implementation of the proposed strategy in the suggested time frame. But confirming the feasibility of making the required resources available to different organizational units within the required time frame is very essential before going ahead with strategy implementation.

b) Allocation of Finances: Timely allocation of funds is very essential in the success of strategy implementation, as small delays can get compounded together. Therefore, funds requirement should be compiled on a quarterly basis; and funds may be provided little ahead of the start of each quarter.

c) Allocation of Human Resource: The Human Resource, unlike the financial resources can not be made available whenever required. This has a uniqueness because persons are required with a different set of qualifications, capabilities and experience. Such people are not readily available in the market. Therefore, adequate time is required for their recruitment, selection, induction and physical positioning for starting giving the desired performance.

d) Allocation of Materials, Equipment & Machinery: Like the human resource, materials, equipment and machinery have to be decided, decided, ordered and procured from different sources across the world. After receipt, these need packaging, installation, checking & inspection, and initial trials & running before being declared fit for usage.

e) Estimation of Time Required: Strategy implementation involves activities and decision-making mostly for the first time in the organization. Therefore, time estimation for their completion involves considerable newness and uncertainties for which certain allowance of error has to be catered for. Most organisations use their own thumb-rules for making allowance for such time-estimation errors. As such errors occur in a random fashion, there is some chance that the errors may also be of random nature and may get neutralised.

Analysing potential risks during implementation

There are a few reasons often put forward to analyse the potential risks during strategy implementation. These reasons include:

• • Inadequate managerial skills at middle and operational levels of management; Most of the managers have experience in planning but do not have much experience in strategy implementation
  • Poorly defined responsibilities; Everyone in a team must know exactly what they are meant to do and when it should be done
• • Insufficient authority and powers; Before a strategy can be perfectly implemented, the executors need to have adequate authorities and power to make it work
• • Lack of coordination; Every-thing does not always go as planned. When things go wrong, managers must be able to handle the issues and coordinate what happens
• • Insufficient budget allocation in the beginning; Resources in this cause is not the monetary needs. There must be enough time, personnel and money to execute a project
• • Resource-critical activities not identified at the start of work; Before a strategy is implemented, needed resources are always projected. But most times, critical needs come up. There must be provision to cater for those excesses and ensure it doesn’t affect the overall project
• • Weak leadership; When the leadership of a strategy is weak, execution will be affected. Leaders must be disciplined, resilient and focus in achieving their objectives
• • Unclear success matrices; Before a strategy is implemented, there must be clearly written milestones so everyone knows what will be celebrated.

About the Researcher

Lanre Ogungbe is a Business Development Strategist who is delighted in thinking about abstract ideas and writing on a variety of subjects.