Having a strategic vision is an essential part of running any successful organization. However, as a CEO or MD, it can be challenging to turn that vision into reality. It takes a lot of teamwork, organization, and planning to execute a strategic vision successfully. Below are ideas on how to turn your strategic vision into reality and achieve your company’s goals, from fresh research by Donald Sull.
- Develop a clear plan: This may seem like an obvious first step, but many organizations fail to have a clear plan in place when trying to execute their strategic vision. Begin with the key objectives of your vision and developing a roadmap for achieving them. Ensure that everyone in the company is well aware of the plan, and delegate responsibilities accordingly. MIT Sloan suggests “Limiting your objectives to a handful”- pushing you to prioritize your priorities and make crucial trade-offs between competing goals.
- Set realistic timelines: One of the most common reasons for failure when executing a strategic vision is unrealistic timelines. When setting your timelines, be sure to take into account potential obstacles and setbacks, and allow ample time for each stage of the plan. Remember that quality execution takes time, and rushing the process could lead to mistakes or oversights. “Focusing on the midterm”- According to MIT senior lecturer Donald Sull, priorities typically take three to five years to complete. Long-term goals are too abstract and annual goals are too tactical to provide meaningful direction.
- Communicate with your team regularly: Communication is key when executing a strategic vision. Make sure you are communicating regularly with your team to keep them informed of progress, changes, and updates. Encourage open and honest communication to ensure everyone is on the same page.
- Monitor progress and make adjustments: It’s essential to regularly monitor progress when executing a strategic vision. Create benchmarks and milestones to track progress towards your objectives. If you notice that you are falling behind or not on track to achieve your goals, be open to making adjustments to your plan. Flexibility is key when executing a strategic vision.
- Celebrate small wins along the way: Finally, celebrate small wins along the way towards achieving your strategic vision. Recognize and celebrate the small victories that contribute to your ultimate goal. Celebrating small wins not only keeps your team motivated but also creates a positive and dynamic work environment.
- “Align the top team”. Often, leaders fall short in this regard. Only 29% of managers could correctly identify three of their company’s strategic priorities after being given five chances, according to a survey of 302 organizations quoted by Sull.
Turning your strategic vision into reality can be a challenging and time-consuming process. But by following these tips, any CEO/MD’s can execute their vision successfully and achieve their company’s goals. Remember to develop a clear strategy, set realistic timelines, communicate regularly with your team, monitor progress, and celebrate small wins along the way. Read more about how CPC helped a company develop a fully documented strategy that helped them achieve a lift of 125% over the previous year.
No business should be without documented strategic and operational plans. It’s never too late to start planning. Start small and build your way up. Let’s get you started.