Executives will attest to the fact that business strategies often fail to deliver on their promises and objectives. Understanding the typical reasons for failure assists in pre-empting and addressing these, ensuring success instead.
Our work across multiple companies, industries and geographies over the last 25 years, has taught us that the three most common reasons strategies fail are:
- Not cascading the strategy to all employees in order to establish a common understanding and shared purpose, a mutual goal and a reason for coming to work.
- An inability to appropriately capacitate the aspirational state set by the strategy in terms of resources, time and funding. Either lower the aspiration or raise the resourcing.
- A lack of decisiveness paralysing an organisation and delaying the ability to achieve results. Make decisions and course correct if they are not good decisions.
While there are many more reasons why business strategies can fail, one or more of these three factors are often involved.
As a consulting firm, at MAC we strive to help businesses navigate these pitfalls and assist them in realising their strategies and full potential.
Contact MAC Consulting to ensure you evolve your strategy: firstname.lastname@example.org