Strategy Formulation and its Successful Execution

Strategy leaders in an organization establish the vision and think, plan, and administer the operational activities. They play a key role in forming and enforcing a sustainable business strategy. Also, they boost the morale of the team.

Developing a strategy and driving its execution simultaneously has become the norm, given the pandemic situation. While all leaders have to do this, a few are experienced and good at it. We may find several next-gen strategy leaders who are competent at crafting a strategy but may lack the deep operational experience to realize the strategy. This could be a dangerous development for an organization’s growth.

So, let’s start with the basic definition of sustainability and understand its core dimensions.

HOW DO WE DEFINE SUSTAINABILITY?

The concept of ‘sustainable development’ refers to the development that meets the current needs without compromising the ability of future generations to address their needs, as expressed by the World Commission on Environment and Development.

When we talk about sustainability in terms of business, it incorporates the environmental, social, and governance (ESG) dimensions for an organization’s operations and performance. All exercises that can maintain or improve the organization’s capabilities to create a long-term value are included here.

A clear balance between strategy and its execution is crucial to witness success. There are many who rose to the top by taking big-picture roles while formulating a strategy. Strengthening the skills to formulate a winning strategy is the need of the hour.

throws light on this aspect, and helps to avoid dangerous biases. It discusses:

• a. Steps to craft the strategy goals

• b. Steps to execute the strategic goals

• c. Including sustainability to win in the long term