9MAY 2024Transparent AccountabilityI've seen many companies with aspirational plans supported by lengthy strategic documents and slides that are very impressive on the surface, but ultimately fail to produce the desired results. In strategic plans that I inherited, the average percentage of accomplished initiatives at the end of the planning period was just over 50 percent - a failing grade! It's great to be aspirational, but the strategic objectives need to also be achievable. Transparent accountability is the key to ensuring that the plans are not just PowerPoint fantasy sitting in a binder to death on the shelf. Strategic objectives should be supported by goals and specific strategic initiatives that align with the Vision of the organization and define ownership at the most granular level possible. I like to utilize a RACI framework where responsibility and accountability are assigned for all aspects of an initiative, along with the determination of which parties need to be consulted and informed. This helps to ensure that accountability is clearly defined and provides transparency around the time and efforts needed by teammates to make the accomplishment of each strategic initiative a reality. Once the RACI is defined for all strategic initiatives, make sure their achievement is incorporated into each employee's performance objectives for the year. Upon completion of the strategic plan, it's important to roll it out across the entire organization. Every employee should know how what they do daily aligns with the strategic objectives of the company. If you build the strategy with input from a diverse set of employees throughout the company and communicate it back effectively, the benefits from joint ownership and transparent accountability greatly influence your ability to achieve the desired results. Strategy updates then become part of the company's DNA in embracing and adapting to changes collaboratively.Rigorous Execution­Make it Real!Once the strategic plan is aligned, documented, and communicated with transparent accountability, it's all about execution. In this case, two out of three is bad as many well-intentioned, documented plans fail because of excuses and rationalizations around execution. To avoid this, I have always relied on the saying `what gets measured, gets done.' Strategic initiative scorecards are a great tool for reporting progress on each initiative. Don't try to boil the ocean; just focus on the key `metrics that matter' related to the success of each strategic initiative. I recommend monthly, more granular scorecards in business review meetings with senior management and executive summary-level quarterly progress reports to the board of directors.Project management also plays a critical role in making it real and ensuring execution with excellence. A strong enterprise project management office (EPMO) helps to ensure strategic initiatives have realistic deadlines due to resource capacity, resolve potential conflicts between competing projects, and proactively raise issues for timely resolution. Be careful not to have employees who work in the business line also manage the strategic initiatives. Many strategic projects fail because the line personnel are too busy to do both or not qualified to professionally manage multiple stakeholders across the organization. A separate, small EPMO team comprised of certified project management professionals (PMP) will help ensure the success of your plan. So, let's keep those strategies off the shelf and make them real, because as we know all too well - hope is not a strategy! A strong enterprise project management office (EPMO) helps to ensure strategic initiatives have realistic deadlines due to resource capacity, resolve potential conflicts between competing projects, and proactively raise issues for timely resolution
< Page 8 | Page 10 >