According to The Economist, 57% of all strategy implementation fails whereas in a study from Aalborg University showed that the numbers were 70-90% …Bain claims 87,5%.
Why? Has strategy become a 'wicked problem' instead of a 'solution for action'? And what are the consequences in a market that change even faster due to COVID-19 than a company is able to comprehend within its strategy?
This challenge can feel like changing a broken engine on an aircraft in the air …but let’s have a look at the ‘strategy approach’ instead of the ‘strategy’ itself.
Too many problems are attempted solved by a small group of people around a table – often with external advisors. But no one can be experts in a world that is constantly changing.
Historically, organizations have never before been such well-educated so why not make the most of this knowledge rather than seeking advice from external consultants who know ‘everything about strategy’ but 'nothing about your organization'.
We believe that the support of employees and managers is crucial to successfully handle a challenging future. When there is a lack of buy-in, commitment and alignment, people do not proactively make the right changes that are needed to adapt and execute the strategy.