From Vision to Action – Translating Research into Strategic Business Roadmaps

Harvard Business School Professor Robert Simons states in his book, The Balanced Scorecard: Translating Strategy into Action:  “90% of organisations fail to execute their strategies successfully and that studies have shown that execution is continually rated as one of the most significant challenges by executives.” 

In a recent article posted by Harvard Business School, the 5 main reasons why business strategies fail are underpinned by:

Ineffective Workforce Allocation

Ineffective Risk Management

Vague Strategic Goals

Lack of Organisational Support

Imbalance of Innovation and Control

The findings presented in the Harvard Business Review highlight a concerning trend: a staggering 85% of executive teams allocate less than an hour per month to discuss strategy. Moreover, the research underscores a significant gap in employee comprehension regarding their company’s strategic direction. Harvard underscores the complexity inherent in effective business strategy, emphasising that success relies on the harmonious alignment of numerous interrelated components.

Navigating this complex terrain demands that business leaders establish clear objectives and craft a purposeful, actionable, and adaptable plan. However, the challenge extends beyond merely identifying a starting point; it involves defining goals and outlining strategies to achieve them, tasks rife with complexity and uncertainty.

Meanwhile, the internet is inundated with articles and statistics highlighting businesses formulating strategies without adequate data. Conversely, some companies, despite having access to vast data resources, neglect to analyse it thoroughly and create meaningful roadmaps for integrating new business strategies across their organisations.

Attempting to grow a business without a solid foundation of customer research and analysis is akin to traversing a minefield blindfolded, unable to ascertain whether employees truly align with the business strategy.

In today’s dynamic market, businesses must ground their strategic goals in comprehensive data analysis to maintain competitiveness. Moreover, within large-scale enterprises characterised by intricate hierarchies, shareholders encounter difficulties identifying which business units struggle to grasp and implement the overarching strategic vision.

To address this disparity, business decision-makers must translate research analysis into actionable insights, thereby crafting strategic roadmaps. Subsequently, implementing employee training and engagement initiatives becomes pivotal in ensuring alignment among all stakeholders with the established vision.

True long-term success in business strategies hinges on the harmonious operation of various facets, including branding, customer relations, and employee engagement. Through this cohesive collaboration, businesses can achieve sustainable growth and resilience.

At ReAct, we have helped teams achieve ongoing business strategy success, not only at the management and sales levels but also extending on a large scale right through to the retail shelf edge. Our approach focuses on achieving customer centricity through comprehensive stakeholder research and analysis, examining the entire brand journey, and closing the loop by aligning employees with the business vision through targeted engagement assessments and programmes.


To learn more about ReAct Insights’ approach to customer centricity follow us on LinkedIn or get in touch today.

Sources:  

How to Formulate a Successful Business Strategy
Harvard Business School
https://info.email.online.hbs.edu/strategy-formulation-ebook