Now that you’ve determined your vision, assessed your strengths & weaknesses and selected the strategy that you want to use to reach your vision, it’s time to actually implement the strategy. Surprisingly, this is where most businesses will fail, and likely where many people will give up on their pursuit of financial freedom.
The main reason businesses fail to implement their strategy effectively is that they don’t get buy-in from their employees and they don’t align individual goals with long-term corporate goals. In order for a long-term, ambitious strategy to succeed, everybody has to know what the strategy is, be on board with the strategy and be working towards the strategy, whether they even realise it or not. In order to do so, companies use various policies and procedures to ensure success. These include things like strategic controls & reward systems.
In order for a company to ensure everybody is on board with a given strategy, they usually follow the 3 C’s of strategic implementation. [Read more…] about Business Life Part IV: Implement the Strategy