70% of strategic failures are due to poor ____? What is more important, Strategy or Execution?
I believe strategy and execution are equally important but we tend to fail more within the execution phase. Research suggests that most strategic failures occur because of poor execution. Think about this perspective, in school we are taught how to develop strategy, how to research, and how to interpret theory but we rarely focus on how to execute or on the application of the improvement we are trying to accomplish.
Why is execution so challenging? Some experts in this space have identified that we all are so afraid of failure that we put together robust strategies and even solid execution plans, but we it comes to discipline and accountability, the daily stresses of life and work erodes the energy we have to execute. How do you overcome this problem? FOCUS. There will always be more great ideas than we have the capacity to execute and if we focus on the daily issues and 7-10 goals, we end up accomplishing very little. But if we work on 1-2 goals and focus on quality execution, then we’ll have a higher probability of completing our goals.
So in short, both are important and in order to realize the benefit of the initiative, 1) a strong execution plan must compliment a strong strategy and 2) an intentional cadence of accountability must follow.
Just my thoughts.