At The High Companies, our strategic implementation involves many activities as described above; however, there are three processes that have significant impact:
1. Capital Budgeting Process
2. Cascading Objectives / Performance Planning Process
3. Policy Deployment
The capital budgeting and performance planning processes both specify how the company will utilize its two most valuable resources to accomplish its goals. They also help the management teams understand how much can be accomplished in a specific time period.
Policy Deployment (PD) gets into the tactics and operational plans of the strategy implementation. (PD) Initiatives are developed that will yield the financial and market results in a 3-5 year time period and support the strategy. These initiatives are assigned goals on an annual and monthly basis. Regular assessment of results against goals is a means that helps us understand the success of our strategy implementation. The budgeting process and performance planning process aligns the resources with the specific activities developed in Policy Deployment.
The implementation and execution of strategy is just as difficult and just as important as making the strategy. More information on strategy implementation and execution is available:
Business Strategy: Execution Is the Key by Lawrence B. Hrebiniak at the Wharton School of Publishing
What Is Strategy Acceleration and How Can It Help My Organization? by Gayla Hodges at Fast Company
Planning an Effective Policy Deployment Process by Jill Jusko at Industry Week
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