Principal Tasks of Strategy Implementation
Strategy implementation is concerned with the managerial exercise of putting a freshly chosen strategy into place. It is a procedure that puts plans and strategies into action to reach desired goals. There are some major tasks involved in the implementation phase of the strategy. These are as follows:
- Building a capable organization: Building a capable organization is the first principal task of strategy implementation. It includes building an organization with the competencies, capabilities, and resource strengths to carry out the strategy successfully.
- Developing budgets: The second task of implementing a strategy is to develop a budget for strategy implementation. It includes, steering ample resources into those value chain activities critical to strategic success.
- Establishing, policies and procedures: It is the third important task of strategy implementation. Various types of policies and procedures are essential for the successful implementation of a strategy. So, strategy-supportive policies and procedures are established in this stage.
- Ensuring continuous improvement: This is the fourth important task of strategy implementation. It includes instituting best practices and pushing for continuous improvement in how value chain activities are performed.
- Installing information, communication, and operating system: This is another important task of strategy implementation. It includes installing information, communication, e-commerce, and operating systems that enable company personnel to carry out their strategic roles successfully.
- Tying reward and incentives: Reward and incentives inspire the employees. This stage includes tying rewards and incentives to the Achievement of performance objectives and good strategy execution.
- Creating a good working environment: In this stage, an organization should try to ante a strategy-supportive work environment and corporate culture.
- Apply the internal leadership: This is the last tasks of strategy implementation. It includes exerting the internal leadership needed to drive implementation forward and keep improving on how the strategy is being executed.
These are the major tasks involved in the implementation phase bf strategy.