No matter how well you plan, your strategy still has the potential to fail. Understanding the twelve common reasons why strategies fall short – and more importantly, how you can avoid them in your own planning process – can ensure that you’re aware of these potential pitfalls, setting up your business for success.
The success rate of strategy execution is incredibly low. The fail percentages found in scientific studies range from as low as 7% to as high as 90%, with an average of about 50% (as reported in a 2015 review article by Candido and Santos in the Journal of Management & Organization).
Improving strategy execution – and ensuring that yours is as successful as it can be – comes down to understanding and avoiding the many reasons strategy fails. Here are the twelve most common ones:
Lack of clear strategy
Lack of commitment
Insufficient or inadequate resources
Ambiguous or conflicting goals
No clear priorities
Lack of performance information
Silo behaviour and sub-optimisation
Strategy is not adapted to changes
By avoiding these common pitfalls, you can set your strategy up for success. But even the best-laid plans can sometimes go awry, so be prepared to adapt and adjust as needed.
Stay tuned as we explore how to avoid each of these strategy killers in more detail.
Want to know more? Our strategy experts can help you fine-tune your process and ensure that your strategy is on track. Get in touch today to learn more.
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