Companies use unique strategies to generate wealth by combining strengths with resources. Short-term implementation supports long-term goals, with measurable objectives and prioritization. The cascade process links short-term to long-term goals, and functional tactics create a physical reality from the strategic plan.
Most companies have unique strategies designed to generate wealth by combining their strengths with available resources. Strategic managers plan products and services to meet current and anticipated market trends. The strategic implementation process involves putting these plans into action. Implementation processes are as varied as strategic plans, but certain strategic business techniques occur in many individual business strategies. To choose the best strategy implementation process, determine your company’s short-term and long-term goals, prioritize those goals, and identify certain measurable criteria that will help determine the level of success of your strategy.
A short-term strategy implementation process supports the long-term strategy. For example, a company might have a long-term strategy that involves a 30% gain in revenue over five years and a short-term strategy that involves a 0.5% gain in sales every month for the next three months. Short-term implementation requires a lot of communication and physical coordination of employees working on tasks. Each completed task moves the business towards the completion of strategic objectives.
Every strategic implementation process must have objectives with measurable activities and results. Examples of measurable results include total sales, customer satisfaction ratings, productivity and expense reduction. Business managers use these measures to assess and track team members and to ensure that departments and teams stay on track as they work toward strategic goals.
Many business strategists choose to use prioritization as part of the strategy implementation process. Strategists order short-term tasks according to what the company values and what is most important to the overall strategic objective. Companies that are trying to increase sales will have different priorities than companies that are trying to reduce costs, even though the two companies may have the same tasks in their short-term set of goals.
In business, the term “cascade” refers to the process of linking short-term goals to long-term goals. This is the turning point in the strategy implementation process, where the business activity and environment begin to resemble what was described in the strategic plan. The process is called a waterfall because the measurable goals merge together to create a set of long-term, integrated goals. When choosing how to implement a strategic plan, many executives also determine when and how to recognize cascading milestones.
Functional tactics are the routine activities that create a physical reality from the ideas written in a strategic plan. Finance, marketing, production, human resources and operations perform functional tactics that must be managed considering the priorities of the strategic implementation process. Strategists assess the company’s chain of activities to determine which employees must perform specific functional tactics related to implementing the strategic plan.
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