Updated: May 23, 2020
Over the past few decades, many new strategic management methods were introduced to help organizations improve their performance and competitive advantage in the market place. Unfortunately, the majority of these organizations still fail to develop, implement and manage their strategies. This brief post contributes to the body of knowledge in solving this long-lived myth. Common weaknesses exist throughout strategy management cycle; examples of these weaknesses described below:
Strategy total cost is not clear, unknown strategy cost to implement.
No senior management adequately secured buy-in.
Not enough testing and understanding of the current situation.
Measures and KPIs were not properly defined.
The fear of change and of the unknown or unexplored situations.
Selecting and funding the wrong strategic initiatives.
Lock out strategy team and withhold information.
Not adequate framework for developing strategy.
Not sure what skills does the organization need internally (i.e. workforce talents). to enable the execution of strategy.
The strategy development process not effective.
Transparency and openness identified as a restrictive issue.
Not determining the magnitude of the strategy gap.
Not obvious what and how the organization can serve its customers.
Not clear which customers the organization will serve and where.