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OF CRAFTING
STRATEGY AND
EXECUTION OF
STRATEGY
A strategic plan helps companies slough off the things they aren’t good at
doing so they can better focus on the things that they are. A strategic plan also
lays the groundwork for improving those things that need a little (or a lot of)
work.
Crafting Strategy
Crafting Strategy: being in a state of being that is future focused that includes
- visualizing and imagining- and simultaneously realistic and cautious
- planning, plus advancing readiness to change course under alternate
scenarios.
Execution of Strategy
Execution of strategy: strategy execution is Execution: The Discipline of
Getting Things Done, by Larry Bossidy and Ram Charan. Bossidy, a
retired CEO, and Charan, a renowned management consultant, make the
case for execution as a discipline or “systematic way of exposing reality
and acting on it.” They explain that “the heart of execution lies in three
core processes":
1. People
2. Strategy
3. Operations
Conclusion:
Strategic priorities can ensure that employees at every level of the organization
work on the most critical activities. Execution of strategy is a tough task to
accomplish that has numerous challenges but at the same time is of utmost
importance to the organization. So as a future career option, execution of a
strategy is more exciting as it involves continuous learning, so if we learn how
to execute a strategy, crafting a strategy would be easy.