Experts such as Kaplan and Norton tell us that up to 70% of strategic plans fail at execution. This startling statistic catches most managers off guard. With such a dismal record, it’s no wonder many managers shy away from strategic planning altogether. There can be many reasons for this failure to execute, here are my Top 5:
- Lack of clarity around strategic goals
- Lack of prioritization of key initiatives/proliferation of initiatives
- Inadequate measures and data collection missteps
- Inadequate attention paid to the Learning and Growth perspective (this is foundational)
- Inadequate leadership
All of these barriers need to be addressed at the planning stage and remedies included in the Strategic Plan.