What determines success with any strategy is how well it’s implemented. Because great implementation translates into results. Good strategy + great implementation = awesome results. So we’ve talked about the reasons a values-based culture is good for business and developing a values-based strategy. Now, it’s time to turn the talk into action.
In this TED talk, Martin Reeves, leader of The Strategy Institute, shares the patterns and pitfalls to implementing a successful strategy. He has authored numerous articles on strategy and his book, “Your Strategy Needs a Strategy” will be published by Harvard Business Press this year.
The key to turning our values-based strategy into results hinges on three factors:
Understanding our organization. There are companies that have to move at the speed of light because business demands it. Others can take more time. The category your business falls into will tell you how to define what is short-term and long-term for your company.
Focusing resources and efforts. Regardless of the time table, a values-based culture gives us laser focus on what’s important to our organization. Those are the actions and projects we want to dedicate resources toward.
Creating partnerships for mutual gain. In the technology industry, the Internet of Things is creating new alliances and giving consumers new products and services. Is it possible that a values-based culture will create opportunities to partner and collaborate?
As you can see, turning strategy into results isn’t a one-size-fits-all approach. Every organization has unique nuances and implementing a strategy has many moving parts. It’s about choosing the right combination of factors that fit your values and culture. It also means constantly monitoring both internal and external factors to make adjustments as appropriate.
Successful execution of a values-based culture strategy means focusing resources on the projects that align with organizational values, developing partnerships with other companies that hold similar values, and being true to the conditions of customers who are loyal to the company – and its values.