Executives Fail to Execute Strategy Because They’re Too Internally Focused
Experts have opined for decades on the reasons behind the spectacular failure rates of strategy execution. In 2016, it was estimated that 67% of well-formulated strategies failed due to poor execution. There are many explanations for this abysmal failure rate, but a 10-year longitudinal study on executive leadership conducted by my firm showed one clear reason. A full 61% of executives told us they were not prepared for the strategic challenges they faced upon being appointed to senior leadership roles. It’s no surprise, then, that 50%–60% of executives fail within the first 18 months of being promoted or hired.
Appointing that many unprepared leaders into roles directly responsible for crafting and executing strategy only fuels the risk of executional failure. Here are four of the most common signs that an executive is likely to fail when attempting to bring the organization’s strategy to life.
They lack depth in their competitive context. Read More…