Strategy execution requires allocation of adequate resources to your top strategic priorities​

Strategy execution requires allocating the right amount of resources to your top most priorities. A new strategy typically involves change in direction. Serious reallocation of resources is necessary if the new strategic themes emerging as part of the new strategy are to be executed well. Resources could include senior management time and focus, funds allocation for say marketing, branding, new team addition or training and development of the existing team. Promoters of most small and mid-sized organization fail to understand this and with inadequate resources available to execute the new strategy, the results get compromised and the strategy fails.

As an example, at one of the Integrated Aluminium Sheets and Foils manufacturing company, the new strategy involved focusing on B2B segment & acquiring large institutional/corporate clients as against the earlier strategy of focusing of small retail clients. This new strategy required building a sales team with a very different skill set. It required a different kind of B2B branding. It also required focus on building operations excellence and ESG practices at the plant. The management understood that this was a big change and provided the necessary funds necessary to execute the initiatives. New sales team with skills to sell to large B2B clients was hired, a new digital agency with expertise in creating B2B branding was also hired. Plant team focused on building operations excellence and implementing ESG practices. The company is now starting to see the benefits of the new strategy with new large B2B customers getting added to the client list.

If adequate resources were not provided to implement the necessary changes, the strategy would have remained on paper.

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