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TURNING GREAT STRATEGY INTO GREAT PERFORMANCE

TURNING GREAT STRATEGY INTO GREAT PERFORMANCE. Mankins and Steele. The Strategy-to-Performance Gap. Performance is often well below what strategy predicts Survey of executives found that Companies rarely track performance against long-term plans Multiyear results rarely meet projections

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TURNING GREAT STRATEGY INTO GREAT PERFORMANCE

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  1. TURNING GREAT STRATEGY INTO GREAT PERFORMANCE Mankins and Steele

  2. The Strategy-to-Performance Gap • Performance is often well below what strategy predicts • Survey of executives found that • Companies rarely track performance against long-term plans • Multiyear results rarely meet projections • A lot of value is lost in translation (i.e., no one clearly knows how effective a strategy is) • Performance bottlenecks are frequently invisible to top management • The strategy-to-performance gap fosters a culture of underperformance (lack of performance becomes acceptable and the norm)

  3. Closing the Strategy-to-Performance Gap • Rule 1: Keep it simple, make it concrete • (not too abstract and unclear to many) • Rule 2: Debate assumptions, not forecasts • (understand the fundamentals and performance drivers) • Rule 3: Use a rigorous framework, speak a common language • Use a very thorough and sound framework • Make it possible for corporate center and units to use this framework in their communications

  4. Closing the Strategy-to-Performance Gap (2) • Rule 4: Discuss resource deployments early (avoid last minute shortages of resources) • Rule 5: Clearly identify priorities (don’t give equal importance to all tactical actions) • Rule 6: Continuously monitor performance • Rule 7: Reward and develop execution capabilities (need to motivate and develop employees)

  5. The Results? • An increase in performance of anywhere from 60% to 100%. • More confidence among employees and managers • Emergence of a culture of over performance • Enhanced reputation within the industry

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