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Making Strategy Work: Leading Effective Execution and Change
     

Making Strategy Work: Leading Effective Execution and Change

by Lawrence Hrebiniak
 

ISBN-10: 013146745X

ISBN-13: 9780131467453

Pub. Date: 01/17/2005

Publisher: Pearson Prentice Hall

Without effective execution, no business strategy can succeed. Unfortunately, most managers know far more about developing strategy than about executing it -- and overcoming the difficult political and organizational obstacles that stand in their way. In this book, leading consultant and Wharton professor Lawrence Hrebiniak offers the first comprehensive, disciplined

Overview

Without effective execution, no business strategy can succeed. Unfortunately, most managers know far more about developing strategy than about executing it -- and overcoming the difficult political and organizational obstacles that stand in their way. In this book, leading consultant and Wharton professor Lawrence Hrebiniak offers the first comprehensive, disciplined process model for making strategy work in the real world. Drawing on his unsurpassed experience, Hrebiniak shows why execution is even more important than many senior executives realize, and sheds powerful new light on why businesses fail to deliver on even their most promising strategies. Next, he offers a systematic roadmap for execution that encompasses every key success factor: organizational structure, coordination, information sharing, incentives, controls, change management, culture, and the role of power and influence in your business. Making Strategy Work concludes with a start-to-finish case study showing how to use Hrebeniak's ideas to address one of today's most difficult business execution challenges: ensuring the success of a merger or acquisition.

Product Details

ISBN-13:
9780131467453
Publisher:
Pearson Prentice Hall
Publication date:
01/17/2005
Pages:
408
Product dimensions:
6.35(w) x 9.25(h) x 1.27(d)

Table of Contents

Introduction.

1. Strategy Execution Is the Key.

Execution Is a Key to Success

Making Strategy Work Is More Difficult Than the Task of Strategy Making

Sound Execution Is Critical-A Focus on Making Strategy Work Pays Major Dividends

Managers Are Trained to Plan, Not Execute

Let the "Grunts" Handle Execution

Planning and Execution Are Interdependent

Execution Takes Longer Than Formulation

Execution Is a Process, Not an Action or Step

Execution Involves More People Than Strategy Formulation Does

Additional Challenges and Obstacles to Successful Execution

Wharton-Gartner Survey

Wharton Executive Education Survey

Panel Discussions

The Results: Opinions About Successful Strategy Execution

Poor Execution Outcomes

Making Sense of the Data and Going Forward

The Execution Challenge

Having a Model or Guidelines for Execution

Strategy is the Primary Driver

Managing Change

The Power Structure

Coordination and Information Sharing

Clear Responsibility and Accountability

The Right Culture

Leadership

Controls, Feedback, and Adaptation

The Next Step: Developing a Logical Approach to Execution Decisions and Actions

Summary

Endnotes

2. Overview and Model: Making Strategy Work.

Common vs. Unique Execution Solutions

A Need for Action

A Model of Strategy Execution

Corporate Strategy

Corporate Structure

Need for Integration

Executing Business Strategy

"Demands" of Business Strategy

Integrating Strategy and Short-term Operating Objectives

Incentives and Controls

Incentives

Controls

Context of Execution Decisions

The Execution Context

Managing Change

Culture

The Organizational Power Structure

The Leadership Climate

Need for a Disciplined Approach

Summary

Endnotes

3. The Path to Successful Execution: Good Strategy Comes First.

Is the Impact of Strategy Overrated?

Issue #1: The Need for Sound Planning and a Clear, Focused Strategy

Corporate-Level Planning

AT&T: Bad Corporate Strategy?

Business Strategy

Issue #2: The Importance of Integrating Corporate and Business Strategies

The Role of the Business Is Unclear

Inappropriate Performance Metrics

Battles Over Resource Allocations

Assessments of Business Performance Create Additional Problems

The Strategy Review

Issue #3: The Need to Define and Communicate the Operational Components of Strategy

Integrating Strategic and Short-Term Objectives

Need for Measurable Objectives

Issue #4: Understanding the "Demands" of Strategy and Successful Execution

Low-Cost Producer

Differentiation Strategies

Developing the Right Capabilities

The Demands of Global Strategy

A Final Point

Summary

Endnotes

4. Organizational Structure and Execution.

The Challenge of Structural Choice

General Motors

Johnson & Johnson

Citibank and ABB

The Critical Structural Issues

Structural Issue #1: Measuring Costs and Benefits of Structure

Structural Issue #2: Centralization vs. Decentralization

Structural Issue #3: The Strategy-Structure-Performance Relationship

Summary

Endnotes

5. Managing Integration: Effective Coordination and Information Sharing.

The Importance of Integration

Boeing

Royal Dutch/Shell Group

Dell Computers

Interdependence and Coordination Methods

Types of Interdependence

Coordination Processes and Methods

The GE "Work Out"

Facilitating Information Sharing, Knowledge Transfer, and Communication

Creating, Using, and Sharing Knowledge

Methods, Tools, or Processes for Information Sharing

Informal Forces and Information Sharing

Additional Informal Factors Affecting Information Flow and Knowledge Transfer

Clarifying Responsibility and Accountability

Responsibility Plotting and Role Negotiation

Summary

Endnotes

6. Incentives and Controls: Supporting and Reinforcing Execution.

Role of Incentives and Controls

Incentives and Execution

A Basic Rule: Don't Demotivate People

Good Incentives

Reward the Right Things

Controls: Feedback, Learning, and Adaptation

The Control Process

Develop and Use Good Objectives

Reward the Doers, the Performers

Face the Brutal Facts Honestly

Reward Cooperation

Clarify Responsibility and Accountability

Controls Require Timely and Valid Information

Leadership, Controls, and Execution

The Strategy Review: Integrating Planning, Execution, and Control

Step 1: Strategy Formulation

Step 2: The Execution Plan

Step 3: Initiating the Control Process

Step 4: Cause-Effect Analysis and Organizational Learning

Step 5: Feedback and Change

Step 6: Follow Up and Continue the Process

Summary

Endnotes

7. Managing Change.

Managing Change: A Continuing Challenge

Steps in Managing Change

A Model of Change and Execution

Components of the Model

Relating Change to Execution Problems

Sequential Change

Complex Change

Other Factors Affecting Change

Summary

Endnotes

8. Managing Culture and Culture Change.

What Is Culture?

Culture is Important for Execution

Culture is Not Homogeneous

Culture Affects Performance

Organizational Performance Affects Culture

A Model of Culture and Cultural Change

The Top Line: The Effects of Culture

The Bottom Line: Changing Culture

Summary

Rule 1: The Reasons for Change Must Be Clear, Compelling, and Agreed Upon By Key Players

Rule 2: Focus on Changing Behavior-Not Directly on Changing Culture

Rule 3: Effective Communication is Vital to Culture Change

Rule 4: Adequate Effort Must Be Expanded to Reduce Resistance to Change

Rule 5: Beware of Excessive Speed

Endnotes

9. Power, Influence, and Execution.

A View of Power and Influence

Strategy and Environment

Problems or Dependencies

Organizational Structure

Uneven Resource Allocations

Internal Dependencies and Power

Using Power and Influence

Coming Full Circle: Conclusions About Power

Power and Execution

Define Power Bases and Relationships

Form Coalitions or Develop Joint Ventures with Those in Power

Focus on Value-Added, Measurable Results

A Final Note on Power: The Downside

Summary

Endnotes

10. Summary and Application: Making Mergers and Acquisitions Work.

Making Merger and Acquisition Strategies Work

Why Focus on Mergers and Acquisitions?

Why Do So Many Mergers and Acquisitions Fail or Founder?

Using the Present Model and Approach to Execution

Corporate Strategy

Corporate Structure

Cultural Integration in M&A

Business Strategy and Short-Term Objectives

Business Structure/Integration

Incentives and Controls

Managing Change

Managing Culture and Culture Change

The Critical Role of Leadership

Summary

Endnotes

Appendix.

Index.

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