7 Practices for Building Successful Execution in Your Institution
October 17, 2024
 |
6 minute read – Turning visionary strategies into tangible results requires not just planning, but the disciplined execution of your most critical projects.
In our work with financial institutions of all sizes and unique business models, we’ve identified seven practices that lead to successful execution, as well as opportunities to prevent potential missteps and ensure success. These seven practices are ingrained in institutions that have mastered strategic implementation to the point where it becomes second nature, woven into the very fabric of their organizational culture.
1. The foundation of successful execution lies squarely within the strategic planning process. It’s imperative that your strategic framework is meticulously designed to forge a clear connection between your strategic initiatives and overarching goals, aligning them seamlessly with budgetary considerations, desired financial outcomes, and available resources, beyond just humans. This integration not only ensures that your initiatives are financially viable, but also empowers your organization to harness its resources effectively, driving impactful results and enabling a cohesive path toward achieving your strategic vision.
2. Gaining support and buy-in from senior leadership – even the best strategic process is ineffective without the support and commitment of senior leadership. It is essential for top executives to actively engage with and follow the strategic process, setting an example for the rest of the organization. When leadership visibly demonstrates their commitment, it encourages others to do the same, fostering better coordination across the institution. Although senior leadership typically helps determine the institution’s strategic direction, strategy often breaks down as it is communicated throughout the organization, making it crucial to clearly and regularly articulate strategic objectives and their rationale, so that daily decisions and tasks are aligned with the institution’s strategy. This alignment ensures that strategic decisions made throughout the year are consistent and well-integrated.
3. When considering additional projects that fall outside the strategic plan, it’s essential to first assess where your resources are currently allocated. This understanding is crucial for making informed decisions about whether to proceed with new projects and determining the appropriate timing for their execution. Senior leadership must use the strategic plan as a decision-making filter to evaluate the impact of any new initiatives, particularly since they can strain already limited resources.
4. If you’re not regularly checking in – minimally on a monthly basis – on the progress of your strategic projects, you risk missing key opportunities to clear roadblocks that could impede your strategic goals. Regular check-ins ensure not only that your objectives are being met, but also that they stay aligned with the overall strategy. For example, these meetings allow for essential discussions about priority projects, enable timely adjustments as new information arises or timelines shift, and address challenges with vendors. Without these regular meetings, you lose the chance to explore the best solutions for overcoming obstacles that could affect your most critical strategic initiatives.
5. While it’s crucial to avoid constant adjustments to your strategic plan, there are times when changes are necessary. Flexibility doesn’t mean abandoning the plan; it involves finding new ways to achieve goals when circumstances shift. Whether driven by market changes, internal resources, or external pressures, leaders must pivot their approaches while remaining focused on ultimate objectives. This may involve adapting tactics or adjusting timelines, all while preserving the strategic vision and ensuring continued progress in a dynamic landscape.
6. Often throughout the year, new ideas surface across different areas of the organization that may require a project approach that shifts the priority of resources. When these ideas and projects surface, it is essential to use the strategic plan as a decision filter. Adding mid-year projects that are simply “shiny objects” can cause a whiplash effect, lowering team morale. Similarly, underground projects, which often bypass the agreed-upon process, can grow in scope and cause unnecessary strain on resources. Both types of projects – whether shiny or stealthy – need to be carefully vetted to ensure they align with your strategic goals. As part of this discussion, you must also consider which other projects will be postponed or stopped, recognizing that your resources are finite and must be used effectively to move the institution forward strategically.
7. During project planning, teams often overlook the project demands across critical departments like marketing, training, compliance/risk, or finance, leading to last-minute scrambling to ensure the needed resources are there. To avoid this, it’s essential to vet all department needs thoroughly in the planning phase, ensuring that necessary support is identified early. Similarly, departments may assume they can complete a project independently until they realize they require additional resources such as hardware, software, staff training, external vendors, or customer messaging. Given that most projects are cross-departmental in nature, it’s important to approach the planning phase with the expectation that you will need resources from other departments, and plan accordingly to keep projects on track and within the desired timeline.
Strong strategic implementation is what ultimately brings a well-crafted plan to life. The seven practices outlined above are key to ensuring that your institution not only executes its strategic goals effectively but also embeds these practices into the organization’s fabric. If your institution needs a strategic implementation kickstart, we can begin with an assessment to get you moving in the right direction towards becoming great at execution of your most important strategic projects and building it into the DNA of your institution.
