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The Challenge of Strategy Implementation: Tools for Turning Your Firm's Strategic Plan into Action
Does your firm have a strategic plan? Do you know where that strategic plan document is currently located? Is it tucked away in a dusty folder, hidden among a pile of abandoned firm initiatives? Or is your plan integrated into the fabric of your firm ' indoctrinated into your firm's practices, people, and culture?
Unfortunately for many law firms, strategic plans frequently remain in the form of untouched documents, failing to materialize as a part of the firm or its people. Research indicates that 90% of organizations fail to effectively execute their strategic plans. [See Chris Zook, with James Allen, Profit from the Core, Boston, MA: Harvard Business School Press, 2001.] The reasons for this are varied, but as discussed later in this article, most hinge on the fact that strategy implementation is resource-intensive and challenging. Nonetheless, strategic planning remains a top priority among successful law firms, based on the fundamental notion that an effective strategy offers unique opportunities for market differentiation and long-term competitive advantage. Given the importance of strategy and its execution, firms today are increasingly asking the question: What are the best tools and methodologiesto enable effective strategy implementation?
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