| dc.description.abstract | Strategies are formulated not just for the sake of it, but for implementation. A strategy is not an end in itself but a means to an end. Strategies only become beneficial to the firm when they are successfully executed. Strategy formulation and implementation are two interlinked processes that should not be separated. When formulating strategies, managers should reflect on how these strategies will be implemented. Unfortunately, it is at the point of execution that most failures occur. Many managers are trained on how to formulate successful strategies, but not how to implement them. Consequently unlike strategy formulation, strategy implementation is often treated as a craft rather than a science. This is the point where managers are taken to task by the many challenges come into play.
Formulating a consistent strategy is a difficult task for any management team, but successful execution is even more challenging. Successful implementation requires leaders who lead through inspiration and coaching rather than control. It requires strong commitment and inspiration from managers. It is at this point that managers deal with a myriad of problems ranging from people problems such as politics to resource allocation problems. It is noteworthy that unlike strategy formulation, strategy implementation involves more people, making it a highly complex process. Many challenges come into play and only managers with the capability to overcome them end up successfully implementing the strategies.
This study revealed various challenges. The challenges ranged from staffing, decisionmaking processes, structure, communication, reward systems, price controls, financial constraints, legal and other people related problems. Organization-specific factors included the difficulty of the company to balance its commercial objectives with the corporate social responsibility of providing free ferry crossing to pedestrians that have high quality expectations. Financial limitation emerged to be the main challenge, leading to most of the other challenges mentioned.
All these challenges could be overcome through proactive of managerial interventions. Most of the recommendations included in this report are not simply I external prescriptions. This is because they were proposed by interviewees in the course of data collection. If these are transformed into action plans with proper time lines and performance measures, management could positively transform the situation to a positive direction necessary for improving the strategic management practice in the company. | en_US |
