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New survey shows increase in leaders who doubt company strategies

Dec 18
 
Tags: Booz & Company
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New survey shows increase in leaders who doubt company...

There has been an increase in the amount of executives who do not believe that their company strategy will lead to success, according to a new study from Booz & Company.

The firm surveyed executives from around the world - around a quarter of these were senior level executives - and the results show that 60 per cent of leaders lack confidence in their company’s ability to be successful, compared to 52 per cent in 2010. Overall, the study has involved 3,855 participants since 2010.

It is unclear whether the drop in executives’ faith in the company strategy is related to factors in the external environment, such as the global economy. However, it is clear that business leaders have more than one frustration and these mostly relate to the clarity and focus of the company’s strategy.

The study revealed that 66 per cent of leaders felt that having too many priorities was a major grievance, especially for the managers of the organisations. In addition to this, more than half of executives said that communicating the company’s strategy and getting a buy-in for it is a big challenge for them.

Results also revealed that 55 per cent of those surveyed admitted that ensuring day-to-day decisions are in line with the current business strategy was difficult. More than half of business leaders said allocating resources in an efficient way that supports the strategy posed a big challenge.

Translating strategic and operational decisions into action in a quick and efficient manner was a problem for 54 per cent of the survey’s participants.

Cesare Mainardi, chief executive officer at Booz & Company, said: “Many companies struggle with developing and executing a winning strategy. The problem is that they’re focusing too much on chasing market opportunities, rather than forging strategy around a small set of capabilities that really differentiate the company."

“Our survey bears this out: Executives who do say their company’s core capabilities support their strategy are almost four times as likely to say revenue growth is above average than those whose capabilities are misaligned,” added Paul Leinwand, partner at Booz & Company.”

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