In full transparency, I run a company that specializes in improving strategy execution by creating business simulations that are used within corporate leadership development programs. With that out of the way, according to this article, the execution phase can power a strong idea riding on a ground-breaking product or service.
In fact, the input introduced by a perfect execution is so powerful that its absence could ultimately denature an intricately composed business strategy. Harvard Business School reiterates that strategy execution dwells on the implementation phase of most corporate goals, though only a paltry 10% are able to succeed at it. The remaining 90% often languish between uncertainty and failure due to avoidable mistakes.
Accelerating strategy execution.
You want your corporation to not only execute strategies but also accelerate them. Accelerating strategy execution gives the entire strategic process the speed and vigor it requires to burst through precedented and unprecedented challenges and gives your corporation a better shot at achieving successful strategy execution and implementation process.
Strategy acceleration is not a matter of instructing the workforce to get things done on a shorter deadline, but rather a holistic corporate masterstroke, which requires tweaking of the leaders and employees to be in their highest productivity states.
Thus, an accelerated strategy takes the equipping and retooling of the entire workforce, introducing in-demand skills, phenomenal corporate training, utilization of business simulations within leadership development. If a corporation ticks all the boxes, it stands a chance to book a slot in the coveted 10% of successful strategy implementations, executions and accelerations in the corporate arena.
The result of this achievement is the joy of operating in a new corporate strategy, customized to navigate the corporation past, present and future challenges resulting in increased productivity, a contented workforce and improved quality of the products and services. Once the efficiency and quality issues are resolved, happy and satisfied customers refer their friends to your business, translating your corporation into a profit minting hub.
What are business simulations?
Corporate trainers have evolved from paper-clutching lecturers to skills disseminators utilizing business simulations, simulation games and, in some cases, augmented reality. In this Forbes council post, business simulation is defined as creating highly informative and engaging business training scenarios, which equip trainees with hands-on, highly applicable leadership development skills. The skills are disseminated through in-person facilitation and simulations, which present the trainees with a controlled, risk-free business setting to carry out duties, make critical decisions and get feedback.
Leadership development business simulations are high-engagement training where the trainees get their business models powered by simulation software. These models allow the trainees to test drive the new leadership skills they just learned, make critical decisions and significant business moves, and get results on whether their decisions were superb or need polishing. The realistic training environment gives trainees the confidence boost they need, and if the decisions they make do not resonate with the projected outcomes, they have a chance to modify their strategic moves and achieve the desired outcomes.
Corporate trainers have thus evolved from archaic and unsure training methods to modern and accurate strategic accelerants, which give trainees a glimpse of what corporate leadership feels and tastes like, the implication of wrong strategic decisions and what can be done to salvage wrong business moves. At the end of the corporate training, learners are equipped with a wealth of expertise, which helps increase the chances of change success and accelerate the corporate strategy forward.
How are business simulations used within leadership development?
Strategy execution and acceleration heavily rely on how equipped the leadership team is. Business simulations fuel leadership development to bring out a team of highly skilled leaders who can efficiently steer the corporate strategy through execution and successful acceleration. The primary benefit of using business simulations with leadership development to accelerate strategy execution is the holistic growth it delivers to the corporation.
If the leaders undergo the business simulations-laced leadership development training, it has the potential to shake them from their cocoons, show them the importance of corporate training and sharpen their decision-making skills regarding matters strategy, execution and acceleration.
Highly skilled leaders value training and will undoubtedly secure corporate training for their employees. The corporation thus has a skilled workforce with zero skills gaps and a standby leadership bench. This preparedness helps the corporation brace for any eventualities and gives it high survivability if a storm hits the marketplace.
Utilizing business simulations within leadership development is a holistic way of preparing the leadership team, the employees and the entire corporation for strategy execution and acceleration.