Strategy: walking the walk isn't always easy.

• Author: Marshall, Jeffrey
• Position: Meeting strategic goals - Brief Article

While a majority of corporate executives speak freely about their business strategies, many find executing on strategy and measuring results to be a much larger challenge. By initiating a plan to formalize this process, companies can meet strategic goals that were formerly elusive.

Toni Hicks, senior vice president of practices at Parson Consulting, a financial management consulting firm, says there are several reasons companies fail to execute on strategy:

1. The business plan is not cohesive. In order to effectively manage and measure your company, the strategy and operations must be interconnected. More specifically, concrete strategic measures must be clearly articulated and should guide the way operations function and employees are given incentives.

2. Lack of executive sponsorship. In order for a business performance initiative to succeed, an executive with the appropriate level of reach and influence must commit himself/herself to the project. In addition, since the CEO is ultimately accountable for the company's performance, it's critical that he or she has an active role as...