An effective business strategy should help to create a competitive advantage. But too many fail at an important ingredient: believability.
We know from organizational alignment research that strategy accounts for 31% of the difference between high and low performing organizations. However, crafting a corporate strategy is only half the battle; ensuring it resonates as believable and achievable to your key stakeholders is where many organizations falter.
To succeed, a business strategy must inspire confidence and commitment among those tasked with implementing it. Without strategic believability, buy-in, and commitment, even the most visionary and meticulously planned strategic initiatives are at risk.
Strategic Trust
Trustworthiness
in strategy hinges on:
- Transparency.
- Credibility.
- Trust.
A believable strategy bridges the gap between ambition and execution by offering a realistic roadmap for achieving outcomes that are worth pursuing.
To get on board, employees, investors, and partners need to perceive the strategy as both worthwhile to achieve and as solidly grounded in the organization’s capabilities and resources.
A lack of strategic believability can stem from overreaching goals, vague plans, or ignoring critical internal and external realities. When stakeholders doubt the feasibility of a strategy, they may disengage, slowing momentum and creating barriers to progress.
Read the 7 Key Components of a Believable Strategy
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