Executing Strategy

12 Executing Strategy

Action plans

Priority issues are translated into high-level action plans for

strategic initiatives (also known as projects or programs). Action

plans briefly describe the specific steps the company needs to take

to accomplish its priority issues—and thereby achieve its objec-

tives. A single priority issue might spawn two or three action

plans. For example, if cost is a priority issue, it may yield three ac-

tion plans: a plan for overhead costs, one for operating costs, and

another for selling and marketing costs.

A high-level action plan for a strategic initiative typically in-

cludes descriptions of these elements:

• The priority issue and why it’s important

• Objectives expressed in specific metrics and time frames

• Key steps in ...