Bringing Your Ownership Strategy into Everyday Practice

In previous articles, we have emphasised the value of working with an ownership strategy and how to initiate the process. The intent of this article is to outline what you can do to ensure that your strategy becomes an embedded part of the day-to-day priorities and actions.

How Can You Ensure an Effective Implementation of Your Strategy?

The process of developing an ownership strategy often generates positive energy and a strong sense of unity among the owners. When the strategy is finalised, it is crucial that this momentum is brought forward into the implementation phase. To do so, it is important to consider that the work changes character. The high level and long-term strategy must be translated into everyday change. Or, to phrase it differently: The course is set, and the journey starts now.

The differences in structure and size across different ownerships entail that the resources required to drive the implementation will vary substantially; some implementation efforts can be managed by one or two persons, whereas others will require efforts from parts or an entire family office. Regardless of form and size, our experience shows that focusing on the following four areas will significantly increase the chances of a successful implementation.

1. We make the strategy clear to everyone
Not everyone needs to know everything. The purpose, values, and success criteria for the ownership should, however, be clear to everyone. It should also be clear whether the strategy covers the entire ownership. This is particularly important if the ownership consists of independent businesses with strategies of their own.

2. We create a strong culture with clear values
Purpose and values form the foundation of an ownership and its culture; however, culture does not evolve without focus and care. Family members – and, where relevant, employees – should therefore be involved in conversations about the values and the intent behind them. An effective way of supporting these conversations is to invite participants to sessions where you agree how values should translate into concrete behaviours in specific situations.

3. We focus on the changes that matter the most
A strategy rarely calls for a complete shift in focus and priorities; however, it always requires change. To steer these changes, it is important that the goals and the approach are clearly considered and documented. Plans will evolve over time, but they should initially set out how each change contributes to the strategy, and how it is expected to be achieved.

4. We keep going
Change requires time and resources. Once the necessary changes have been identified, responsibilities must be clearly assigned. Implementation should also have a permanent place on the agendas of both board and management meetings, so that progress and priorities can be reviewed continuously.

Effective implementation of an ownership strategy requires energy and time. However, with the right approach and ongoing commitment, the work can lead to many positive and value-creating changes for the entire ownership.

If you would like to know more about how to approach implementation in your ownership, please feel free to contact us for an informal meeting.