Research published today, by PwC, indicate that79 per cent of Irish companies consider a time horizon of 5 years or less when discussing strategy.
In addition to the lack of long term plan the majority, 80 percent, of senior executives felt that their business strategy was not well understood – even within their own company.
Only 8 percent of the top leaders of their enterprises were said to excel at both strategy and execution.
David McGee, Strategy Partner, PwC Ireland commented: "While the majority of respondents confirmed that they review their strategy over a short-term time-frame, it is also important to focus on the longer-term goals and plans for the organisation. When a decision is taken to invest in new markets or products it often takes many years to implement including planning the resources, testing the market, business structuring etc. “
The research was published in support of PwC’s new book 'Strategy That Works: A Look at Why Certain Companies Succeed and Why Others May Not.’
The book, written by Paul Leinwand, Principal at PwC’s Strategy& and Cesare Mainardi, retired CEO of Strategy&, aims to look at “why are certain companies so successful?”
Launching the book in Ireland, David McGee, commented: “In Ireland and around the world, we are seeing companies wrestle with how to develop strategies that keep them competitive in an increasingly complex global marketplace. All too often companies don’t think about strategy and execution together – Strategy That Works is an excellent guide to what companies need to do to bridge the gap and deliver sustained success.”
Source: www.businessworld.ie