Strategic Leadership For Successful Companies Performance
Abstract
Strategy implementation is a critical part of strategic management and can influence the whole texture of a company. There is main tension lies between the daily operational routine and changes to meet the company’s visionaries’ goals. Effective strategic management demands continuous planning and monitoring which affects operational efficiency and profitability. Transferring strategy from top management to lower levels is the major challenge in the strategy implementation process. The objective of this research is to analyze the relationship between the strategy implementation process and companies’ performance in construction companies. Eight successful key elements of strategy implementation were studied in this research and a framework was established. The elements include a comprehensive action plan, resource allocation, investment in the right people, employees’ commitment, prioritization, shared value, monitoring system, and managing changes. The framework highlighted the relationship between strategy implementation and companies’ performance. A survey was conducted on contractors in Klang Valley and 180 usable samples were analyzed using SmartPLS 3.0 software to test the relationship. Through data analysis convergent validity, discriminant validity, heterotrait-monotrait (HTMT) ratio, bootstrapping, and blindfolding procedure show that the hypothesis is supported. The results show that the eight successful key elements of strategy implementation have an influence on companies’ performance. Findings are useful for top management in construction companies to conduct strategy implementation effectively and successfully. This research focuses on construction companies and might be unique and may not reflect other industries. The future researcher may resume studies to enhance the relationship with additional elements that influence strategy implementation and companies’ performance.
Keywords: Strategy implementation; successful strategy implementation factors; strategy implementation companies’ performance
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