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Article: Repairing the budgeting process: the budgeting process often gets in the way of successful strategy achievement.(BUILDING)
- Article from:
- Financial Executive
- Article date:
- December 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 Financial Executives International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Organizations cannot succeed by standing still. If a company is not improving, then its competitors will soon catch up. This is one reason why Professor Michael E. Porter, author of the seminal 1970 book on competitive-edge strategies, Competitive Strategy: Techniques for Analyzing Industries and Competitors, asserted that an important approach option is to continuously differentiate products and services to enable premium pricing.
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Yet, strategy execution is considered one of the major failures of executive teams. Dr. David Norton, coauthor of The Balanced Scorecard: Translating Strategy into Action, says that executives can ...