Which focus does management need to have while monitoring the execution of strategy?

Monitoring the execution of strategy requires a focus on evaluating overall company progress. This aspect is crucial because it allows management to assess how effectively the strategy is being implemented and whether the company is on track to achieve its strategic goals. By evaluating progress, management can identify areas where the strategy is succeeding and where adjustments may be necessary to improve performance. This ongoing assessment helps to ensure alignment with strategic objectives and facilitates timely decision-making to address any issues that arise during execution.

The emphasis on overall company progress helps in aligning resources effectively, responding to market changes, and ensuring that all departments are working towards the same goals. It also enables management to provide relevant information to stakeholders, reflecting the company's current status and future direction based on how the strategy is unfolding in practice. Monitoring progress goes hand in hand with performance metrics and KPIs, which provide tangible measures to track the success of initiatives undertaken as part of the strategy.

In contrast, balancing operational efficiencies, keeping the board informed, and creating new strategic initiatives are important in their own rights but do not encapsulate the primary focus needed during the strategy execution phase. These elements can be parts of the broader picture but do not specifically address the need to continuously assess and refine the implementation of the strategy itself.