Strategy formulation focuses on effectiveness, whereas strategy implementation focuses on efficiency. Effectiveness is associated with doing the right things which means having an excellent game plan or strategic plan. Efficiency means finding the best means to accomplish something.
Strategy implementation involves:
Establishing objectives to guide organizational, divisional and departmental priorities
Devising policies with specific guidelines, methods, procedures, rules, forms and administrative practices to support and encourage appropriate behaviors
Allocating financial, physical, human and technological resources
Structuring or Restructuring the organization through downsizing or delayering
Re-engineering by re-configuring or redesigning work, jobs and processes
Revising reward and incentive plans
Developing a strategy supporting Culture
Linking performance and pay to effective strategy execution
