Execute your Strategy, not you Business!

Posted on August 06, 2018 by Stefan Voswinkel, One of Thousands of Business Coaches on Noomii.

Why even have a strategy?

I am not advocating a bureaucratic planning process where the results land on a shelf. Strategy is a means to an end: Do it like you mean it!

Why execution is the killer:

Because 80% of the effort is execution, only 20% is in deciding the strategy and the planning. There are many things that can get in the way of successful execution:

Top Excuses

• Nobody really wants to do Strategy, it’s just another futile exercise.
• We are already successful by doing what we have always done.
• If we could only find the time – we are short-staffed as it is.
• Strategy is for big corporations.

Pitfalls

• Too much focus on the planning instead of the execution. There is no perfect strategy – hold your nose and dive into the action of implementing your strategy.
• Getting overwhelmed: An execution plan that appears to be a wall nobody can overcome. Break it down into doable chunks. Celebrate small successes and build on that!
• Strategy is not a one-off exercise, but an ongoing process for continuous improvement.

Tips for successful execution

• With your management team, draft a 1- or 2-year execution plan with clear priorities, responsibilities, budgets and timelines. This action plan will break it down for you and force you to set priorities that fit within your human and financial resources. This action plan is a moving target and needs constant updating. All managers need to be truly committed. Once you know you are on your way with successful implementation, it is much easier to master the challenges along the way and get to the finish line.
• Let your employees have their piece of the action: They are the front-line experts and their input is a win–win – from ideas when you draft the strategy all the way to finding solutions if things don’t work out as planned.
• Meet with your management team regularly to ensure accountability and progress on the action plan. Adjust the action plan as necessary.

Consequences if you don’t execute your strategy (i.e. implement the action plan):

• You get bogged down in the day to day business, not looking what is beyond in terms of market opportunities, new technology, economic trends etc. You will not realize the benefits from successful execution: Productivity gains, motivated employees, a reduction of conflict due to more clarity of direction, highest priorities being addressed first, corrective action costing less – you are missing out on a substantial improvement of your bottom line and value of your business! And you won’t have enough energy or time to take your business to the next level.
• You might loose some good people who want to see what direction the ship is going. You might even loose next generation successors. A career development plan for key employees can be one result of good strategy execution.
• You may loose out to competitors who have a clear picture of their future and act accordingly.
• You loose credibility with your employees, customers and family – and with yourself.

What successful execution does for you:

• More control of your future
• More peace of mind and fun at work for everyone.
• Reduction of conflict and stress.
• Staying ahead of the competition.
• With planning, there are fewer surprises (crisis management costs more!)
• Everybody pulls in the same direction – because they know it and are motivated.

Successful Strategy Execution will result in lasting improvements of your bottom line and business value!

© All rights reserved, Stefan Voswinkel, President of YLynx Management Consulting, Inc.
Please state source if you quote me.

Stefan Voswinkel
The ChangeHound
I “bite” – You transform your Business

stefan@voswinkel.ca
Direct: 001-867-335-5969