Posted on 10th May 2022 at 12:47
Few businesses manage to be good at both defining and executing their strategy.
Only about 10% manage to be good at both, and these are the ones that outperform their peers.
Even if you have a great strategy, if you suck at getting things done and delivering on that strategy, then you will not thrive. Infact, the real danger here is that you don’t know you are failing from an execution perspective – a good strategy poorly executed can lead to a long and painful death. If you are great at executing and lousy at strategy, at least you will probably fail fast!
Our own Scaleup Challenges research shows that the challenge of ‘getting staff to do the right things consistently well’ increases as the business scales and was cited by 60% of businesses with turnovers between £3-£5 million as one of the top 5 challenges. In addition, and perhaps not surprisingly, it also increased as a challenge for those businesses that are in rapid expansion mode.
So execution is absolutely about execution habits (in particular Business Rhythm of which 90 day planning is critical), its also about knowing our numbers and is also about making sure we have a predictable and consistent process for generating high quality on profile leads in sufficient numbers.
It is important to determine what the appropriate rhythm is for our business to bridge the gap between strategy and tactics and ensure that the business sets and delivers on robust quarterly priorities - and how we are going to make them a habit within the business/ how do we get started and make it stick.
In our view, it is the one key thing that any business owner can implement straight away that will have the biggest impact on their chances of success – and we don’t say that lightly.
There are four key things to consider when 'championing' execution:
90-Day Planning is a strong habit within the business
Everyone in the business is clear about what good looks like - daily, weekly, monthyl, collectively and indivudually.
There is a well-functioning Business Rhythm supporting the 90 day habits
Business development activities provide a predictable stream of 'on profile' clients
At our next ScaleUp Club we will be going into detail on this. You can come prepared to share your current business rhythm/ what you currently do, what you think you can improve/ start or stop doing and where you are going to focus to make a change. As we hear from each other, some of this will change as we pick up ideas of what works and what does not in each other's businesses. Sign Up Here.
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