Jim Collins in Good to Great, presents the concept of confronting the brutal facts and the role that this plays in creating a great company. I have not yet met a business owner whose goal it was to create a mediocre business so let’s take a closer look at the strategy and tactics of dealing in the reality of facts.
Steve Jobs said, “To me, ideas are worth nothing unless executed…Execution is worth millions.”
This pretty much sums up the importance of acting on ideas and plans – it’s worth millions!
Five Areas to Consider for Excellent Execution:
- Communication. Everyone on the team needs to understand the priorities and expectations. Be specific (details), consider the most effective way to communicate (meetings, video, email, etc.), and decide the frequency of communication (saying this once is likely not enough).
- Commit to Consistent Action. Execution is about the details – define the actions, name the person who is responsible, and determine the frequency of the tactic (daily, weekly, etc.).
- Set Deadlines. Establishing deadlines helps to create a sense of urgency.
- Measure & Track Performance. This is about monitoring progress toward the goal. Track the inputs (actions) and the impact (outcome). Both measures are necessary to inform future adjustments to strategy, tactics, and timelines.
- Plan for Pivots. There is a balancing act in our businesses between innovation and executing our current strategy. Identify who is responsible for evaluating challenges, barriers, and opportunities. Proactively assessing these areas will allow for adjustments on both the strategy and tactic level.