Business Ideas

Quick Steps for an Effective Business Strategy

Every year, millions of business owners come up with amazing ideas. And every year, they devote countless hours visualising, forming and re-creating some detailed and thorough strategic plans. Often most of this effort goes to waste as business owners fail to execute through on their own well sort-out plans. Implementation done right is a well-organised process, a logical set of connected actions by an organisation to make a strategy work.

During an interview on Money Talk radio show, Bahaa Moukadam, founder and head coach at SeeMetrics partner, once said “A lot of organisations put great strategies together, but they don’t follow through.” Indeed, statements from the book ‘Execution: The Discipline of Getting Things Done’ by Ram Charan and Larry Bossidy, support Moukadam’s claim.” In reference to what they wrote, the vital key to suitable execution lies in three core areas namely: people, strategy and operations. They have stated that “The people process is more important than either the strategy or operations processes. After all, it’s the people of an organisation who make judgments about how markets are changing, create strategies based on those judgments, and translate the strategies into operational realities.”

Another powerful and convincing statement was written by Lawrence G. Hrebiniak in his Making Strategy Work: Leading Effective Execution and Change, “Without a careful, planned approach to execution, strategic goals cannot be attained, developing such a logical approach, however, represents a formidable challenge to management.”

Countless entrepreneurs permit themselves to become swept up in putting out fires instead of implementing their plans. Moukadam pointed out that most business owners fail at execution due to lack of an “outline or methodology in place that is repeatable.” These entrepreneurs need to link their strategy to the individual goals of each employee.

Listed below are Bahaa Moukadam’s quick steps to help business owners materialise their business strategies:

Have a Mindset for Clear Priorities

Business owners might fail in implementing their strategy if they set many priorities. Begin with only one priority at a time along with backup initiatives. Having too many priorities is like trying to keep everything in one hand. Then it’s tricky if only one gets emphasised on.

Collect and Carefully Analyse Data

Entrepreneurs often specify assessable goals in their strategic campaigns. But once the implementing process is a wrap, the document might be set on a shelf and not re-entered for quite a long time. A key to safeguarding execution is remaining on top of results. Business owners should enhance key performance indicators or KPIs that can be monitored and measured on an ongoing basis. They need to secure operating data related to these pointers and gauge results on schedule – daily, weekly, monthly or quarterly.

The superiors should evaluate what’s effectively working and maintain these methods and enhance them to increase performance. With worsening results, they should find out which processes don’t work and make instant adjustments to thwart additional deterioration.

Keep Pacing to Meetings

With no continuous communication, employees can lose sight with an entrepreneur’s goals and purposes. Over time employees, and even the entrepreneur, can veer off course. This leads to deprived results, which can have a disastrous outcome on an organisation. To guarantee that the entire organisation keeps in sync with the business owner’s vision and strategic plan, the workforce should gather periodically for different types of update huddles and meetings.

Daily huddles should take place within operational groups either at the start of the shift or end of shift no more than 15 minutes. Such daily huddles target to safeguard that everyone is on the same page and aware of significant recent progresses such as performance apprises, price changes, new services or products and media reports etc. The daily huddle can deliver rapid-fire updates precisely tailored to the group. The business owner can oversee the daily huddles at small scale businesses. In larger organisations, line managers should take accountability.

Assess the Strategy

The business owner should also meet with the key management personnel and executive team on a monthly or quarterly basis to measure the advancement with the strategic plan. These strategic conferences should be more in-depth and intended to determine if changes are obligatory. The scheduled strategic conferences should discuss assets, challenges, chances and intimidations. They can help executives identify if the strategy’s feasible and efficient. The gatherings should aim to exploit strengths and opportunities while extenuating weaknesses and threats.