Business Strategy Series: Keys to Execution

20 Oct 2018, 06:28:07 AM

In this age of entrepreneurial spirit, your role as the principal of your enterprise is, well, to run your business and execute your roadmap to achieve your ultimate goal — success! In other words, day in and day out, you'll be dealing with these two keywords words: Business Execution.

In its most fundamental sense, better business execution pertains to accomplishing everything that's needed to bring your undertaking from strategy to mission accomplished. Execution breathes life to your strategy, even if first came into this world as a sketch or diagram on a paper napkin.

Successful execution of business strategy is all about getting your entire organization aligned with your goals and strategy and, more important, all of you with each other, cruising at the top of your game. If you don't do business execution right, you can't expect to achieve your goals or business objectives in a manner that keeps you abreast or ahead of the competition.

How important is business execution? You, as the entrepreneur and operator, need to keep the following things always in mind:

(A) Your business strategy. Never lose sight of your strategic goals. Cast the list of must-do actions in stone, if you must. Muster everybody in your organization onto the same page, aligned perfectly. This means everybody — from administrative to supply chain to production, sales and marketing, to promotion and after sales.

(B) Stewardship of your organization's assets, including, especially, your capital and support resources. You can't afford any leakage. You need to run a tight ship. You don't want to have to bail every now and then. Or keep fighting small fires that occur.

You want potency in every component of your business enterprise. You want everybody and everything in fine shape, in fine mettle. A strapping powerhouse is what you want to build, from the ground up, to always keep all your organization's assets in good hands.

(C) Perfect your business execution. What we mean here is to execute perfectly, in the context of perfectly meeting your goals — managing your human and material resources in a way that drives your organization ever forward to accomplish your business goals.

Don't be afraid to fail! With the right people and the right material assets, there is no such thing as failure in the vocabulary. Just adhere to always doing the right thing, and making sure that everybody is pulling together in the right way.
HR is uniquely positioned to contribute this critical component to business success. The challenge is how to apply the right levers — or business drivers — at every stage of a company’s growth. The result: Being able to execute on the company’s strategies better, faster, and more efficiently than the competition.
Some of the important business drivers include such details as productivity, scalability, agility, efficiency, alignment, sustainability, and enlightened governance.

If your organization, as a whole, has a cohesive insight on what it is supposed to execute differently, then that means your people have a fairly clear idea of the objectives to aim for in support of your business drivers.
Once you have all of these down pat, then you should be well on your way to efficient and productive business execution.

Please also see related articles:
Critical drivers to drive successful business strategy
Better execution of business strategy with better HR

Business Strategy