Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook page of the PKF Texas website.
Does your business strategy deliver on its promised financial value? A recent HBR study suggests that over 1/3 of respondents indicated that they failed to hit the mark. Do you vacillate between a better strategy, when you need better execution? Or, do you press for better execution when you need a better strategy?
How do you avoid these pitfalls? By viewing strategy and execution as being joined together at the hip, you can control the process and have a better chance for success. The study suggested seven rules for successful strategy execution:
- Keep it simple
- Challenge Assumptions
- Speak the same language
- Discuss resource deployments
- Identify priorities
- Continuously monitor performance
- Develop execution ability
Within my own team at PKF, we have utilized these same seven rules using guidelines from Patrick Lencioni’s material and we have very pleased with the results.