Successfully Executing Your Business Strategy
- The business must be clear on the destination; it’s not a straight-line extension of the budget
- The business must know what its going to be famous for; pick one or two of product leadership /service leadership /cost leadership, but definitely no more than two, and make it central to everything the business does
- Don’t try to do too much, be honest about the 3 or 4 things that the business is going to do really well and park everything else; there will be a time the other things in due course
- Each business function must understand not just their role in reaching the destination but also their role in helping other functions. A critical path that weaves together the functions, and is understood by all, is a must
- Look for leading indicators, not just lagging; the latter is necessary for statutory reporting and validating what has been done, but it is the former that informs the business if its on the right track and ‘what’s coming over the hill’
- All businesses need a senior leadership team that publicly stands united – it can’t just be the strength of personality of one person
- Bring people of all levels into workshops and decision making forums – this breaks down barriers, creates personal investment and should deliver faster results
- Once the business knows what it is going to be famous for it must invest in understanding its market place. Do not under estimate the effort required to truly know who could buy what you offer
- We all think about customers as the people buying products/services but internal customers are just as important. Invest time and effort to understand how functions can better support each other