{"id":3950,"date":"2016-09-28T00:04:45","date_gmt":"2016-09-28T00:04:45","guid":{"rendered":"https:\/\/chicagoland.b2bmulti.wpengine.com\/?p=3950"},"modified":"2023-01-05T18:24:48","modified_gmt":"2023-01-05T18:24:48","slug":"execution","status":"publish","type":"post","link":"https:\/\/www.b2bcfo.com\/phil-elworth\/execution\/","title":{"rendered":"Execution in Business"},"content":{"rendered":"

As a business owner your greatest impact is in two key areas; 1) developing a great strategy for success and 2) execution on the strategy.<\/p>\n

Which of these two do you excel in? If you are like most business owners you are good at creating a strategy but not so great at executing one.\u00a0 Why is execution so hard?\u00a0 A good question and one I hope to simplify for you in this article.<\/p>\n

According to Chris McChesney, co-author of The 4 Disciplines of Execution there are four distinct disciplines that if followed will lead to success.<\/p>\n

The first discipline is clarity around the goal. Can everyone in your organization state back to you what the primary goal of the organization is for this next year?\u00a0 If not how can you expect your employees to execute on this goal.\u00a0 Most organizations and individuals can only have a couple of goals in play at the same time.\u00a0 We just finished the summer Olympic Games for 2016.\u00a0 One event that is so interesting for me to watch is the rowing events.\u00a0 Here you have teams of rowers with a vocal leader pushing them on.\u00a0 They all have one goal in mind, to hit the finish line first, often with a secondary goal of hitting a particular time and if they did not all row together they would never win the gold.\u00a0 But even here it starts with everyone on the team trying together to execute the strategy of winning the race. The most important goals of the organization must be communicated to everyone over and over and over, yes over communicated to make sure that everyone is on the same page.\u00a0 Once you understand your goal line then you can put a metric in place to track this goal.<\/p>\n

The second discipline, once you have goal clarity is to determine how you will achieve the goal. What steps will you take today to reach the goal? The best way to determine this is to use metrics called leading indicators.\u00a0 By tracking leading indicators you can monitor your progress toward the goal.\u00a0 What is a leading indicator?\u00a0 A leading indicator is a metric that is first predictive of success and second is influenceable by you.\u00a0\u00a0 For example, if you know it takes on average 20 phone calls to get a meeting and it takes 5 meetings to make a sale, then the number of phone calls made is a leading indicator.\u00a0 It is predictive of success, because you have tracked it, and it is influenceable by you, you either make the calls or you don\u2019t.<\/p>\n

After determining your leading indicators you need to create a scoreboard. It is a well-known fact that when you keep score you are more apt to stay in the game.\u00a0 Have you ever gone out to play tennis and instead of playing a game you just decided to volley for a while?\u00a0 How long did this keep your attention?\u00a0 For me playing this way I became bored very quickly, however when we started keeping score my interest, attention and capability increased almost immediately.\u00a0 This is also true with tracking metrics for success.\u00a0 You need to know at any point in time how well you are doing.\u00a0 This gives you both the motivation as well as the drive to keep moving toward your goal.\u00a0 A scoreboard is critical not just for your own goals but for departments and even companies as a whole.<\/p>\n

The fourth component of success in execution comes from creating a cadence of accountability. According to McChesney there are three components to this cadence.\u00a0 First you need to report on your commitments.\u00a0 Did you do what you said you were going to do?\u00a0 This is especially important in a company where the whirlwind of normal business activity will take every minute of every day.\u00a0 If you are not held accountable for moving your part of the goal process forward it will never get done.\u00a0 The second part is to review the scoreboard and determine what is working and what is not.\u00a0 At the break of every sports event the coaches look at the scoreboard and determine what needs to change in order to get the game back on track, we need to constantly do the same thing.\u00a0 We do this by clearing the path and making new commitments.\u00a0 What issues or problems are blocking our way to success?\u00a0 Look for ways to eliminate these road blocks then plan what needs to be accomplished over the next week.\u00a0 To be most effective accountability should be occurring on a weekly basis.<\/p>\n

If you can follow these four steps you will be well on the way to achieving your goals. As part of my practice I work with companies to help them determine their goals and then move down the road to success.<\/p>\n

See how I can help create a strategy for success by contacting me at pelworth@b2bcfo.com<\/a> today!<\/p>\n

Photo credit: Unsplash<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As a business owner your greatest impact is in two key areas; 1) developing a great strategy for success and 2) execution on the strategy. Which of these two do you excel in? If you are like most business owners you are good at creating a strategy but not so great at executing one.\u00a0 Why…<\/p>\n","protected":false},"author":27,"featured_media":3957,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","cybocfi_hide_featured_image":"","footnotes":""},"categories":[21,18],"tags":[30,31,22],"class_list":["post-3950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-best-practices","category-cfo-services","tag-business-basics","tag-business-development","tag-business-expansion"],"acf":[],"yoast_head":"\nExecution in Business - Phil Elworth<\/title>\n<meta name=\"description\" content=\"As part of my practice I work with companies to help them determine their goals and then move down the road to success.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.b2bcfo.com\/phil-elworth\/execution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Execution in Business - 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