Another Entrepreneurship Project of the  Whitman School of Management at Syracuse University

Planning and Executing a Strategy

As an entrepreneur, do you find yourself sitting all night long thinking about that next big idea quite often? Most entrepreneurs fail to follow their strategies and plans due to the mere lack of execution. Authors Larry Bossidy and Ram Charan highlight the importance of proper execution through people, strategy and operations in their book, Execution: The Discipline of Getting Things Done, noting “it’s the people of an organization who make judgments about how markets are changing, create strategies based on those judgments, and translate the strategies into operational realities.”

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In the latest issue of the Entrepreneur magazine, author Jesse Torres says how execution done right is a logical process. He points out that the biggest flaw of all plans and strategies is the failure to execute them. Lawrence G. Hrebiniak, author of Making Strategy Work: Leading Effective Execution and Change writes, “Developing such a logical approach, however, represents a formidable challenge to management.”

So how does one go about executing and planning strategies?

Set clear priorities: Having clarity is the key to not get lost in the mumbo jumbo of things. It’s simpler to establish one priority at a time.

Collect and analyze data: You want to quantify your goals and plans. What works well for successful execution is developing key performance indicators that can be monitored and measured on an ongoing basis. It is important to evaluate them on a daily, weekly, monthly and quarterly basis. This process is important to boost your performance.

Keep a rhythm to meetings: It’s important to keep your organization in sync with the company’s goals and strategies. You should plan a staff meeting periodically for everyone to be on the same page. Daily meetings too help in keeping everyone updated. Encouraging and rewarding employees beyond their monthly compensation is also an idea to keeping people happy.

Evaluate the strategy: It’s important to do a SWOT analysis once a month to know where you really stand. These conclusions will help you leverage on the strengths and opportunities while mitigating weaknesses and threats.

It’s about taking that next step and “executing” a plan—keeping your ideal results in mind, and consistently monitoring your progress.

For more on how to strategize and take action, please visit: http://www.entrepreneur.com/article/237005

Thanks for reading and until next time… stay WISE!

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