What's missing from business success

I was asked this morning what I thought was more important - having an effective strategy or effective execution?



To me the answer is obvious - Doesn't matter how good your strategy is if it does not get executed properly and effective execution is only effective with a strategy. Execution isn't the best thing it is the only thing!


While creating a well-formulated strategy is vitally important for business success, the biggest challenge for most business leaders is getting their team to effectively execute their chosen strategy.


- Consider the following alarming research:
–90% of strategies fail due to poor execution
–Only 27% of employees have access to their company strategic plan
–Only 5% of employees understand their company strategy
–92% of organizations do not measure Key Performance Indicators



We have just been trialling a execution tool called execution driver and I have to say it has been fantastic in my own team becoming more egaged and accountable for better execution of our strategy. Not only does it put a big tick beside each of the above statistics it has freed me up personally to concentrate on more of the things that I am best at.



Visit http://www.executiondriver.com/



Happy executing

Karl

Talking Brochure Salespeople

Of all of the industry's over the last few hundred years Sales has been the one that has changed the least. What is interesting is that there has been many opinions on what works and very little data.

Professor Neil Rackham conducted a massive research project of over 35,000 sales call in 12 countries over a 10 year period and found some very interesting data.

What was conclusive is that converting features to benefits is getting less and less effective. This means that Salespeople can no longer afford to be a talking brochure. With information so accessible and over 30 Billion questions getting answered on google every month sales people need to move from being a value communicator to value creators.

It is more important than ever to address this with your sales people. So what value are your salespeople creating for your clients and would your clients be prepared to write a check for their sales call.

Understanding the "Core Values" of Honesty and Integrity

Often I hear that Honesty and Integrity are core values - as they should be. Would you ever Hire someone who wasn't honest or exhibited Integrity? How often though have you employed someone to be disappointed on these values.

The challenge is that you need to go to a deeper level so your people can understand what it really means in your organisation. The words are like the outer layer of an onion and you need to peel back the layers until you get to the real "core" of the definition for your company.

In our company "Live what we teach" defines Integrity for me. We have a client who is a painting contractor that has "3 coats means 3 coats". Isn't this a lot easier for his staff to understand than Integrity.

The difinitions are different for every company. What does the inside of your onion look like for Honesty and Integrity in your company.

Core Values - Honesty and Integrity

Often I see companies with "Honesty and Integrity" as core values. While these as essential elements of any company, do your people really know what they mean.

Today with your staff ask them to write down what their definition of these two values. When you have collected all the answers how many of them are the same?

The difficulty with these two words is that they mean different things to different people. So how can you align peoples behaiviour in your business or organisation when no one is clear on the definition?

Have fun with the exercise and tomorrow I will discuss what to do about it

Karl

You can not align people without a common direction

Imagine that your business is a life raft in the middle of the ocean, you as the business leader knows what direction you want to go and are paddling as hard as you can in that direction. The others on the raft know where they want to go and start paddling in thier direction. In disbelief you look at the others in the raft questioning why they can not see the direction you are heading in and why are they not paddling in that same direction. Indeed some may even be paddling in the opposite direction. In frustration some of them may stop paddling as hard as then can, not because they are not capable but because they get disengaged.
The busisness leaders is also aware that with limited provisions for voyage there is an urgency that others do not seem to share. And so they paddle harder. This appears to be happening in some businesses right now.

If this is your life raft what do you believe the outcome will be?

You may get to where you want to go but will it be in the fastest time possible by the quickest route?

Alignment and Engagement of your people become the two most important factors for your success

So, at some stage the business leaders need to step up and sell a story of the direction they want to head or else you they invarible head in circles.

Do you increase your chances of success if the story involves your people? You betcha!

Business is exactly like this analagy.

Do your staff know your direction?
Do your Staff know your vision?
Does it invlove your people?
Do they see it everyday?

If you answered 'No' to any of the above then immediately address this and create a clear and compelling long term goal that stretches beyond your current capabilities that will align all of your people.

Here is the real magic though. When you create this long term stretch Goal that can bring together businesses as well as your people it becomes a lot easier. When you share with your clients and your suppliers they all go "Hey I like that! It is where I would like to go too."

Overnight Business will become a lot easier.

If you are asking yourself "How do I do this?" Try starting with asking your people after all who will do the work to get you there?

Enjoy the Recovery