Archive for May 2012
The fundamental qualities for good execution of a plan is first; intelligence; then discernment and judgement, which enables one to recognize the best method as to attain it; the singleness of purpose; and, lastly, what is most essential of all, will-stubborn will. ~ Marshal Ferdinand Foch
Good business plans do not become reality by magic. The process of realizing the plan to execution is as important to the company as having the foresight and the commitment to achieve it. The leader sets measurable goals and objectives for the team, and is there every step of the way to be sure the goals are being attained.
As a leader your job is to encourage yourself and your team to achieve the objectives that ultimately leads to business success. Too often leaders are great at pumping up the emotional hype of a project, but fail to carry the hype through to the projects completion. Even the most well thought strategy can’t be carried out on its own. The most important way to keep a plan moving forward is to sustain the enthusiasm from development phase to execution.
Be the motivator
For most entrepreneurs being creative comes easy, but being in charge means you have many obligations and often life can get in the way. New priorities pop up, and your team can get overwhelmed. A successful leader knows that motivation is the key to executing a great business plan. Get to know the team you have chosen individually. Know what it takes to motivates each of them and periodically reward their hard work.
Keep the plan moving
The plans are still there but never executed and you and your business get stalled. Successful execution of any deal always starts and ends with strategy. Today businesses are being driven by key trends across all industries and execution must be smart and swift. Staying in the planning and negotiating stage too long is a huge strike against you before you even begin. Involve your team in the planning. Assign different team members to focus on specific stages of the plan. This way the plan is in constant motion as each group completes their assigned task.
Here are some additional basics components to set the stage for executing any plan.
- Build a great team. Develop a diverse working team made up of representatives from finance, sales and marketing, and operations. Also, make a point of considering outside experienced advisors such as lawyers, accountants, investment bankers, and human resource or employee experts. To successfully execute a business plan, there must be cohesive thinking and constant communication among team members. As CEO you are to lead the team by defining the responsibilities of each team member.
- Build a great plan. Decide what your specific objectives are. Who is your target customer/client? How will you market to your target audience? You will need to prepare research that includes objectives, industry trends and method for evaluating target customer/client.
- Stay within your budget. How will you finance the deal? What are the value-added efficiencies and cost savings that will result from this project? Decide how much it will cost to execute your plan from start to finish . Build a strong financial team to collaborate with and verify your project is financially stable.
- Set an execution date. Give your plan set a time-frame. Establish small goals along the way to completion so that you can measure your progress. Periodically evaluate the work being done and be sure it is on target with your ultimate vision