Posts Tagged ‘commitment’

What is a Strategy Focused Organization?

Tuesday, February 17th, 2015

 

This week’s guest is Dick Albu, the founder and president of Albu Consulting, a strategy management consulting firm focused on engaging and energizing leadership teams of middle market private and family business to formulate robust business strategies and follow through on execution of key strategic initiatives.

 

 

The ultimate prize for all NFL football teams is a Super Bowl win.  There is no greater reward for a well planned and executed season.  Management, coaches, and players need to be aligned and focused for every game.  They also need to be committed to the overall team strategy.  Successful teams embrace the strategy focused organization model.

What can business owners and CEO’s learn from these NFL football teams?  A strategy focused organization understands that strategy is dynamic and it has adapted a continuous strategy management process of addressing issues and weaknesses, leveraging strengths, and exploiting opportunities on a timely basis. As with a winning football team, the ability to successfully execute the game plan is critical to business owners and their management teams. Here are three key elements for successful strategy execution.

Mobilize and engage the senior team – Alignment and commitment from the senior team is an essential ingredient to success.  Without complete buy-in from the leadership team, it is a sure bet that little change will happen.  Management and coaches all need to be on the same page, guided by a strategy that everyone has bought into.  Involving and getting buy-in from all managers through a collaborative process is critical to creating a strategy focused organization.  Keep in mind that this type of engagement does not happen overnight.  Establishing a strategy focused organization happens over years, not weeks or months.

Translate strategy to action in a way everyone can understand – Use a simple system that everyone can understand to explain who needs to do what by when.   Successful coaches make game plans easy to understand and make execution as flawless possible.   In our experience, a simple framework where objectives, initiatives and tactics are aligned creates a great deal of clarity and ensures engagement.   Employees get energized when they understand how they can contribute to the success of the strategy.

Embed the strategy execution process into day-to-day business operations – Organizations need a predictive, consistent, and continuous methodology to manage strategy execution.  Coaches are constantly making adjustments to their strategy as the season progresses because they appreciate that the football season is dynamic.  New opportunities or critical issues come up at any time, like an injury that leaves you without your starting quarterback.   Organizations need to think in the same way.  Strategy requires a dynamic and continuous process with consistent follow up throughout the year with the entire organization. Our approach with clients requires an ongoing execution process of monthly, quarterly, and annual meetings to measure, review progress and adapt strategy as necessary .

There are obviously many more aspects to creating a strategy focused organization that can lead change and improve performance.  Skipping any of these elements will prevent any company from achieving success.  We would like to hear your reaction to these important points, and let us know how you are creating a strategy focused organization.

Dick can be reached at 203-321-2147 or RAlbu@albuconsulting.com. For more information on Albu Consulting visit www.albuconsulting.com.

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The Three Cs of Strategy Execution

Tuesday, April 15th, 2014

This week’s guest is Dick Albu, the founder and president of Albu Consulting, a strategy management consulting firm focused on engaging and energizing leadership teams of middle market private and family business to formulate robust business strategies and follow through on execution of key strategic initiatives.

 

 

 

What is one of the most common missing links when it comes to successful strategic planning? Most CEOs we speak to will agree its strategy execution. You can have developed a mediocre plan, and an exceptional execution process will lift that average plan to new heights. Without a solid execution process in place, strategic plans are useless documents that sit on shelves collecting dust. More importantly, without a formal strategy execution process, organizations fail to achieve their goals.

At Albu Consulting, we believe that strategy development and strategy execution work hand-in-hand. They are partners in a dynamic, continuous and collaborative process. Strategy development does not end after a two or three day offsite and execution is not just project management. Rather, joined together strategy development and execution act as a strategy management system of continuous improvement to achieve the results you want.

How can you provide the leadership to make strategy happen? Consider these three Cs of strategy execution that can help you achieve your long term strategic goals.

Communicate – All too often strategy is kept a secret by the CEO only to be shared with a few members of the leadership team. Often it is implicit, lacking a written document that articulates the specifics of the strategy. Unfortunately, if people down through the organization don’t know about the strategy, it is hard for them to connect with it. Strategy needs to be the fabric of how everyone in the organization makes decisions. It should be a part of everyone’s day-to-day responsibility. Strategy is the link that defines “what” needs to be done, “why” it is important, “how” it will be executed.

Commitment – We are always amazed at how engaged managers and employees become once they are brought into the strategy management process. When employees participate in the development of the strategy and better understand how they can contribute to its success, their level of commitment increases. Collaboration within departments and across functions improves, and the result is both top-down and bottom-up cooperation and feedback. Once you have made the case to everyone in the organization, and included them in the strategy management process, translating strategy to action becomes much easier.

Change – Business is dynamic and unpredictable. It is difficult to imagine it any other way. Flexibility in business is absolutely necessary, but it needs to have purpose. Without purpose, organizations tend to “chase” opportunities that are off strategy. Your strategic plan should define and guide business decisions and help your organization stay focused and on task. By managing change through one-on-one coaching, team meetings and leadership reviews, you will embrace change with confidence. Change is necessary and organizations become better for it, but it needs to be on strategy.

Strategy execution is an integral part of the strategy management equation. The pace and complexity of business isn’t getting any easier. Effective strategy execution should not be viewed as additive work, but rather the centerpiece of what the organization needs to accomplish to achieve and exceed its long term goals.

Dick can be reached at 203-321-2147 or RAlbu@albuconsulting.com. For more information on Albu Consulting visit www.albuconsulting.com.

4 Laws of Effective Implementation

Tuesday, April 27th, 2010

When we want something – for example more revenue, bigger profits, a new home, or a dream vacation we’re told that we have to do 3 things. They are set a goal; make a plan to reach the goal and implement the plan. But which is the most important – the goal, the plan or the execution?

There’s no doubt in my mind that the third thing – implementation or execution – is the most important of the 3. Many years ago someone told me that “A weak plan strongly executed is better than a strong plan weakly executed”. Just last week someone told me about a promotional piece that had been written for them some time ago. They didn’t think it was great but, having spent time and money on it, they decided to use it and much to their surprise it worked. Not perfectly, but sales did go up and they did attract new customers.

So, how do we make sure we tackle this key activity – implementation – effectively? Here are 4 aspects of execution that are so important that they could be laws. Follow them and dramatically increase the odds of achieving your goals.

Law # 1. The first law of implementation is that 80% of something is better than 100% of nothing. Don’t wait for the perfect opportunity, try to develop the perfect product, try to find a “breakthrough” strategy or write the perfect plan. You must take what you have and make a start – now, today. Because if you don’t then there will also be some reason not to start tomorrow and before you know it the month or the quarter or the year have gone – and you’ll have accomplished nothing.

Law # 2. Persist. There’s an old adage about 10 salesmen who hear about the same deal. In the early stages, it’s hard to get an appointment, the prospect is demanding but slow to return calls, and 4 of the salespeople become so frustrated they just give up. Four more drop out when the prospect begins to bring up objections and does price/benefit comparisons and asks for references. The moral is that the 2 salesmen who stay at it improve their odds of getting the deal from 1 in 10 to 1 in 2 – simply by persisting.

Law # 3. Be prepared to adapt. There has never been a plan developed that worked precisely as conceived and exactly on time. All plans are based on assumptions which, even if they are logical and include the most detailed information available at the time, are just that – assumptions. Effective owners and managers review their plans regularly, for example quarterly, and compare what actually happened to their assumptions. Then they adapt their strategy and action plans for the rest of the year.

Law # 4 is all about commitment. Once you’ve decided to implement a plan then support it by allocating sufficient resources to it. No half-hearted measures – buy high quality raw materials, train everyone thoroughly, make the right equipment available and put enough people on the job. Because anything less than total commitment will jeopardize the goal.

The odds are that none of the 4 laws are a revelation. But in the face of day to day pressures we all lose sight of lessons that we’ve learned, things that are common sense. Remember these 4 laws and you’ll achieve more.

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