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Execution is STILL the major challenge for business leaders
28-May-2009
As you would expect, we read hundreds of business books to keep our knowledge at the forefront of global, best business practice, and to support our clients to achieve extraordinary results.
Personally, I’ve become a bit jaded. Gimmicky book titles that promise much but deliver no actionable value, empty platitudes presented as if they were profound and original ideas, the so-called “secrets” of celebrity leaders etc. Yes, there is still the occasional gold nugget to be found, but mostly it’s an exercise in diminishing returns.
As business leaders we must keep expanding our knowledge – but the real challenge in business remains these 2 things.
- Creating a well formulated strategy (the first 2% of the solution)
- Being able to execute the strategy (the other crucial 98%).
Consider the following alarming research:
- 90% of strategies fail due to poor execution [1]
- Only 27% of employees have access to their company strategic plan [2]
- Only 5% of employees understand their company strategy [3]
- 92% of organizations do not measure Key Performance Indicators [3]
Check how well your organization stacks up:
- Do you have a clear and compelling strategic plan?
- Do your employees understand your strategy and the role they have to play?
- Do you track KPI performance every week using dashboards?
- Could you tell me the #1 Action you are going to take this week - (not business as usual activities) - that will move your business closer to achieving your strategic priorities?
- If I asked your key staff what their #1 Action this week is, could they tell me?
If like most organizations we meet, you can’t answer these questions as well as you would like – RESULTS.com can certainly help you.
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At your weekly management meeting (you do have one don't you?) - share the latest Growth Tip with your team and ask the question: "How can we apply this information in our business?"
Commit to taking some form of action. You will be glad you did.
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