What's More Important: Great Vision or Great Execution?
As a Mentor and Coach to many Melbourne businesses, I get this question a lot. My best advice? It's both, of course. Your business needs to have great vision, a rock-solid plan, and not be afraid of failure.
So what does it take to grow a successful business, one that is always in growth mode?
Here is my business advice for effective execution:
You must have a clear plan and objectives
Great execution starts with a plan. Remember a plan that is wide and shallow is generally a mud bath. A plan that is narrow and deep is where diamonds are found!
The plan sets the stage. For each strategic decision you make, you must know:
What the objectives are
How we achieve the objective
Who is responsible
When this will be completed
Just like the vision – all of these steps need to be clear. Unlike the vision, this part needs to be as comprehensive as possible, taking into account any risks or challenges and of course, some well thought out Plan B’s. You never risk reputation in the quest of a short term win.
Once a clear executable plan has been created, focus becomes important. Most business owners are gung ho with a vision and a plan but then lose focus with the follow through – being distracted by shiny bright objects or getting caught up in the day to day monotony that happens in all businesses, losing sight of the overall objectives.
TIP: Learn to say 'no' or 'we will consider that in the next 90 day plan'.
So how do you maintain focus?
I always recommend breaking the plan down into 90 day bite size pieces. Review the plan at your team meetings. Keep everyone accountable and stay true to the plan.
Include and motivate the team
Having buy-in from your team is very important. You cannot deliver this vision on your own. Explaining the 'why' is very important. So is sharing the successes and wins as well as the risks and challenges.
TIP: You need to embrace an open and honest communication culture in your business.
The 90 day plan will provide you and your team with deadlines or stakes in the ground which are a crucial tool to maintaining focus and pace. It’s hard to maintain focus, to keep a sense of urgency on the whole vision – much easier to break these down to smaller bitesize chunks and celebrate the wins along the way.
As famous business executive Jack Welch once said:
“Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”
Let's Refine Your Vision and Execute Your Plan Together.
Do you fear that you are wasting time, and cannot focus on executing your business plan? Is your vision clear? Are you certain?
Do you need small business advisory?
A Small Business Mentor or Coach would provide advice to help you move forward, inspire your small business vision and execute a successful plan.
At Business Benchmark Group, we specialise in advising Melbourne small and medium business. Our specialist coaching programs will accelerate growth using our tried and tested business advice.
Let's chat about your Melbourne business. Contact us today.
Stefan Kazakis on 5 May 2018
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