Archive for the ‘Strategy Execution’ Category

Press the Initiative

Thursday, June 23rd, 2011 by AdvisorCatalyst

At the October 2007 World Business Forum in New York, Garry Kasparov, the great world chess champion, noted that a player attacks in two ways. The first, “direct assault,” occurs when he is backed into a position he doesn’t like. Those who succeed are admired for their resilience and celebrated as a “come from behind” story. The second, which Kasparov called “creating and maintaining the initiative,” is preemptive in nature, putting the player in a position of leadership and control. It may lack the excitement of a surprise victory, but the persistent mastery is admired by all.

Many market leaders were not the original pioneers of their product. Examples include Boeing, Hewlett Packard, Google, and Apple’s iPod. In each of these situations, the market leaders outperformed the pioneers because they pressed the initiative. They continually improved, invested in people and research, and developed a strong organizational vision. Meanwhile, the pioneers lost an opportunity, not because they started badly, but because they stopped pressing.

How is your organization’s discipline in strategy execution? Create the initiative, and then keep pressing.

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In 100 Words: Time to Reflect

Wednesday, December 15th, 2010 by AdvisorCatalyst

The end of the year is a natural time to pause and reflect – both as individuals and as organizations. Yet, many don’t take full advantage of the opportunity.

Reflection is slightly different than real-time course correction; it’s a conscious effort to identify the gaps between plans and reality. Did you meet your goals? If not, why not? What factors define your current environment? Which of your assumptions are no longer valid? What do you need to do differently?

Give yourself a dose of reality and let it drive your actions in the coming year…until it’s time to reflect again.

“However beautiful the strategy, you should occasionally look at the results.”
(Winston Churchill)

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In 100 Words: Strategic Retreat? More Like Strategic Advance.

Monday, November 1st, 2010 by AdvisorCatalyst

This is the time for annual planning sessions, and many business leaders are pulling their teams together for a strategic retreat. But why do we call it a retreat? Retreat is a negative word synonymous with withdraw, relinquish, and concede. Is that your frame of mind as your organization plans the coming year? I don’t think so.

Forget the retreat. Lead your organization on a strategic advance. Plan how to advance your purpose and achieve your goals. Assess your current position, identify the target, and push forward. That’s what you really hope to do, so call it what it is.

“There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.” (John F. Kennedy)

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Advisor Power Question: “What’s the Next Action?”

Friday, August 20th, 2010 by AdvisorCatalyst

A CEO recently contacted me to learn more about our strategy execution system. Early in the conversation, I realized that he was actually looking for a system to manage his own time, projects, and work flow. Of course, the disciplines of our strategy execution process are as applicable to individuals as they are to organizations: long-term, quarterly, weekly, and daily priorities. (Read more about setting daily priorities.) Having established that, I recommended this CEO read Getting Things Done by David Allen.

If you’re not familiar with this book, read it. Allen lays out a 5-stage system for managing workflow. I have clients who have used this book to completely change the information storage systems throughout their organizations with great results.

In addition to that system, Allen drills the importance of the phrase, “What’s the next action?” I have found this to be a powerful question for driving clarity in strategic conversations with my clients. Allen writes:

“I am frequently asked to facilitate meetings. I’ve learned the hard way that no matter where we are in the conversation, twenty minutes before the agreed end-time of the discussion I must force the question: “So what’s the next action here?” In my experience, there is usually twenty minutes’ worth of clarifying (and sometimes tough decisions) still required to come up with an answer.”

As you work with clients, ask yourself two questions: (1) Is there a decision to come out of this conversation? and (2) What’s the next action? My own experience confirms that of David Allen; there is at least twenty minutes worth of conversation yet to take place.

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The Most Valuable Thing You Can Do Today

Thursday, July 8th, 2010 by Scott Bahr

I can tell you right now how productive I will be today. It all depends on a simple two-minute exercise: setting my daily priorities. If I did it this morning, this is likely to be a good day. If I did not do it, I will probably finish my workday feeling wasteful and unfulfilled.

Grab an index card and write down the most important thing you need to accomplish today. If you don’t think that item will take all day, record a second priority. Fill out the card with everything you can reasonably expect to accomplish (rarely will this list have more than five items). Once the card is filled out, focus completely on #1 until it’s done. Then mark it off and move on to #2. Repeat this process until your card is full or your day is done – whichever comes first. If it’s time to go home and your list is not done, you either wasted time or planned too much. You be the judge. Either way, you’re learning something that you might not have known had you not recorded your expectations for the day.

Recently, I was speaking to a high school class about the importance of this discipline. One student raised his hand and asked, “So what’s on your card today?” The class laughed, but I applauded him for holding me accountable. Then I read him my priorities (one of which was to speak to his class).

If you don’t already set your daily priorities, start now. And I mean now. It will only take you two minutes. Imagine if all of your employees did this. Imagine if you could randomly ask anyone in the hallway, “What do you need to accomplish today?” and he had a ready answer. Think about how quickly you could move as a company. Think about what you could accomplish.

Like I said, do it now.

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In 100 Words: Positive Tension

Tuesday, June 22nd, 2010 by AdvisorCatalyst

Do you like tension? When it comes to executing your strategy, you should.

Positive tension yields excellent results. The tension of opposing ideas generates the debate that produces a solution. The tension of self-imposed financial/time limits on new projects (what Michael Eisner called “creativity in a box” at Disney) drives efficient innovation. The tension of preserving the core while stimulating progress (Jim Collins in Built to Last) builds great and enduring organizations.

Q2 is almost done, and you have rocks to complete. Push to get them done while exhibiting the patience to get them right.

That’s positive tension. Embrace it.

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When Wrong Decisions Are Good Decisions

Monday, November 23rd, 2009 by AdvisorCatalyst

We all know what it’s like to agonize over a tough decision. We weigh the pros and cons and think through a lot of “what if’s” for each option. Obviously, we should always “count the cost” before making a decision, but we must learn to recognize when our diligence in thinking through a decision can hinder us from actually making a decision.

Remember the “Choose Your Own Adventure” books you read as a child? Imagine trying to formulate the “perfect” path through the book before you ever read a page. It’s impossible. You don’t have enough information to start with, and you can’t possibly predict every ramification that will result from later decisions. You simply must start reading and make the best possible decision with the information you have. Of course, if you don’t like the results of a decision, you can always flip back to the beginning and make a different choice. The second time, you’ve got a higher degree of confidence in your choice because you’ve already eliminated one based on experience.

The same is often true in business or personal decision-making. Making a wrong decision is often the first step toward determining the right one. The insights from miscalculations provide the baseline for a recalibration of your strategy.

The alternative is to freeze in a state of “analysis paralysis.” Any decision has an element of uncertainty. You simply cannot collect enough data to guarantee a certain outcome. That’s why George S. Patton, Jr. wrote in War As I Knew It, “A good plan executed now is better than a perfect plan executed next week.” Those who have the courage to proceed with a “good” plan will likely be able to see the results, adjust, and execute a better plan while those working on the “perfect” plan are still thinking over their options.

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