Execution of a business strategy is the most valuable part of the strategic process. Execution is about how you deliver and create value. The problems with execution eventuate when there are vacuums around strategy communication and priority. Employees will always focus on their own ‘urgent’ task list that may not comprise true priorities for business leaders. In these instances, strategy clearly isn’t filtering down. Here are a few ways to improve business strategy: 1. Consider how you will execute before you commence 2. Have a clear understanding of why you are doing it and the impact it will have 3. Understand where the pain points and challenges are 4. Communicate the strategy throughout the business 5. Make sure priorities are set with timeframes 6. Your strategy needs to excite 7. Keep communication open, keep talking about it 8. Update the strategy as you go — keep it current 9. Utilise available information and data 10. Don’t withhold information down the chain. Remember that business strategy is more than just a plan that sits in your desk drawer. It is an ever-evolving element of your business that needs to be nurtured and nourished.
How does your financial management measure up? Management for Design recently conducted a study with business leaders in the AEC and creative sectors to review how well their finances are managed. The results provide insights into how other firms are tracking and provide some benchmarks against which you can measure your own financial management success.
