According to Harvard Business Review, more than 400 global CEOs said executing strategy was their #1 challenge. Execution is difficult. Almost nobody gets it right the first time. Most companies fail to execute their strategy because of this one common reason…
They are too focused on non-essential things. They believe that execution is somebody else’s job, and not theirs. And they neglect their strategies while the world keeps changing. So, how can you make sure you’re on the right track with your business?
Most CEOs follow conventional wisdom, but winning companies do not. Instead of doing what everyone else is doing, they use a unique strategy that works for them.
Finding the right strategy is important. Without a strategy, you fail to do your best to deliver value to customers.Your company strategy is your promise. Click To Tweet
If you want to stand out in this disruptive world, then you’ll have to close the gap from strategy to execution.
What Is The Strategy To Execution Gap?
The strategy-to-execution gap is when reality falls short of a plan.
This gap mostly manifests in missing commitments, not enough support, and poor performance.
Successful strategy execution is all about alignment. Companies need to make sure that all strategies align with every business activity. This allows them to effectively track progress and performance.
Mid-to-large companies often struggle to close a significant gap between strategy and execution. And it’s the CEO’s responsibility to make sure they build the right culture-driven team.
Those companies who can close this gap will likely outperform those that don’t. Closing the gap involves showing up to work, taking action, and performing at a high level every day.
When you have an excellent company strategy execution, the results show. The most common mistake is for the companies to start with execution, and not with a strategy. They go by the inverted order of “ready, fire, aim.”
If you have the strategy first, you’ll outperform those who choose to execute instead.
Creating winning strategies is crucial for successful execution. Especially in a disruptive world, CEOs need to take the lead in every process. They need to be present and not assume the employees will handle the company for them.
Keep in mind, creating the right company culture is a team effort. Everyone needs to be held accountable and remain on the same page.
Howard Schultz, the CEO of Starbucks, said “In this ever-changing society, the most powerful and enduring brands are built from the heart. They are real and sustainable. Their foundations are stronger because they are built with the strength of the human spirit, not an ad campaign. The companies that are lasting are those that are authentic.”
Companies like Apple, Amazon, and Starbucks are great examples. They know how to remain on the path that ensures their success. Because of disciplined planning, they’re unlikely to fall short on performance.If you too can put forth a clear strategy in everything you do, you will be able to scale your business faster.
Ever imagined having your revenues increase and saving your business from unnecessary costs? Consider these planning steps:
Start Your Game Plan
Before jumping into a new business strategy, you have to prepare first.
Remember, today’s world keeps changing. If you’re not prepared to respond at any given moment, you can forget about your strategy.
Taking risks is part of the process. Those who know how to act fast will stay afloat the longest.
Once you get through challenges without failure, you’re part of the 10% that knows execution.
In order to get there, you need to work on your mindset. It sounds simple, but a lot of people still do not understand this. They undervalue the mindset or ignore it altogether.
The right mindset is the most important drive in any company strategy. You can think of it as the turbo boost to your execution engine.
Your mindset can help you yield real business results more than anything else can. That’s because your emotional commitment is key. If you are unsure, your team will be unsure too. Executing demands that everyone believes the right strategy will work.
Do you see how company culture is yet again critical?
When your alignment is good, you’ll more likely have a successful strategy execution. You’ll improve your performance, and the financial gains will speak for themself.
The best way to execute is to see strategy more as a direction, instead of a plan. That way, you’ll have an agenda to accompany your decisions.
Since a company strategy is your list of decisions, it drives your execution. You should train your mindset to focus on making decisions fast, but with long-term goals in mind.
Once you get good at decision-making, you will problem-solve better. You’ll have resources in mind to prepare for the upcoming changes.
1. The Strengths That’ll Take You To Success
There’s something special about you. There are things you can do that no one else can. And there are capabilities that set yours apart from other businesses.
Can you see how your strengths will lead to success?
Your strengths are what you should start with and focus on. While other people have the shiny-object syndrome, you’re the strongest at what you do.
You see, those too caught up in the next biggest thing are likely to never finish what they started. If you pursue too many opportunities, you will stay mediocre at everything you do. But if you never lose sight of your vision, your customers will trust that you’re their best choice.
Let’s look at social media platforms as an example.
Depending on your business, some of these platforms aren’t the best fit. If YouTube gets your business the most attention, Instagram might not work the same way. You may work harder on your Instagram presence, but that leaves you with less time for YouTube content.
So, take note of your strengths, because your strengths might not be your competitor’s strengths. That’s how you’ll excel – by being consistent.
One reason why Dan Lok was able to succeed fast at a young age was his commitment to his first High Income Skill™. If he hadn’t had the patience to master copywriting, he wouldn’t have found his next High Income Skill™. Because his strengths were in copywriting, it went hand in hand with high-ticket closing.
You can also stack on your strengths. But don’t mistake that as the shiny-object syndrome. Stick with that one thing you’re good at and success will follow.
When you become more knowledgeable about your strengths, opportunities will find you. As long as you keep learning, practicing, and improving, you will bring a ton of value to the table.
2. How Flexible Can You Be?
If a business doesn’t value flexibility, there will be more roadblocks ahead.
It’s obvious that most people prefer to take the straight route to get forward. That’s how they get from point A to point B without obstacles. But when there are limits along the way, it’s time to move and find another way to get to point B.
Being flexible is necessary in a disruptive world. And this should matter a lot to your business.
In your company strategy, you can expect to run into obstacles. Even the best plans sometimes fail, since the world is unpredictable.
So what can you do?
You can protect yourself from trouble by knowing how to respond. If you can act fast, you’ll execute with finesse. To do that, there needs to be a lot of disciplined action planning.
It takes time to identify what’s important to you, as well as the unknown. You will have to be specific with the steps you take to adjust to the changes. But if you keep up with your market, you’ll remain prepared for better outcomes.
When your plans fail, it doesn’t mean you need to throw out your whole strategy. Remember, you’re still trying to pursue a vision. You’ll just need to become more resourceful and pay attention to new opportunities.
A perfect example of this would be restaurants surviving a global pandemic.
Most restaurants profit mostly from customers dining in. During a pandemic, people are more likely to be staying at home instead. Without any business, restaurants would not be able to pay for rent and might have to shut down for good.
This calls for pivoting fast. If restaurants can respond well to changes, they’ll find other ways to serve their customers. They can focus on strengthening their online presence and offering local delivery.
And if this executes well, there will be new loyal customers supporting them once they open again.
3. Can It Get Any Simpler?
Keeping things simple is a great favor you can do for your business in the long run.
When your company strategy is clear for everyone to see, it’ll help make a smooth execution. But only a few companies understand this because strategies are abstract. There will, no doubt, be some confusion, and difficulties in communication.
That’s why you always have to ask yourself, “How can I simplify this even more?”
When there is a clear sense of what to do, strategies will translate into action better. You will have more confidence in the direction you’re heading to. And best of all, performance will be at the top when everything is simple to understand.
So to start off with a simple plan, you’ll need to avoid being all over the place with your goals. Be clear about your vision and your language. The last thing you would want is for someone to misunderstand you and cause more problems.
To operate as a high performing company, you can set boundaries. These boundaries can include what you don’t want to see happen. They may include the way you compete in the market or what you’ll never spend money on.
Making these specific boundaries will allow you to stay focused on execution. And, without them, you can get distracted by additional ideas that may never work well for you.
What’s also great about sticking to a simple plan is having more time for key tasks. That’s how you’ll hold everyone accountable for execution.
An example of how you can operate a business in simpler ways is to be selective of your customers. Let’s say your goal was to hit a certain sales target by end of the month. There’s a week left, and you need a few more new customers. Then someone gives you a call, demanding a lot of extra work from you.
What they’re requesting is usually out of your scope. But then again, this potential customer could help you reach your monthly target. What do you do?
If you remember to keep things simple and have boundaries, you’d turn this customer down. Because once you take on a difficult customer, it can become complicated.
When this customer knows you’re open to other tasks, they’ll keep expecting you to accept more unusual requests. Sometimes, you won’t have time for it. The pay might not be worth it either.
It’s better to always stick with your plan and with what you know. Don’t overwhelm yourself with changes that may not always succeed.
4. Test, Learn, Master, Repeat
You won’t get to mastery if you don’t keep testing and learning your company strategy.
You’ll only move forward if you’re willing to run tests repeatedly. That’s how you’ll know what works best with your strategies and executions. Because you’ll learn from mistakes and keep refining to make things better.
If you avoid testing some more, you’ll miss out on the highest possible results. Whenever you can, take advantage of every opportunity to test and learn.
Smart companies do this all the time. They test and learn what types of promotions can get them the most customers. After many tries and comparing results, they’ll master the best offer.
Albert Einstein said, “No amount of experimentation can ever prove me right. A single experiment can prove me wrong”.
Do you see why this is important?
You can’t ignore this if you want greater results. Mastery takes work and lots of repetition. The more you learn, the better and faster you are at generating new ideas.
If your strategy isn’t producing results, it’s time for a new approach. Instead of trying to make a bad idea work, it’s better to go by trial-and-error until you find something you can stick with.
But don’t think that one strategy that works is going to be your final strategy. There’s always room for improvement when the world changes and technology advances.
The best way to see progress is to update yourself with today’s environment and take risks. You’ll never find out the potential you might have if you aren’t willing to fail forward.
Here are some possible questions you can ask yourself when refining your strategy:
- Will this support what I want?
- Has this been proven to work before?
- Is this unique enough to bring in the marketplace?
- Will people find this interesting?
- Is this something I’ll still run in the future?
- What do I need to build to solve a problem?
- What risks and sacrifices do I need to make?
- Where will I waste the most time?
- What will require most of my attention?
- Do I have the resources?
- Who will I need on my team?
- What role should I play in this?
- Is this the right time?
How To Execute The Winning Company Strategy For You
It’s not easy for companies to close the gap between their company strategy and execution. That’s because most companies are too busy focusing more on the execution, but not the strategy.
When you execute the wrong strategy, it could cost you your time and money. But when you execute the right strategy, you’ll maximize your revenue – while minimizing costs.
That’s why it’s important for you to take time to optimize a simple, powerful company strategy. And with the right team culture too, successes are endless.
It doesn’t matter how small or big your business is. To ensure that you will make the best strategic choices, just follow the planning steps above. You will then realize why no other competitor can compete with you.
If you would like to discover the winning strategy for you, Dan Lok can guide you in the right direction. You’ll learn how to avoid years of costly mistakes right away. Dan is revealing the secrets that got him to scale his global community.
So if you are looking to make fast returns in a short amount of time, and if you qualify, Dragon 100™ might be for you. Apply for a membership today, and let Dan help you take your business to the next level.