Posted 19 Aug 2019, Editor's Desk
Many businesses fail in their initial years despite the excellent strategy execution process and years of experience. Do you know why?
It is because of the lack of appropriate strategy execution framework.
Many businesses fail because they fail to execute their strategy.
Strategy does not give big Success, Execution does.
The day you understand this, you will see your business growing.
Here is how you can execute your strategy through 4 important strategy execution frameworks.
If you adopt these 4 steps in any department, the efficiency of that department will increase.
It does not matter whether you are the first mover or the last mover. You will become a fast mover. Here, are those four steps:
Step #1: MEG (Most Essential Goal)
Among the most important tools of the strategy execution process is MEG (Most Essential Goal).
MEG is a goal for which you are ready to compromise everything else and focuses on it only is called Most Essential Goal (MEG).
Focus on What Matters the Most!
If you do everything but miss your most essential goal, you will fail.
If you miss everything else and focus on your MEG, you will get successful.
So, you need to identify the MEG of your department, division or organization that you want to execute.
Step #2: Effort Score and Result Score
Without matching your Effort Score with Result you cannot implement the strategy execution process effectively in your business.
If you want to achieve a goal, separate your Effort Score and Result Score.
While achieving any goal, determine what effort will it take and what result/outcome is expected.
Until you make a scoreboard, people will not feel excited and your strategy implementation process will fail drastically.
People play differently when they have a scoreboard.
Actually, people want to win and you should help them win by making a scoreboard.
When you encourage people, they will take scoreboard as a game and will try to win. As a result, their speed will increase.
Increasing the speed of the department will help you control the numbers, figures, and targets.
Now, you can engage people easily.
Let’s move on to Step 4!
Step #4: Weekly Review Meeting
Conduct weekly review meetings with your team so as to improve their performance, and implement the strategy execution process efficiently.
When people with a shared vision sit together to discuss areas of mutual concerns, it sparks creativity and helps them achieve the Most Essential Goal.