Why is it that despite a keen eye for opportunities and loads of passion, most businessmen do not reach the heights they are capable of climbing?
What is the most important factor linking dreams to reality, visions to accomplishment?
The answer is quite simple:
Execution
After all, an idea is only as good as its Execution
What hampers perfect Execution (and hence growth)?
Unclear Communication
“The Spoken word belongs half to him who speaks and half to him who listens” – French proverb.
It is almost impossible to confirm if what has been said has been understood in the desired manner.
Underutilized Data
Data (read knowledge) has tremendous power. However, just like windmills and dams are needed to harness power from winds and rivers, data analysis is needed to harness insights from data. Unfortunately, many business do not even collect or maintain data; almost all their decisions are based on only hearsay, gut feelings, or market-driven sentiments.
Loss of focus
“Most of us spend too much time on what is urgent and not enough time on what is important.” – Stephen Covey
In an attempt to complete all daily activities, the bigger picture gets lost somewhere. Is it sensible to forget one’s dream while trying to sort trivial matters?
Non-standardized processes
Often, small teams lack a structured, streamlined methodology for performing tasks. The team members do things as and when required, which definitely reduces the team’s efficiency and can even result in delays.
Undefined roles
Like a sport, a business venture is a team effort: each member should play a defined role. Being the captain, the entrepreneur needs to lead the way. However, most businessmen exhaust themselves by trying to execute everything themselves; rather than ensuring that each task is performed by the most suitable team member.
We have developed a simple 4-point structured approach that can be applied to almost all business scenarios. Here is what we do:
Understand
We understand where the business aspires to be versus where it currently is. This crucial first step is aimed at obtaining a picture of the entrepreneur’s vision. This also gives the entrepreneur an opportunity to revisit or formulate the business vision.
Identify
Next, we identify specific areas needing improvement. These could be one or a combination of task delegation, communication , process standardization, data analysis etc. No matter how daunting the obstacles are, proper identification is half the battle won. At this stage, we also suggest changes in attitude or approach that are required to overcome the obstacles.
Strategize
Strategizing involves breaking down the broader vision into smaller, achievable goals. First, we formulate a plan to complete a 2-5 year mission. We further refine this mission into monthly targets.
Review
We review performance on each target using relentless and disciplined monitoring mechanisms. The importance of this step cannot be undermined; reviewing previous performance provides immense learning, helps redefine targets, and reveals unknown issues. Previous data can be also be applied for increasing motivation.
