In our previous article, we talked about four steps to keep your strategy from dying.
Now, let’s drill down to see what a workable strategy-execution process looks like.
It starts with setting goals. That might sound easy, but most leaders know it’s hard enough sit down and write goals-much less empower the team to get them done. Use this framework to keep execution humming along in every part of your organization:
1. Set specific priorities at the company level.
Start with annual goals. With long-term strategy in mind, what are the priorities for the coming year? To generate ideas, think about possible goals in the key areas of a business (resources, products, process, and markets).
Then, break annual goals into quarterly goals and assign a single, objective metric to each one. For example, how much revenue do you need to make in Q1 to meet your annual target?
2. Cascade the goals.
Next, every team and individual should set their own quarterly goals based on the company’s quarterly goals. Again, tie an objective metric to each goal. This exercise ensures that your employees’ work reflects the broader aims of the business.
Doing this well puts you ahead of most of your competitors: According to Deloitte, “barely more than one-third (36 percent) of organizations have a standardized process for cascading goals enterprise wide.”
3. Gather weekly feedback.
Don’t wait until quarter-end to pull back the veil and see whether people met their goals; get regular feedback on how goals are going. Make sure managers check in weekly with their direct reports and escalate any issues to you rapidly. (Software can boost the power of this process tremendously.)
Weekly goal feedback should be:
- Quantitative and qualitative: You need to know not just about the metric but how the employee feels about the quality of the work.
- Predictive: You need the employee’s forecast on whether he will meet the goal on time (predictive), not just their status (historical).
4. Quickly address new risks.
When you get feedback that a goal is faltering, jump right in. Ask the goal owner what she needs-can someone in the organization offer resources to keep the goal on track? These conversations help the team be nimble and collaborative.
Stay tuned for our next article, where we’ll talk about how leaders who collect predictive insight from the organization benefit from predictable results.
At The SOS Group Inc , we help leaders and organizations develop and implement strategic change, getting them from where they are now to where they want to be-quickly.
We’re now partnering with Khorus, makers of the first enterprise leadership platform. It’s a powerful combination. You get help with developing and implementing strategic goals that spells success for your business, plus the tools and a consistent method for managing and translating the strategy into predictable results.
So,if you’re ready to lead your company forward and gain a measurable competitive advantage in today’s market, give me a call today at 713-249-9569. You have nothing to lose and perhaps a great deal to gain!