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Executing A Growth Plan
All small businesses want to grow profitably. Many develop excellent growth plans.
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While there are many individuals and businesses that plan, growth only becomes a reality when you execute on the growth plan.
Yes, this seems obvious, but many good plans never get off the ground or fully realized.
Realize no plan goes unchanged; it morphs along the way as time passes plus conditions and assumptions change.
Further, no plan gets executed with the commitment of top management and the resources to effectuate it.
Let’s talk about how to execute an effective growth plan.
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First, beware of common pitfalls, they include:
- Poor communication of strategic objectives
- Lack of employee buy-in
- Ineffective risk management
- Impatience for results
Some keys to successful strategy execution include:
1. A Strategic Plan Requires Total Commitment
All hands including decision-makers and stakeholders should agree on the strategic plan. Changing the plan requires communicating the critical reasons for the changes. Ensure you and your colleagues start on the same page in the planning process, then stay aligned through execution.
2. Align Jobs to Strategy
Often, employees’ roles aren’t designed with strategy in mind. Assess whether business’s jobs are designed for successful strategy execution.
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3. Communicate Clearly to Empower Employees
All aspect of the plan and its execution must be communicated early and often throughout the process, plus listen to responses. Strategy execution depends on your organization’s daily tasks and decisions as well as company’s broader strategic goals, but how their individual responsibilities make achieving them possible. When employees are part of the process, they become committed to its success.
4. Performance Monitoring and Measurement
KPIs (key performance indicators) play an important role in strategy execution which relies on continually assessing progress toward goals. A numeric goal serves as a clear measure of success for you and your team to regularly track and monitor performance, plus assess if any changes need to be made based on that progress.
5. Innovation Balanced By Control
Innovation is a positive tool employed within the growth plan. Don’t let innovation efforts derail the execution of your strategy. Consider what pieces of the strategy are non-negotiable. Answering questions like these upfront can allow for clarity during execution.
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Also, remember that a stagnant organization has no room for growth. Encourage employees to brainstorm, experiment, and take calculated risks with strategic initiatives in mind.
Please share what has worked in your business when executing a growth strategy.