A plan for growth is important, but focusing on execution is key to success
07 June 2018
In our recent business growth live-stream event a key theme was the need to plan before you expand. Many businesses fail not because of the strategy or growth plan, but because they executed it poorly or because sustained growth was not planned for.
There are many fundamental business issues that need to be understood to maintain future growth and to reduce the risk of failure.
I’ve found execution is easy with the right team. Gathering the right people, building a great team culture and empowering your colleagues to execute your vision provides great leverage to respond to every opportunity.
A more in depth way of ensuring your business strategy is aligned is asking yourself these questions:
- Is the leadership team regularly assessing the business environment?
- Does the business have the resources or capability to deliver the strategy?
- Do our people know what the strategy is?
- Are our strategic objectives broken down into manageable projects?
- Are our people held accountable for their performance?
- Do our people have the information they need to make effective decisions?
- Do we have the right people with the right skills, knowledge and experience to achieve our plan?
- Are we helping our people to deal with change effectively?
Finding the answers to these questions will help you to avoid the pitfalls of poor execution. A plan or growth is important, but focusing on execution is key to success.
Let's get a cup of coffee
Times are challenging, but there are more avenues and opportunities for businesses to grow and be successful. If you want to discuss your options, let me buy you a coffee! Email me Brendan.Balasekeran@bdo.com.au or call me direct on +61 7 3237 5958
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