How to Execute
Steve Job, on execution, said, “To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.”
Felix Dennis’ caption states that “Ideas don’t make you rich. The correct execution of ideas does.”
Since our goal is to make more profit, it’s not surprising that every profiting business depends on the balance of two key things, Ideas and execution.
Today, we will examine 3 key requirements of profitable execution.
They are :
- Communicate Your Business Plan:
if you are a solopreneur, you likely have only two people to convince – yourself and your customer – since you run the business entirely by yourself.
But, once you employ someone else, you have to be able to plant the vision, the mission, and how you plan to hit these smart goals to your team. Your plan must evolve from me to us.
You can’t do it alone, and you can’t do it wrongly. Your team must be as clear about where you are and where you are going per time, otherwise, it would be difficult to get your business into your envisaged future.
Within your larger team, you will still need a smaller team of highly committed performers. This is the primary driving force for your business.
- Develop Your Dashboard and Take Progress Reports:
A dashboard is a clearly drawn-up display of all your company’s information at a glance. Don’t worry, it’s private data. You won’t need to paste it at the Reception.
With a dashboard, you can monitor individual, departmental, and overall business performance in motion. You then compare this to what you have in your original plan and smart goals.
This provides you with immediate insights and will help you spot red flags easily. You can check ineffectiveness and business errors quickly.
The reports you get from your team, and your customers (feedback), will make their way to the dashboard, helping you optimize your execution delivery.
- Engage Good Timing and Style:
Is good timing everything? Yes, sometimes it’s the difference between success and failure.
Timing is why you cannot launch an ice block business in the north during the cold or harmattan season. You may sell but you will never break even. You may not make much or any profit.
But if you time the same business to sell during the drought, there is a huge chance that timing will transform your profit margin. You can thereafter decide the seasonality of this business and what to do during the offseason.
In addition to timing, you need “Style” to make a difference in impact.
Style is the differentiator between a single unit block making machine and a multiple unit blocks making machine. The question of what style you will use is very important to what you will achieve.
Style saves you time, energy and cost, while increasing productivity. Reduced cost saves you money, while increased productivity makes you more profit.
It is important to weigh the options between putting your idea on a franchise contract or setting it up for an equity stake. Though both can bring your idea to life, you won’t get the same profitable returns.
This week, as you put your plans together or review your business plan, do the following.
- Pick up a pen and ask if every member of your team understands your business goals.
- Identify the key players on your team.
- Design a Dashboard to monitor your business behaviour.
- Check that you take constant progress reports.
- Time your launch.
- Choose your style.
Thank you for following our series. For feedback and enquiries, you can write us at feedback@streetsmartlab.com
I am Adeyiga Awomuti, Towards the Smartest You.
