Turning the talk of your Business Strategy into the Walk of Execution and Results
In recent meetings with frustrated business owners, Pavlo Phitidis picked up on a significant trend – a high level of complaints around getting to the implementation stage of great business strategy. While the big ideas and the talk of business strategy seems easier to do, the walk of action and executing on those ideas is a struggle. On The Money Show with Bruce Whitfield, Pavlo outlines the obstacles that could be holding you back as a business owner, and how to overcome them:
You may have the big business strategy, the great idea, the gigantic goals, and the inspiration to attain them, but procrastination holds you back. Set too big a goal, and you may be overwhelmed by them, effectively preventing yourself from achieving any! Instead, break your big goals and idea into many small steps and then begin climbing that ladder – one step at a time. This will enable you to build momentum.
Don’t let your obsession with perfection hold you back from attaining your objectives – start with smaller goals and work your way through them, to achieve a sense of progress. With just 3 economic months left before the end of the year, you need to act and the best way to do it is to begin.
Also, holding back on action because you are waiting for a big project to land, environmental circumstances to change, or you’re concerned you will fail, won’t get you anywhere. Truth is found in action, so start acting, now.
If you want something done properly, do it yourself
Letting go of control over the small tasks that make your business work, is imperative when you’re working on executing your business strategy. Building your business through effective delegation is important for growth, and where that has failed, look more towards hiring people as operators, and not just to fill a job vacancy. Moreover, if staff performance seems to be dwindling, look at your performance measurement systems, and re-assess how well they are working.
There are no silver bullets in business. Yes, you could hire new people, acquire new premises, find a new funder, or buy new equipment, but those aren’t going to generate action all on their own. Put aside the idea of a silver bullet saving your business, and set your mind towards action, rather than looking for a silver bullet.
Ego and Pride
If you’re frustrated by a lack of progress in your business, and battling to implement your business strategy, it’s time to put your pride in your pocket and pack your ego away. Asking for support, help, or guidance, is not a sign of weakness; it’s a sign of strength and willingness to move beyond your current circumstances. More and more big businesses across the globe are re-assessing their business strategy and moving towards focusing on their core objectives – you should too. Outsource things that aren’t your primary business objective or area of specialization and look long and hard at the goals you want to achieve.
The phrase “it’s not the right time” is an all-too-common excuse for delaying your execution of business strategy. Just get started! Of course, it can be difficult to measure and assess your leadership and direction in your business, especially at first, but remain cognizant of your business journey. Look for and find your business’ pattern of growth, while you focus on the objectives for that phase of your business journey.
At start-up stage, you should be focused on learning and understanding what business you’re in, defined only by the problems your business intends to solve for its customers. Moving on from that, building the business beyond yourself means you’ll need to change your leadership strategy, and lean more on implementing systems that will support your business strategy, while hiring the right people to work with those systems.
We live and work in unsettled times, beleaguered by uncertain economic circumstances and a seemingly overwhelming barrage of bad news. This level of uncertainty is the new normal. Rather than allowing yourself to become despondent because of it, focus only on the things you can act on, control, and make happen. Focusing your energy on what is useful to you will help you to find the energy to keep moving, stay on track, and build your business. Developing a fitness for this new normal of uncertainty will mean you’ll be able to build your business, no matter what the external circumstances look like.
Are you battling to implement your business strategy? Aurik can help, as we help you build your business into an asset of value.