Here’s How to Execute a Strategy Plan: Part 2

Fresh strawberries and blackberries strategically placed on a classic chessboard. Latin Biz Today

A properly executed small business plan can positively impact business vitality and growth.

In part one  Planning Is Core To Small Business Success- Part 1  of this planning two part series, we looked at why a business plan is core to success. In part two we’ll look at how to properly execute a plan.

The execution of a plan can be a grueling process that can either make or break a company. The first step towards building a successful business is establishing a sound plan; however, the buck doesn’t stop there. Companies are now faced with the often arduous task of executing what they have put down on paper. At this stage of the game the chance of company achieving success is measured by their ability to successfully implement an intelligent execution strategy.

Here are some strategies that companies can utilize to ensure a successful execution phase:

Create an organized infrastructure

Ensuring a successful plan execution is for owners to establish an infrastructure that serves as a system of checks and balances. Companies need to have regular meetings where they establish micro-goals, strategize, discuss and resolve problems, evaluate performance, and determine if they’re on-track with the initial plan.

Often times many companies fail in their plan execution because they either ignore or fail to identify potential problems that would normally present themselves if the time was taken to evaluate the company’s current progress. This practice allows companies to become more adept in identifying and responding to problems before it’s too late.

Maintain the focus and accountability of employees

It’s essential to maintain the focus and accountability of employees. A successful execution is heavily dependent upon the performance and attitude of employees. Companies that properly plan will assign roles and responsibilities to each employee in an effort to establish accountability; unfortunately, when the time comes to act, employees can sometimes lose track of what they’re accountable for.

These problems arise due to a number of reasons, such as lack of internal communication between owners and/or managers and employees, not believing in the company’s vision, failing to properly instill an ownership mentality amongst employees, and personal issues related to individual employees. Unlike larger companies that can sometimes tolerate a small amount of underperforming employees without the threat of serious consequences, smaller companies often can’t afford to have any underperforming employees.

In order to avoid these problems owners and/or managers should constantly reinforce accountability amongst their employees as well as their importance and value to the company. The bottom line is that the focus and motivation of employees must always be in line with that of the company’s goal.

Be sure to maintain composure when plans begin to go awry

Be sure to maintain composure when plans begin to go awry. A common problem associated with companies that are able to develop a stellar plan but fail in their efforts to execute is the tendency to deviate from their initial plan. In reality, plans don’t always unfold in the way that companies expect. Despite having a plan that takes into account various scenarios, there will always be both negative and positive externalities that can’t be anticipated.

Whether or not a company experiences a negative or positive shock, it’s imperative that companies maintain their composure and determine whether or not a pronounced change in direction is the appropriate course of action.

Unfortunately, some companies that find themselves in these types of situations fall victim to irrational behavior by deviating away from their original plan when the correct decision would have been to stay on course.

Related content:

Planning Is Core To Small Business Success- Part 1  (part one of this two part article)

Organization Is Vital to Business Success

Business Success Steps to Revisit Those Entrepreneurial Seeds

Improving Small Business Performance Through “Benchmarking”

RELATED POSTS

4 Definitive Examples to Understand and Serve Your Customers

4 Definitive Examples to Understand and Serve Your Customers

These four company case studies have yielded success across industries Running on Innovation, A New Solution for City Dwellers, Focus on Customers. Learn from these companies that are doing it right. Recently, I attended a public forum called Healthcare in the 21st...

4 Components of Small Business Agility in a Diverse Market

4 Components of Small Business Agility in a Diverse Market

Small business leaders need to understand diversity in order to be connected and create opportunities for success   The model of how to effectively navigate business leadership is changing. For decades stability and homogeneity were hallmarks of business across...

Top 7 Ways to Show Your Customers You Care

Top 7 Ways to Show Your Customers You Care

Even a small gesture can go a long way with a client and will be appreciated.   Nowadays, having a good product or service isn’t enough. Relationships are the differentiator. Today many companies are making investments in customer advocacy and loyalty programs...

Video Gallery

Modern version of Stoic philosopher Epictetus
A professional leads a cybersecurity training session for employees, emphasizing best practices. The photography captures the engagement of participants, showcasing the educational aspect of safeguard
Hispanic bearded male businessman trainer teaching coaching new recruitment African American female businesswoman employee in formal suit sitting studying learning company graph chart strategy
The presence of a robot using a computer. Office keyboard being typed on by machine. future IT group,.
Latino Streetwear Entrepreneur Latin Biz Today
Chef Lorena Garcia cooking with a wok
Latina Chef Loren Garcia
Latin Biz Today partner Johanna at the San Sebastián Festival

Polls

Which item currently represents the greatest hurdle in the growth of your business?(Required)

Sign Up for the Latin Biz Today Newsletter

PR Newswire

Featured Authors

Innovation & Strategy

Money

Four Basic Principles for Raising Capital

Four Basic Principles for Raising Capital

Outside investors want to understand a business' strategy as well as its financial statements.   The need to raise capital from outside investors requires a great deal of preparation across multiple dimensions. Among many things, investors look to understand...

Talent/HR

Legal

Marketing

Culture

Fashion

Food

Music

Sports

Work & Life

Mindfulness

Health & Fitness

Travel & Destinations

Personal Blogs

Pin It on Pinterest