Business – Strategy and Execution

Every company aims to formulate good strategy and execute that strategy well. But many times it is found that it was either good strategy, bad execution or bad strategy and good execution. Why and how to avoid this? Let us begin with what is a strategy? In simple terms, it means the plan to achieve the desired goals or results. If any organization has well defined goals, and can develop a strategy to achieve them, it should be half the battle won. But it is seen that execution fails. Why should that be so? It may be the fault of the team that executes the strategy, or certain unknown factors that unexpectedly or unknowingly creep in while executing the plan. What should be done? Ideally the team that forms the strategies should consider the factors such as who are the people who will execute, does the company have the capacity to execute, what if any unexpected change or event occurs while executing, what are the risks involved, and so on. No strategy can be created without taking into account the ability of the people who will be executing it. One may create a great marketing plan but if the field marketing staff fails to understand and execute the game, it is bound to fail and then the blame game begins. Can a company make a single team that not only creates the strategy but is also responsible to execute it? This will eliminate many such hiccups on the way. The problem is expertise. I am a good strategist and not a good executor. You are a bad strategist but a good executor on the ground. What if such arguments are presented by the team under formation? All right, how about creating a strategy and keep the execution team in the loop throughout the process of creating strategy? This creates another set of problems. The views of both the teams may be so different that no positive outcome will ever result. I have discussed in brief about these factors above. In real life, more complications arise and especially in large organizations, the complexities increase. The only solution for the top management is to set goals and discuss them with every one. After getting every one in confidence, create strategies and let every one participate in the strategy formation. Decide about what is totally achievable and why may be achievable. Let the team that will execute commit itself to achieve what is totally achievable and promise them with rewards if they manage to achieve the other part also. The synergy between the strategy makers and the executors will ultimately decide the final outcome.

7 Strategies I Learned from Self-Made Millionaires: About Achieving Personal & Professional Success

Copyright 2006 Colleen Kettenhofen

“Imagination is everything. It is the preview of life’s coming attractions.” Albert Einstein

After attending a seminar in Las Vegas this past weekend on achieving personal and professional success, I walked away with a plethora of time-tested tools that can be applied immediately. Many of the presenters were "self-made" millionaires, as I'm not talking about someone who inherited it or married into it.These individuals, through grit, determination and calculated risk did it on their own. Here are seven proven strategies guaranteed to dramatically improve your happiness, and help you in achieving success in any area of your life, if you apply them.

1. Wherever you are today is a result of what you’ve done in the past. Take responsibility for the choices you’ve made. Learn from them and move on. Let go of the mistake but don’t lose the lesson. Don’t focus on the pain of your past, focus on your purpose for the future. This frame of mind alone can turn your life around.

2. “You become what you think about all day,” Earl Nightengale once said. Have you ever noticed while driving your car that if you keep looking to the right, you eventually go to the right? Keep looking to the left and your car veers left? What you think about and focus on becomes reality. So focus on achieving success and be specific with your goals.

3. The books you read and the people you interact with most determine 90% of your success. So surround yourself with successful, positive people. Join a mastermind group. It can consist of like-minded individuals all around the country where you talk by phone once a week. Attend business and personal development seminars to find the right people. Who are the people you spend the most time with? What about their goals, values and priorities? Do they have any goals?! You are an average of the five people you spend the most time with. Try this exercise: Add up their yearly income and divide by five. Most likely your income is within 10% of that sum. You can spend time with people less successful than you and feel like a big fish, but as you discover your passion and climb the ladder of success, those same people will drag you down and discourage your dreams.

4. Make the books you read be about achieving personal and professional success. Invest at least 3% of your yearly income in personal and professional development books, CD’s, e-books, teleseminars, webinars and the like. If you’re pressed for time, listen to motivational CD’s in your car. The average person spends 500 to 1000 hours per year in their cars. Turn your car into a virtual mobile classroom.

5. Reprogram your mind. You’ve heard the phrase “stinkin’ thinkin’.” To reprogram your mind with positive thoughts, spend a few minutes upon awakening reading inspirational literature or something related to the field you are passionate about. Do the same thing within that last hour before bedtime. The subconscious mind is most amenable to suggestion the first hour upon awakening, and that last hour before retiring.

6. The mirror exercise. Every morning getting up and every evening going to bed, give yourself pep talks. At first you will feel embarrassed and ridiculous, but this technique is very powerful. Ruben Gonzalez, three time Olympian in the luge, was the keynote speaker this weekend. He told how his friend used to make him stand in front of a mirror and say to himself with emotion, “No matter how terrible it gets I am going to make it happen!” He would say this over and over until he believed it. Saying it with emotion will help your dream manifest itself more quickly.

7. Learn to overcome procrastination. Most people procrastinate doing something because they fear it. For example, if you’re procrastinating learning a new software program, take classes or hire a tutor. If that skill is necessary in helping you achieve an important goal you must do it. Also, do the thing you like least first. The more you think about what you “should” do and procrastinate, the harder it is to get started, and your anxiety is compounded. Think how much better, lighter (and more confident) you’ll feel when it’s complete.

Celebrate your successes and reward yourself for even small accomplishments. All work and no play serves as a de-motivator. The larger the success, the larger the reward. Have you ever noticed how much you accomplish right before a vacation? You’re looking forward to that reward, and you don’t want to think about it when you’re on vacation. Do the same thing with these simple steps. Apply them. Work them.

Focus on your dreams not the fear. The price of success is huge, but the price of regret is worse. Increase your self-belief and increase your desire. Ask yourself, “Who am I?” “What do I want to be?” And go do that. Good luck.