Execution: How great CEOs get results Return
George Patton once said, "A good plan violently executed now is better than a perfect plan executed next week."
That's useful advice not only on the battlefield but also in the office. Inspirational leadership, profound vision and brilliant strategy are worthless without tactical excellence. In fact, 88% of Inc. 500 CEOs attribute their success to extraordinary execution of a concept and only 12% to the concept itself. To close the gap between results required and results delivered, great CEOs create a culture of output based on specific people, milestones and time frames.
Take Wal-Mart for example. Sam Walton didn't invent discount retailing. The key ingredient turned out to be Sam's masterful execution of the idea. Many other companies were trying to do the same thing in the 60's, 70's and 80's. He just did it better.
Great CEOs like Sam Walton create an environment of tactical excellence by...
That's useful advice not only on the battlefield but also in the office. Inspirational leadership, profound vision and brilliant strategy are worthless without tactical excellence. In fact, 88% of Inc. 500 CEOs attribute their success to extraordinary execution of a concept and only 12% to the concept itself. To close the gap between results required and results delivered, great CEOs create a culture of output based on specific people, milestones and time frames.
Take Wal-Mart for example. Sam Walton didn't invent discount retailing. The key ingredient turned out to be Sam's masterful execution of the idea. Many other companies were trying to do the same thing in the 60's, 70's and 80's. He just did it better.
Great CEOs like Sam Walton create an environment of tactical excellence by...
- Shared Consciousness of Vision and Strategy. Make sure all key team members know intimately the vision, strategy and current year's strategic priorities. It may sound like overkill, but many great CEOs ask that their staff have a copy of these in front of them at all times. They should be brought to every staff meeting. They should be referred to constantly.
- Milestone Management. Translate vision and strategy into solid execution by breaking down each strategic priority into milestones: discrete steps along the way. Each milestone should have a person responsible for accomplishing it plus - and this is extremely important - a specific due date. Staff and managers should develop these milestones mutually, and the staff should document the specifics of the milestone.
- Hire staff that fit with your values and are likely to share your vision. Research has shown this is much more important than hiring people for their credentials.
- Instill and reinforce the vision in new hires, early and often.
- Train new hires on the specific skills they need to execute their job functions.
- Make sure each employee sets goals that are SMARTCO (specific, measurable, achievable, relevant, time-bound, challenging, overt) With respect to these goals, make sure each employee:
- takes the primary role in creating them;
- believes they're achievable;
- wants to achieve them;
- translates them into quarterly milestones, weekly tasks and daily activities;
- understands how they dovetail with the company s vision and strategy;
- finds them to be an extension of his or her personal ambitions.
- Measure performance vs. goals regularly, share the results, and use them as a means to continually improve.
- Appreciate the efforts of your team informally (thank-you's for a job well done), formally (awards and recognition), and financially (bonuses). All should be done throughout the year.