Summary: In this article, we are going to talk about one of the most important foundational pieces of business strategy – and that is business execution. Business execution is an understandably broad term, so we are going to focus on the many ways a new business can execute its goals to achieve its growth strategy.
We will look at the ways that business execution can help any business to achieve its sales goals and grow its objectives the right way. In this article, we will focus on three of the areas most crucial to business execution – communication, measurement, and process improvement.
Have a Solid Foundation
Perhaps the first step in preparing your business for growth is by having a solid foundation. This foundation means having a tight-knit team of people who share the same values and are willing to work to execute your business’s goals.
This starts from the very start of your business’s life, with your vision. Then, it is imperative that anyone you bring on board is willing to share this vision.
Develop Processes and Systems that Lead to Success
One of the critical ways of ensuring business execution is by having a method to make it apply to the entire organization. Successful businesses develop processes and systems that work, and then they filter them throughout the entire organization.
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Communication Across the Organization
This section will focus on why communication is such an integral part of business execution. Communication can act as the backbone of almost everything you do, including your sales strategy.
Focus on Internal Communications and Interaction
One of the most important tools for developing business execution across an entire organization is to focus on communicating and sharing information. Being able to consistently communicate top-down across the organization is a key to success. Not only does this keep everyone informed and on the same page, but it will also encourage communication both ways.
Everyone in your organization has something valuable to share, especially the people on the front lines dealing with customers. Encourage everyone to be able to share these insights, and you will find that it is an extremely valuable source of information.
Mine for Information from Employees
To truly capture the most valuable information from across the organization, you have to be vigilant. You have to make it a mission to extract the most relevant information on a consistent basis. This information is vital to maintaining an accurate picture of your market and holding your competitive advantage.
This means open communication on both sides. Share with your employees the good and the bad of your business, and encourage them to do the same. You will find that everyone has valuable information to share – including on the topics of understanding your potential customers, figuring out buyer personas, lead generation, managing customer relationships, and much more.
If you want the best information to assist you in business development, you must actively seek that information.
“The Huddle”
A great way to promote accountability and transparency is to have a daily “huddle”. This is a short, daily meeting with the senior management team where everyone states what they will be working on that day, or voices any concerns. This not only holds everyone accountable, but it also keeps everyone on the same page and working in the right direction.
A huddle is a way to create a daily habit that gives everyone a collective goal.
What Gets Measured Gets Done
A hard fact in any business is that when you are able to measure objectives, these objectives are more likely to get done. This gives members of your team a tangible goal to work toward, and the measurement aspect is great for holding people accountable to your business goals.
Develop KPIs
Of course, developing these metrics can be a large challenge on its own. One recommendation is to settle on one or two key metrics in each important area of your business that is measurable and indicative of your success. These become your KPIs for different areas of your business. For example, identify the key factors most valuable to success in your sales process, and measure and track these variables.
Through these KPIs, you will then be able to track and measure success in these areas. People across the organization can communicate based on these metrics, and everyone can understand the health of certain areas of the business. The fact is that in order to reach a goal, you must be able to measure your progress, and these KPIs are an effective way of doing this.
Process Improvement
The next crucial step in business execution is based on the long-term strategic direction of your business. Having a long-term business growth plan is great, but having a tangible plan for reaching that goal is much better. It can be easy to get bogged down in the day-to-day and lose the big picture. So in order to reach your long-term goal, you need to be developing routine processes that help you achieve those goals.
In reality, long-term goals are reached during the day-to-day. And that is why you need to have the processes and systems in place so that your day-to-day work leads you in that direction. It doesn’t happen all at once, but without a plan, it is more than likely to not happen at all.
Of course, developing these processes is no easy task, and involves an extensive look at your long-term goals and the actionable methods that will lead to achieving those goals.
Conclusion
As you can see from this article, business execution is no easy topic to pin down. However, if you start to examine our tips for success in this area, there are common themes that begin to emerge.
Business execution is an organization-wide initiative. It involves having everyone in your organization on the same page and working toward the same overall goals.
In this article, we focused on communication, measurement, and process improvement. In reality, all of these aspects are intertwined. Effective business execution requires effective communication throughout the organization so that everyone is able to work toward measurable goals. This is all supported by effective and consistent processes and systems.
There are many ways to apply these topics to your own business or industry, and every business can likely benefit from the subjects mentioned above. The key is to know your business well and evaluate your industry so you can best develop the systems and processes necessary to work toward success. It is an ongoing goal, but the key is making sure you are headed in the right direction.
About The Host Stephen Halasnik, Financing Solutions
Stephen Halasnik is the host of the popular, Entrepreneur MBA Podcast. The Entrepreneur MBA podcast’s purpose is to help small businesses get over the $10 million per year in revenue mark. Mr. Halasnik is the Co-founder and Managing Partner of Financing Solutions. Financing Solutions is a leading provider of Lines of Credit to small businesses and nonprofits
Mr. Halasnik is a graduate of Rutgers University and has an Executive Masters from the MIT Birthing of Giants Entrepreneurship program. Mr. Halasnik has started and built 6 companies over 25+ years with 2 of those businesses making the Inc 500/5000 fastest-growing list. Mr. Halasnik is a best-selling Amazon author on business and regularly tweets about his ideas about growing a business. You can also find Mr. Halasnik on youtube talking about Entrepreneurship.
Mr. Halasnik loves small businesses. He lives in New Jersey with his best friend, and his wife Gina. Mr. Halasnik’s number one purpose is raising his two boys, Michael and Maxwell, to be good men.
About Financing Solutions
Financing Solutions provides an easy-to-setup unsecured business line of credit to small businesses. The small business financing product is a great cash backup plan that costs nothing to set up, nothing until used, and is inexpensive when needed. Financing Solutions is rated A+ by the Better Business Bureau and 5 stars by the BBB/Google Reviews.
Unlike a traditional business bank loan, our business credit line requires no collateral or personal guarantee (except in cases of fraud) making it an excellent alternative business financing option. Small businesses often used their line of credit for short-term expenses, working capital, to make payroll, or for a business investment especially when business cash flow is temporarily down.
Get a free, no-obligation business line of credit quote by filling out our simple 2- minute business line of credit application here.
Remember: The time to set up a credit line is when you don’t need it.