Measuring Success through Execution
How do we measure success? For some, success is that one perfect moment where everything comes together. For others, success is a measurement of carefully crafted ideas that make a difference in the world. More technical or analytical people might even measure success by data points and analytics that clearly show progress. So how can we measure success when it is so highly personal? Simply put, we measure success not on the outcome, but on the execution.
Businesses today know success is dependent upon execution. After all, you cannot achieve something by doing nothing. A company’s ability to achieve success is directly related to its ability to execute on a strategy. Businesses today need to prepare for success by deciding, committing, and executing flexible strategies.
First, organizations need to decide upon the metrics for measuring success. When 90% of businesses fail due to poor execution, having a well thought out strategic plan cannot be overstated. The next step is to decide to plan. As French writer and poet, Antoine de Saint-Exupéry said, “A goal without a plan is just a wish.” Businesses need to develop strategies with an overall goal or vision statement in mind. A goal or vision statement can then act as a force in planning day-to-day corporate activities, help drive execution, and lead to success. Businesses who plan to execute and, conversely, execute to plan are best positioned for success.
You have a vision statement or goal – now what? Commit to be successful. Businesses need to commit to a personalized strategy that works for them. A good strategy can help companies execute personalized plans by linking departments, tasks, KPIs, and vision statements to provide a holistic view of the organization, thereby allowing for better execution. Businesses can then use that holistic view to devise better plans of action, and execute on those plans. Companies committed to tracking and monitoring their business strategies will better be able to measure success as well as track progress throughout the entire organization.
Deciding on a plan and then committing to its execution will lead businesses to corporate success. But, even success has a cautionary tale. When measuring success through execution, companies still need to remain agile in the execution and planning process. A good strategy takes all factors into account, including individual competitors, the competitive market at large, an overall vision or goal, and what the future might hold. Companies who rely too heavily on one metric such as KPIs, or too loosely, like on a generic vision statement, miss out on the opportunity to use a comprehensive strategy to drive execution.
Execution is the means by which success is attained and measured. Companies who want to achieve must realize that success is a process of planning and execution. An organization that measures the success of strategic planning and execution as equal, or even greater than, the success of the final outcome, will always end up on top.
StrategyBlocks was created to support and streamline the execution of strategy. A highly intuitive SaaS solution for strategic planning, management and execution, StrategyBlocks innovative, web-based approach to strategy measurement will help your company remain agile throughout the entire strategic planning process. We take a holistic, 360-degree view of your organization’s strategic health by mapping strategy initiatives across divisions and aligning activity to corporate goals.
To learn more about how StrategyBlocks can help you translate execution into success, please contact us.