Many entrepreneurs believe that the hardest part about strategy is coming up with an excellent one. But that’s not accurate. Whether it is a brilliant product, a breakthrough in technology, or a unique strategy, it can surely catapult your company to the top. However, only the sound execution of the strategy will ensure you remain at the top or continue on a growth trajectory.
Business strategy is not about what is concocted in boardrooms and management meetings. It’s about daily decisions made by the team to act in a certain way to achieve the high goals of the company. Here are four tips that’ll help you execute your business strategy in a great way.
Draw in vital stakeholders
It is dangerous only to have a myopic understanding and perspective of strategy. An entrepreneur risks falling to the folly of focusing too much on the brilliance of his or her ideas, forgetting the need to draw in other stakeholders. It is vital to have other stakeholders buying into the ideas and supporting the execution of the strategy. When you have the buy-in and support from other stakeholders, it will become much more transparent.
Key stakeholders will scrutinise and test your ideas extensively. Where there may be execution challenges, you will benefit from the input and support of the stakeholders. When it comes to making tough business decisions, consider getting a second opinion about your business strategy and finances from an accounting firm in Singapore. At Ackenting Group, we have a team of expert accountants with years of experience who are dedicated to meet the accounting requirements of your business and get ahead in the emerging needs of a fast growing business. When you engage in our accounting services, you can benefit from a faster and more efficient execution of accounting tasks without incurring the expenses of retaining a full-time staff. We also provide other value-added services to meet the unique needs of your company, including financial reporting, payroll, audit and company incorporation services. You will receive quality-driven solutions backed by expertise and advanced technology, while you focus on focus on strategic activities of business.
Make the strategy personal
After you have the buy-in and support from key stakeholders, you have to give the strategy a paper to person connection. In other words, connect with the strategy emotionally. In the same way, let the chemistry flow between the different team members about executing the strategy. As the team members connect with the strategy personally, they can then promote it enthusiastically and defend it passionately.
Develop a culture that supports the strategy
With the team already experiencing chemistry with the strategy, you can incorporate norms that support and promote the strategy. For instance, if you are in the warehouse industry and your strategy is to deliver to customers on-time, you can develop a company culture that esteems and promotes that objective. This way, there’s a sense of mutual trust between the team members. The culture creates a feeling among team members that they are one unit and pulling in the same direction.
Sell the strategy relentlessly
Successful businesses communicate clearly. The leaders who relentlessly communicate the strategy to their teams have an easier time of creating a culture that supports it. Check in with teams periodically to see how they are doing and performing to align to the objective. Be open to feedback and develop a working communication with them so they feel more encouraged to follow your directive.
To conclude, since everyone in the team executes the company’s strategy, these steps will not take place unless you have a motivated team working together. Work out a model for clearly communicating the strategy, setting goals, performance management, and rewarding achievers. This way, your business strategy is sure to succeed.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
