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STOP Changing Strategy!
This is my site Written by Neil Palmquist on March 4, 2013 – 7:53 am

It is true that small business can be more adaptive than larger business and a quick change in strategy or direction can sometimes save a ship from sinking.  However, if your company starts to struggle, that doesn’t necessarily mean it’s time for a change in strategy.  More likely it’s just time to focus on your execution.

Allegedly 90% of all business strategies fail due to poor execution.  While widely accepted, we, as consultants, managers and business owners rarely question our efforts to implement said strategies.  As such, as the eminent decision-makers for our organizations, when matters aren’t unrolling as expected, we tend to fall back to our strengths and comforts, which is to assess and make amendments to our underlying strategy.  In fact, this fall back comfort may be a leading factor giving rise to supporting statistics that “C” level students (or even drop outs) tend to be more successful entrepreneurs than “A” level students, as these “average” students view simply working hard as their success means to an end. The “A” level students, on the other hand, are more apt to seek to improve their situation by first turning to their “brain power” for a new solution, as academically this has been their time tested salvation.  However, staying mindful that 90% of strategies fail due to execution and that in all likelihood you did a very competent job on setting your initial strategy, I recommend humbling yourself as necessary that you may simply need to double down on your execution efforts.

In short, leave strategy assessment to your yearly SWOT analysis and instead spend your mental prowess ensuring the execution of the strategy you have already set; stop second guessing your set path.  Set written goals and milestones, make performance as measurable as possible, hold people accountable, reward appropriately, and see your initial set strategies justified.

Best of luck.

54 Responses »

  1. [...] success in business, or any endeavor, execution is critical.  As mentioned in my STOP Changing Strategy! post…   allegedly 90% of all failed business strategies are due to a failure in execution.  In [...]

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