Here’s how the story goes: Once upon a time there was a young entrepreneur who wanted to launch his own startup.
He was hard-working, had tremendous talent and above all, had a business strategy. He thought he had all he needed, so he went on to launch his company. He had some initial success, but he soon realized that his startup was a sinking ship. He wasn’t sure what to change, so he went back and changed his strategy. This didn’t help at all and his business never really took off.
- What did he do wrong? Why did his business end up failing?
The answer is rather simple. He did all the prep work and had all the potential to make a profitable company, however
- He wasn’t dedicated to the execution of his strategy and this was his main weakness
What every successful startup needs is not only a good plan (strategy), but also a good execution of the initial plan.
- As with everything in life, an idea is not enough, you need to have an idea AND make the idea a reality
This has proven to be quite a challenge for many young entrepreneurs who forget to think beyond the strategy. According to Harvard Business Review, employees at 3 out of 5 companies believe that their company is weak at execution. This proves the importance of both elements on the road to success. A great entrepreneur will not stop working once he creates his strategy, he will continue working on its execution.
Here’s what you need to do in order to have both a good strategy and a successful execution:
Get together the perfect team
A great group of people around you will help you do both. They will work with you on developing your initial ideas and creating the perfect strategy. They will also help you bring that strategy to life. It is imperative to surround yourself with the best team out there, because without them, you’ll have a hard time making your ideas a reality.
If necessary, improve the strategy
A strategy can always be revamped if you believe your company needs that. When you have a strong strategy, try to respect it as much as possible, but don’t be afraid to make some tweaks. As your company grows, you might need to make a few adjustments and that’s ok.
Know your industry
In order to execute your plan perfectly, you need to know the industry that you’re dealing with. It’s important for you and your team to keep up with every relevant change, trend or event that’s important for your business. This knowledge will allow you to execute your strategy in harmony with the state of the industry you’re in.
Make sure your employees know their roles and responsibilities
It is extremely important that your team knows who does what and when. You want your team to work like a well oiled machine on executing your strategy. In order to achieve this, everyone has to know what part they play in the execution of your plan. This way, things will move a lot faster and your business will run smoothly.
If you follow DotCom-Capital tips, you should have no trouble in understanding why your business requires a strong strategy and a great execution. Many entrepreneurs solve issues by getting rid of some leadership structures or by completely changing their initial plan. Don’t do this right away. Be informed, believe in your strategy and your team and demand a good execution and you’ll see signs of success!
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