In order to successfully launch a new idea in your company, you need an effective strategy. But once you have that strategy, where do you go from there? How you execute your strategy is even more important than the strategy itself; however, the execution phase is where most businesses fail. Of course, failure is always a risk when trying to innovate, but is there a way to minimize that risk? I think there are some common mistakes you can avoid when executing your own strategy.
Today, I share 8 tips you can implement to prevent failure and execute successfully on your strategy. I discuss metrics to pay attention to—like OKRs and KPIs—and the internal materials every company needs to have to clarify its message on innovation. I identify the people in your company that need to be included in the execution of your strategy and what they need to know. I also offer actionable insights about identifying risks and changing your mindset about innovation.
“A likelihood of success allows you to look at a strategy in a different lens and helps you balance strategies against each other.” - Paul Heller
This week on Innovation Talks:
- Why so many companies fail to execute their strategy properly
- How to define the right OKRs
- What metrics you need to measure your progress
- What you should include in your elevator message
- How to identify the key players in executing your strategy and what they need to know
- Identifying your review processes
- The importance of an action plan
- How to discern risks in your strategy
- Why you need to use scorecards
- How to tie initiatives and projects to your strategy
- Why a portfolio approach gives you an advantage
Resources Mentioned:
Blog Post: What are OKRs and how do they work?
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