Monday, August 21st, 2017
Copia Wealth & Tax Limited are Business Advisors and Chartered Accountants based in Wolverhampton. One of our aims is to help our clients develop their business to its full potential by helping them to develop and then implement a cohesive business strategy.
Note there are two parts to that process. Even the most detailed and expensively produced plans may fail if the management team does not then go on to execute each stage of the plan in a practical, timely and cohesive manner.
Whilst execution can go wrong for a variety of reasons, one of the most basic mistakes can be failing to allow the strategy to evolve over time. As the business world is constantly changing, a business’s plan should evolve so that its management team is able to consider new opportunities and ultimately fine tune the process of implementation itself to ensure that the business is always moving forward towards its overall strategic objective.
Of course, for there to be a successful strategic execution, there needs to be a great business plan in the first instance, one that unifies all the organisational objectives on the one hand and mitigates risks and minimises bottlenecks on the other. Your plan should also set priorities and realistic deadlines for those managing the process and include a mechanism to ensure that the whole organisation embraces the plan with a joined-up approach to avoid fragmented implementation.
It is vital to clarify roles, responsibilities and expectations from the word go. Managers need to make themselves available to their team members so that there is ongoing communication around management of objectives and priorities. If key staff are not clear on what is expected of them, it can be very difficult to get things done. Communication is key and managers should ensure that their team members have a clear understanding of their individual objectives and any deadlines that need to be adhered to.
Executing a strategy very often involves change and it is unrealistic to expect people to change the way they work overnight. That said, by communicating what it is you need to be done differently and why (i.e. a business may need to become more profitable or perhaps there is a need to secure future employment) the implementation process is likely to be smoother and certainly more successful.
It is also important to celebrate successes as each milestone of your business strategy is achieved. If everybody concerned feels that they are part of a firm that is “winning”, they are more likely to buy into the vision and strategy of the business.
Our clients tell us that they value regular meetings with a member of our business advisory team as it offers an independent view as to how business strategies are being implemented and can help solve any hurdles or “roadblocks” that may be problematic.
Want to find out more – call Copia Wealth & Tax Limited on 01902 783172 to book an appointment to explore how our business advisory team can help you execute your business strategy effectively.
You’ll soon discover we’re not just Wolverhampton accountants!