Factors to Close the Execution Gap
Thomas Edison’s quote, uttered more than 100 years ago, rings true across organizations of all sizes in the year 2013. In fact, in a wobbly economy where entrepreneurial activity is on the rise, execution is even more critical for success and survival.
There was a time when strategic planning was a leader’s primary focus and concern. That is no longer the case, strategic planning is important, but as a sole focus of leadership it’s a luxury. In the start-up realm the analogy would be a founder fixated on creating the perfect business plan but finding themselves crippled when it comes to turning that plan into action. Knowing what to do and actually doing it are two different skils sets that leadership must possess in order to take an idea from concept to reality.
In the current business climate, a well-implemented mediocre idea is far better than a great idea that can’t get off the ground. A great idea is a starting point—execution is what differentiates a winner from a loser creating barriers to entry and long-term viability.
So, what can start-up or even growth stage companies do to support execution? Here are five thoughts based on what I’ve personally observed in more than 15 start-ups during my career.