Too busy for Strategic Thinking and Execution?

In one of the articles published in HBR -96% of leaders believe that strategic thinking and execution will help them grow.

Then what is the reason for not investing time in?

My 2 cents;

  • Integration of Strategic Execution with Daily ops. At business we follow various review mechanisms daily, weekly, monthly, quarterly etc. but with what agenda? We normally discuss, what we all know and pass the buck to the less informed. This agenda distorts the larger picture. Strategy execution is a process that does not work like instant noodles. Ensure that during the reviews ask for progress on strategic projects and set accountability in execution for the same and remember at every instance keep on reiterating the Larger purpose and picture.

 

  • Fear of conflicts – Every leader wants to be liked by all and try’s avoids conflicts with peers and subordinates. Who will bell the cat? Why should I spoil my relationship? Keeps on popping up at the subconscious levels. While framing a strategic plan or monitoring execution someone has to ask tough questions! Do not let your team be a mutual admiration society. Do not let the fear of conflicts affect the growth agenda of the organisation.

 

  • I am too busy syndrome– in organisations, if you don’t act busy; you are perceived not to contributing to the business. Our calendars are packed like vacation bags (where do I find additional space). Hundred of mails to respond, of which 90% of them are in CC. Take a deep breath, and ask how many of them are relevant? The reality is we just don’t want to step out of our comfort i.e. daily execution and think and answer what we are executing, is it contributing to the larger picture?

 

  • Gap between thinkers and doers. Many organisations have this funny thing, create the strategy plan without consulting with people who are executing it. And then the entire year the executors focus will be to tell how shoddy the plan is and the reason why it cannnot be achieved. While the creators keeps on harping on the incapability of teams teams to execute the desired. And the CEO sitting in the corner tearing his hair apart … funny isn’t it.

 

  • Unable to answer what is in it for me – The most difficult question that the CEO has to address to the team members is what’s in it for me is it Money, Gratification, Growth? Or it’s something else like connecting them with your purpose and making them part of achieving it. Do not have the answer, let’s not discuss this.

 

  • The big C – Culture eats strategy for breakfast lunch and dinner. If your orgnisation is suffring from a traders syndrom you need to act fast and like NOW! If your teams belive that creating a stategy execultion plan is a checklist then you will never be able to achive growth. It is a business imparitive that you build a culture, which creates, compete, controls and collaborates. How? in the next blog .. till them happy reading ..

Next time someone when comes to discuss the large agenda or have a plan – take out time to discuss and give importance !! Even if it is crap, appreciate the behavior of people taking initiatives.

https://www.qilotech.com/strategic-planning-and-execution-software

 

 

Biggest Mistaking in OKR Implementation: Cascading OKR

One of the biggest reasons for failed OKR(Objective & Key Results) implementation is Cascading OKR’s. Cascading means your Line of Business(LOB) Head Key Results becomes the Objectives for the reports of LOB Head. And then the flow of cascading goes own till the last mile in the company. It looks something like this:

OKR Cascading

The 3 major flaws with Cascading OKR’s

  1. If your OKR cycle is quarterly, which means you create and close OKR’s every quarter, then you end up spending too much time going top-to-bottom. What if the cascaded OKR ownership needs to be changed? In 90 days, deciding your OKR’s and then cascading means you end up your entire time in cascading than execution.
  2. Cascading means CXO’s and Managers are not owning any Key Result, which means they are not executing anything. But that’s not true in the real world and should not be true. If that’s what you want to implement, then you are again promoting hierarchy in your company.
  3. Deciding which Key Result to cascade and which to not is not always clear.

We at qilo,  have learned it in a hard way after many implementations. Clients want Cascading, and we have given them what they want. But at the end, any OKR Software success depends on the OKR implementation and adoption by the people who will execute those OKR’s.

That’s why we at qilo, have focused more on 2 things for successful OKR implementation:

A.  Aligning OKR’s with CEO’s Annual Operating Plan or Strategic Initiatives. This approach is bi-directional and works wonderfully. It gives clarity to CEO and his team that as an organization, where we are going, and how we are doing. And for an employee working below the CXO level, it gives them clarity of how they are connected with the big picture. The only trick here is to successfully come up with the set of 3 to 5 business priority statements that don’t overlap and clearly linked with what company wants to achieve in that financial year.

B. Creating Team-based OKR’s: Rather than cascading, create the team-based OKR’s where Key Results are owned by multiple people. These KR’s go beyond the hierarchies and departments.  The concept is bit more difficult to digest at first, as managers want to hold their boundaries and don’t want people coming from different teams and hierarchy coming directly to their OKR’s.  But it beautifully solves the problem of cross-functional communications and collaborations. Mind you, this needs a bit of change management to occur.CEO and/or COO himself has to take the ownership of communicating why we are doing this.

Summary

  1. Cascading OKR’s results in wasting too much time setting OKR’s.
  2. For successful implementation, Align OKR’s with company’s Annual Operating Priorities or Long-term Strategic Priorities.
  3. Creating a team-based OKR’s aligned with the company’s priorities results in better team communication and collaboration.

Are you failing to Execute your Strategic Projects

It’s the department heads and teams under them who takes care of executing companies strategic projects (strategy execution). And these strategic projects are the ones which will in-turn drive companies growth in future. And most of the time these strategic projects & goals are delayed because of the number of reasons. The CEO’s/PMO office struggles to get the work done on these strategic projects; forget about getting them done faster. “Capitalizing on time is the critical source of competitive advantage”.And most of the time, execution is delayed because:

a) No one is focused on how we can shorten the planning loop. Defining -What needs to be done, -How it will be done and -Who will be accountable takes too much time. And the processes & endless meetings take over the actual work to be done.

b) Companies fail to answer “What’s in for me” for the people involved in executing the strategic projects.

In this post, let’s focus more on answering point (b) here – “What’s in for me”.  If as a company, you can answer this question for your people-especially those who are involved in executing these strategic initiatives and projects that “how failed execution is going to impact their growth in the company”, half of the battle is won. This is what Infosys, one of the most respected IT services companies in India did recently.

Infosys has struggled to keep pace with changing times of IT outsourcing model and recent changes in top leadership have lowered the confidence of all the stakeholders in the company. As per a recent article in one of the leading newspapers, now Infosys has linked their leadership performance & bonus directly with the successful execution of companies growth agenda and strategy execution; which is driving revenue from the digital services. Digital services mean providing software services in the area of cloud computing, analytics, IoT, and machine learning. The entire article is worth reading, but the most important line is “measuring growth in digital as a component of executive compensation is a good way to ensure alignment with stakeholder expectations”. 

If you are not as big as Infosys, but still thinking about applying the same concept of linking your people performance with your strategic project execution, here you get one more validation about your idea. But if the thought is that these big company things are not for your company, think again. Or you probably have tried to apply it in your company, but have failed( in this case, qilo can help you).

If your company is also struggling to grow your revenue in your new line of business OR want to introduce a new product/service to market OR want to take your existing product/service to new territories. And your company also fails to go to the next level of growth because your team and department head not taking ownership of your growth agenda with best best strategic planning & execution of projects. If that’s the struggle, then link your team performance & bounces with the execution of your strategic projects. And make sure that this entire performance measurement is data-driven and quantifiable in nature.

Another very important point highlighted in the above article that out of 3 business priorities which are assigned to Infosys’s CEO “Revenue”, “Margin” and “Organization Effectiveness & Development”, how many resources & budget have you put in against enhancing your “Organization Effectiveness & Development”. Taking your company from point B to point C needs investment in enhancing your team capabilities, especially when you cannot have access to the talent which Infosys has.

Summary

  1. Someone if the company should be continuously focused on shortening the planning loop to define WHAT, HOW AND WHO of your strategic growth projects.
  2. Linking the part(please note I am saying only part) of your team compensation with the execution of your strategic growth projects will ensure that your people get the message straight.
  3. Investing in your “Organization Effectiveness & Development” often takes back seat among other top priorities of driving “Revenue” and “Margins”. But your journey of growth will get unlocked only when you invest your resources in your “Organization Effectiveness & Development” too.

Objective & Key Results (OKR) for Strategy Execution

Strategy Execution is an Alignment, Accountability and Execution problem. And execution is most of the time a definition problem too. If the company is unable to defining WHAT and HOW of WHAT; how you can expect the execution will happen.

Once CEO and board has decided on the next projects and strategic initiatives to be executed, defining exactly WHAT needs to be done and how it can be done properly and the metrics that will help us measure progress isn’t an easy task.  There are many goal-setting/policy deployment frameworks, but Objective & Key Results (OKR) is one of those frameworks which is simple and easy to implement.

OKR(Objective and Key Results) is a management tool that helps you to translate Strategy Into Goals and Metrics. Andy Grove @ Intel first made the twist to MBO methodology and created the OKR framework when Intel was trying to capture the market. In a way, it is a bit less formal than the balanced scorecard and Hoshin Kanri approach, but it is successfully employed at many companies. Google uses it for example.

There are two components to an OKR, an Objective that specifies what needs to be achieved in the medium or longer term, and Key Results: these are specific shorter term actions that we need to take to fulfill that objective. Key results should be measurable. Since they are used to track progress, they should also be time bound.

Let’s look at an example: Suppose we were managers of a retail chain. Our objective is to open five new retail branches in South East Asia by November. To achieve that objective we’ll need to achieve the following key results.

1) Identify the locations for our new retail outlets. This should be completed by August 1st.

2) After we know in which buildings we’d like to open their new retail outlets, we need to draft leasing agreements, and that should be done by September 1st. We want all our retail outlets to have a similar look, so we’ll need to renovate the buildings a little. For example, painting interior, put the company logo on the entrance, and this needs to be completed by October 15th.

3) We’ll also need to hire new people to work in the new retail outlet. Hiring should be done by October 1st, because we’ll also need to give the new staff some training and so on. This should be completed by October 25th.

4) And finally, we’ll need equipment, computers, POS(point-of-sale) machines. This should be purchased and installed also by October 25th. At any point in time, we’re able to tell how we’re moving towards achieving our objective of opening the five retail stores by November. If it’s October 1st and we still don’t have the locations for the new retail outlet, much fewer lease agreements, we’re in trouble.

By contrast, let’s say it’s October 15th and the managers from our Retail company headquarters are calling to check in about progress.
We’ll tell them that the staff has been hired and trained, and the equipment installed. So we’re done, and actually, we’re ahead of schedule.

This way everyone can see how their efforts fit within what the organization as a whole is doing. OKR framework is a simple, yet powerful framework to align and define what and how of execution.

Watch this video by John Doerr, who introduced Objective and Key Results to Google when they were 40 member team.

CEO The New Age Voyager

Launching qilo Navigator!

 

The human race is genetically engineered to explore the new. From, the inception of a wheel to put the man on the moon. Humans have always pushed the boundaries of imagination and possibilities.

Our Hero has always been The Voyagers – who have been driven by passion, grit, and determination to explore the unexplored. Taking a journey involved with risk and possibility on no return. Still, with all the odds stacked against them, they went and explored the world, identified new geographies and made the world connected with various cultures and people.

Today’s CEO’s are no less than a Voyager taking the business to unexplored territories. Navigating odds and challenges every day.

While the destination is crystal clear the path to reach the destination is always challenging. It requires taking quick decision making, directing, aligning and pushing each and every team member to stay on track.

And that’s what inspired us at qilo to empower the CEO (Voyager) with right Navigation instruments to view, if on the right track or not or require a course correction.

Introducing qilo NAVIGATOR For CEO’s to view what’s working and what’s not in their Strategy Execution roadmap!

In your Growth journey of taking your organization from point A to point B, you need qilo NAVIGATOR, ensuring you reach your destination faster!!

AYE AYE CAPTAIN!!

How close is your brand to Consumers?

As a leader you should ask this question, is your brand working hard for you while you are busy making business presentations?

A brand is the sum of experiences you are providing to your consumer in the entire lifecycle. At each stage, there is an expectation from the consumer, if you are meeting 10/10 then you have the consumer as your advocate, if not you may have to struggle to retain your consumer.

India has been a customer acquisition market because of its size and population. We do not take customer engagement seriously, more so when it comes to giving experience. The focus is always been on acquiring, acquiring and acquiring more even if you are unable to give value or service to the consumer.

The mindset has to change. Today the customer is more empowered and has choices if you do not have a secret ingredient – then why should someone buy you? There are more like you in the market. You are just like a commodity and the only differentiator is your pricing and placement, not your brand!!

So what to do? Call your advertising agency- NO! Try this dipstick

Align – Brand journey starts inward outward. Each and every stakeholder in your company from Management, Sales, HR, Finance, IT, Admin, is your touching your customer directly or indirectly – ask them 3 questions

  1.  Why do we exist?
  2. What value we bring to our consumer
  3. What role do you play in achieving that agenda

If you get a clear and unified answer from each of your function,

  • Give a pat on your back
  • If NO, then you are barking at the wrong tree

Customer experience is not owned by one department, it is owned by the organizations. If you use OKR or Hoshin try incorporating this and see how aligned your teams are.

If you get this right see how growth unlocks, it sounds simple but it that elephant which is moving in your office yet no one sees apart from you !!!

https://www.qilotech.com/strategic-planning-and-execution-software