Business Success Means Achieving the Success Advantage Factor Through 3 External Capacities
03 Aug 2011 | Category: uncategorized | Author: admin
Much is written about the how to achieve business success. From the Balance Scorecard for business to The On-Purpose Business, business owners have a wealth of information to turn their hard efforts into bountiful success. Yet, success still eludes many.
What I have recently discovered as in my business coaching training practice, is that there are 3 distinct and separate capacities that every business has regardless of size and how these are used determines The Success Advantage Factor.
- Planning
- Execution
- Measurement
How the business leverages, balances and aligns these capacities within each area or department or dashboard is the Success Advantage Factor.
Who Says Elephants Can't Dance? by Louis V. Gertner, he shared that IBM did great planning, but had a terrible time in the capacity of execution and measurement. Research suggests that many small business coaches are missing the boat because they fail to measure their progress. Business consultants, Jason Jennings and Laurence Haughton, in their book It's Not the Big that Eat the Small . . . It's the Fast that Eat the Slow revealed that most business executives spent less than 15 minutes a day planning the future.
Each capacity must grow proportionally to the other. When one capacity overwhelms the other capacities, the success advantage factor is diminished.
Internet web sites or Internet marketing is a prime example of how these capacities work together.
Planning When beginning a website, planning is critical from the choice of colors to keywords to content to navigation. The old adage Failure to plan is planning to fail should be foremost in every business owner's thought processes especially when developing an Internet site.
Execution Execution then takes over by translating the plan into a physical site and making sure it works such as through Search Engine Optimization (SEO) Question: Have you ever been to a site, did what they told you and it didn't work? How did you feel? How much time did you lose? Would you go back? Or how about all those companies that promise great SEO results but have no page rank, fail to change title pages to reflect page content, etc.?
Measurement Finally measurement of traffic, pay for clicks, conversions determines the success of the planning and execution. Another old expression states that If you can't measure it, you can't manage it.
Within an organization for example, these capacities flourish or die. If human resource is looking at leadership (part of the Balance Scorecard approach) and doesn't plan effectively, execute (IBM's challenge) or measure the outcomes or results, then will the initiative in this case leadership succeed? I sincerely doubt it and their Success Advantage Factor will be lost.
These 3 capacities are externally driven and require the energies of many individuals to be successfully leveraged to achieve the Success Advantage Factor. Look for a future article about the 3 internal capacities that are also needed to achieve business success.
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