It’s that time of year again when executives are thinking about their annual plan and asking themselves, “where do I start?” A lot of companies out there start their process with budgeting. Then once they have their budgets set, they move to developing their annual plan. This may sound like a smart idea to ensure you don’t blow your budget, but it may be keeping you from executing strategic growth moves.
Rhythm Blog | Patrick Thean
by Patrick Thean and the Rhythm Team
I have received a lot of feedback from folks using the Rhythm softwaresharing how turning every quarter into a 13 Week Race™ has really improved their execution and company results. Forecasting their ability to succeed every week appears to be a key differentiator in using Rhythm's Red-Yellow-Green® method. Every quarter, they have a strong and clear vision for execution. Then week by week, they forecast the probability of achieving their goals for the quarter. They make adjustments when necessary every single week. They try to anticipate where the challenges and obstacles may come from, and pounce on those challenges. They meet them head on, solve them and go on to win every quarter!
Yesterday was a big day for Michael Praeger, CEO of AvidXchange. No… Sorry, it was a huge day! Yesterday, Michael had press conference at their newly opened Charlotte campus. They were announcing not one but three great wins towards his dream of building Charlotte into the “Silicon of the South.”
Win #1: MasterCard announced that they are partnering with Avidxchange to create a B2B hub that brings AvidXchange technology to their network of banks.
Every quarter has thirteen weeks. It goes by fast. Before you know it, the quarter is over. And then the year is over. You are left with the question, “Did we accomplish what we set out to achieve?”
Now that you have your 13-week race, how do you run it and achieve success? Unfortunately, nothing happens unless you do the work. To be successful, you need to do the work, inspect what you expect, and help yourself or your team makes the right adjustments to succeed.
Develop an execution ready plan for your quarter, each and every quarter! This will help you to have a successful quarter each and every quarter. The secret is to visualize your quarter like it's a 13-week race.
An execution ready plan over your 13 week quarter needs three things:
- SMART Priorities (Specific, Measurable, Attainable, Realistic, with a Timeframe)
- Milestones to help you visualize your execution
- The right people and resources with the right amount of dedicated energy to help achieve the team’s plan
Having great weekly meetings is the secret to increasing your speed of execution and getting more initiatives done.
"Wow! Really? Mine suck. In fact, I am thinking of stopping my weekly status meeting altogether,” a friend said to me. When I asked him why, he shared that they were boring, tedious, and his team could not wait for the weekly status meeting to be over so that they could get some real work done. The British Psychological Society reported that $37B each year is lost to unproductive meetings. Clearly, some of those dollars were my buddy’s.
If you are a Mastering the Rockefeller Habits fan, here are four tips to make your One-Page Strategic Plan work for you. Used correctly, it can accelerate your progress. Used incorrectly, it can quickly become a bureaucratic anchor around your neck.
1. Use your strategic foundation - Your core strategy to drive execution:
Your core strategy is made up of your core purpose, core values, and BHAG (Big Hairy Audacious Goal). Don't allow your core values to be merely a poster on the wall. Use them purposefully every day. Don't be tempted to hire that great resource who does not demonstrate your core values. Allow your core values to be your veto tool. Hire and fire by your core values. Here's a tip to live your core values: Choose words that you use daily. Don't switch into "corporate speak" when you bring up your core values. To make it stick, it's got to be the way you talk with each other. Do people in your company understand how their daily work helps to achieve the company’s overall mission or purpose? Are they on an exciting journey towards the promised land? Your BHAG is a 10+ year goal that can create excitement and inspiration for the entire team. Too often, I see BHAGs and purpose statements just being cute posters decorating corporate walls with people not understanding how they are part of the exciting journey to achieve the BHAG and purpose.
My wife and daughter are obsessed with Criminal Minds. If you have never seen the show, almost every episode starts with a killing or a dead body. The characters then solve the mystery with the audience totally absorbed in how they go about solving the case.
Did you know that $37 billion is lost every year to unproductive meetings? I will let that sink in for a minute. If you are wasting even a fraction of that, you need to de-suck your meetings and get productive! How do you know that your weekly meetings are time wasters instead of time savers?
Here are five reasons why meetings suck, and a couple of tips to de-suck them.