Only 2% of companies ever reach the $10 million revenue mark, the elite 2%. What are these companies doing differently?
Through research and years of experience helping top companies in the world, Patrick Thean, CEO of Rhythm Systems and worldwide speaker, has determined that successful companies are committed to 3 Rhythms: A Think Rhythm, A Plan Rhythm and a Do Rhythm. In his new book, Rhythm: How to Achieve Breakthrough Execution and Accelerate Growth, Patrick outlines a simple system to help executive teams and their departments execute better and faster.
Here’s what they are doing differently:
Executive teams meet monthly to work on the future of the business (where they want to be in 3-5 years and beyond, winning moves to 2X their business, brand promise to win more deals, and core values). They don’t meet once a year to talk about strategy. They meet monthly to make sure that their long term strategy is getting executed and to think about adjustments they need to make. And, they involve everybody in the company., They make sure that everyone in the company knows what the strategy is how they can help.
Executive and departmental teams meet annually and quarterly to choose the right priorities to work on. Elite 2% companies have very skillful people. The issue is not their team’s ability to execute, it is the limited availability of time and resources to get the priority done. What makes these companies better at execution is that they take the time to decide what to say “yes” to and what to say “no” to. They make sure that their annual and quarterly plans are bold but realistic. This is hard as they are used to saying “yes” to everything.
Executive and departmental teams meet weekly. NOT to discuss status – they meet to talk about critical adjustments that need to be made to keep their plan on track. They use success metrics and KPIs to alert them to have a discussion. Then, the team shares insights on why the plan is not on track and decides on the best action plan to move forward. They realize that there is a place for metrics and a place for human discussion. Metrics trigger discussions; humans solve problems.
Patrick’s new book Rhythm has lots of practical tools to help you Think-Plan-Do so you can execute better and faster. Visit his book website to check out the free tools.
By the way, this is my very first blog. Comment below and let me know how I did!!!
Cindy Praeger, Co-Founder- Rhythm Systems
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