How to Implement Your Business Strategy
So you’ve created your business strategy and it’s time to execute. An important part of the execution is creating an implementation plan. The implementation plan documents the steps that you need to take to achieve your business strategy. Dennis Chung, CEO of Supreme Ventures Limited, told us about the significance of an implementation plan, and how small business owners can create one.
Chung described the plan as a key tool to sustain the business strategy. He emphasized, “Whether you’re exercising or you’re on a diet, the most important thing that is the most difficult to do is to sustain a plan…not everyone can properly execute.”
He then advised, “If you don’t have the ability to execute, get someone to compliment your weakness.” This means getting someone else to assist you with important tasks, to help you to monitor deadlines, and to hold you accountable if necessary. Even if you believe that you have the ability to sustain the plan on your own, you should have someone check your plan and ensure that it’s executed.
Create discipline with a 24-hour calendar
According to Chung, another key tool to creating and sustaining the implementation plan is creating a schedule. He shared that he has a 24-hour schedule that includes both responsibilities and down-time. While a 24-hour schedule may not be ideal for everyone, it is important to schedule tasks and activities so there is a timeline to follow.
“Order is important to the execution of your plan,” Chung stated. It is important to specify what tasks you need to do and what order you will do them in. Chung stated that, at first, it may take discipline to stick to the plan and its deadlines, but it will eventually become a habit.
According to Chung, project management skills are crucial to successful implementation. “In executing, you don’t just go out and do every task. Some tasks have dependencies,” he stated. “The whole thing about project management documentation is that you want to specify what dependencies are…. You don’t want to go out and just build a roof and then say ‘oh I should have built the walls first’. If you go out and do what you’re not supposed to be doing first, there will be a weak foundation.” As such, business owners should ensure to create an order of tasks that they and employees can follow.
Get a partner who compliments your weakness
Chung added that putting together the right project team is important. “It’s always good to get a business partner to complement a weakness that you have,” Chung advised. “So if you need help with financing, get a business partner with finance skills. If you need help with legal advice, get a business partner that’s a lawyer. It will save you some legal fees. Putting together the right project team is important.”
Chung further advises business owners to have regular meetings. He said, “Once I schedule a meeting, even if there is nothing to discuss, I’ll still go.” He concluded by emphasizing that consistency is important, and habit is key to execution.
Strategic planning is the cornerstone of a successful venture, just like every other business decision you make. An implementation plan will help you to turn your business strategy into reality.
