These days, companies' size and age are significant. Eager startups are perceived to think and act fast, and disrupt markets more often than more experienced companies. Mature companies often assume they have more time to plan and analyze their strategies due to their established position in the market. However, digital marketing tools, cloud software, and data analytics make the chances of success equal for everyone. To keep up, larger businesses need to acknowledge that they often fail at innovation because they lack speed.
So, here are 5 ways to speed up your strategy execution:
Meetings On Time, Presentations On Point
Research and analysis of key strategic points are important, although they don't necessarily have to be long and time-consuming. It is worth learning how to make business case documents and presentations shorter, without losing facts and figures. Questions have to be outlined and answered, and metrics measured. Setting the length of such documents can be useful, so managers are focused on delivering key points relevant to strategy and nothing else.
Regarding meetings, they must start and end at scheduled times, and need to have an outcome. Disruptions in working schedules due to someone being late or an extra 15 minutes dedicated to irrelevant conversations can negatively affect productivity. If a company needs to make a decision during one of those meetings, it's critical to do so. Postponing a decision or making it outside the meeting is just losing more time.
A Helping Hand From Automated Business Process Software
More companies are moving towards digital operation and by doing so, they need to ensure they utilize all benefits. Testing business processes and trying to predict a strategy outcome manually can be time-consuming and stressful. By using automated business process testing software, results can be delivered faster. A business process, in this case, is a collection of tasks, which if completed, can bring a company closer to its goals by providing new solutions. Business processes need to be tested and issues identified quickly. Dealing with problems is easier when they are known beforehand, so the automated business testing software can help to routinely check thousands of business process steps in a matter of hours, excluding the chance for human error.
Think Like A Startup
One of the main advantages of startups over mature companies is an understanding of how important speed is. When entrepreneurs come up with an idea, they do whatever it takes to execute fast because they acknowledge a risk that someone can deliver the same product faster, leaving them behind. Due to an established position in the market and stable revenue, larger companies may be blindsided. If the same strategies stay in place for too long and execution processes get stuck, they can fail. Smart companies no longer use 5-year or longer strategies and instead, review existing strategies more often and pivot when necessary.
Smaller Targets Bigger Results
Despite agility being important, strategic quality has to prevail over deadlines. To deliver an effective strategy without losing time, rather than setting big targets, set small ones more often. If overloaded, employees may get lost and struggle with multiple deadlines. A big strategic goal can be divided into several parts, with time intervals set for their completion. Employees will be continuously focussed on the target, the amount of work will be more manageable, and the deadlines will be met with greater results.
Making Speed A Part Of Your Corporate Culture
Employees are the ones that make success happen in your company. Delivering fast and high-quality results is not easy, therefore, rewarding people for their work is important. When big projects are completed fast, these efforts must be recognized for further motivation. By doing so regularly, work will always be done on time and speed will become an inseparable part of the corporate culture.