I was recently speaking with an entrepreneur about the challenges of executing key initiatives. We spent some time talking through what the initiatives were, who owns it, and how you track progress.
What are the key initiatives?
I meet with some entrepreneurs who have 47 key initiatives. I meet with others who have one. Sometimes the team could recite them; other times not. I really like the Simple Strategic Plan as a way to align on the vision/goals/key initiatives. What is most important is to have a small number of key initiatives that the entire team aligns around and helps orient any decision or prioritization (does it support the key initiatives)?
Who owns it?
Once the key initiatives are set, there should be a clear owner for each one. Others may provide input, but there is one owner and decision maker. Does your team and initiatives have that clarity? I often hear “we all own it.” While everyone may be aligned to it, there needs to be one clear owner who is ultimately responsible and accountable.
How do you track it?
So now that you have key initiatives and owners, how do you track progress? Some entrepreneurs don’t track anything, others pull out anecdotal stats here and there, and others have a regular cadence of reporting and discussing. I see more success with the latter. For your key initiatives, there should be regular quantifiable metrics to track (could be leading and lagging indicators) and a regular cadence to discuss how to remove blockers or make any adjustments. Plans are great, but reality can be messy so be prepared to adjust the plan.
It is worth it for entrepreneurs to clearly define their key initiatives, owners, and create a process to track progress and resolve issues.