Business

Does your business take advantage of opportunities when they arise?  Or, like most businesses, do you watch competition seize opportunities before you consider or execute on them? 

There is a good article in this months Harvard Business Review by Donald Sull on a business’s ability to execute on opportunties.  It is a worth while read, but I will summarize the key points in the next three posts.

What your company needs for execution:

1.    The ability to spot new opportunities.  This requires the ability to access real-time data and share the data across the organization.  In my experience many companies have access to real time data, but they either do not know what data to focus on or have poor communication lines between different divisions of the company. 

2.    Strong operational hydraulics.  This is the ability of executives to convert organizational opportunities into operational objectives and priorities for employees (including measuring them on their goals).

3.    Rewards for performance, not mediocrity.  The business must create incentives that encourage individuals and teams to focus on the long term as well as short term. 

I particularly like the interaction of these three points.  They cover the ability to see opportunities, communicate opportunities, convert the strategy to operational objectives and creative incentives for the opportunities to be carried out. 

My business law practice focuses on helping companies and owners work through the complicated cycles of business growth.  My firm often takes a key role in the execution dynamics of our clients.  Our focuses in funding law, entrepreneurial law, strategic business and financial consulting, and our abilities to create more efficiency in the sales-process and contract negotiating ties us into this execution process. 

Consider how well your business addresses each factor and whether you need help in working through these dynamics.


Source: Are You Ready to Rebound?  Donald Sull, Harvard Business Review, March 2010.

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Other posts that may be of interest:

Fatal Flaws in Leadership
Talent is Overrated
Keep the Good Ideas Coming but Stay Focused
Business Law - 10 Common Negotiation Mistakes
Funding Law - Presentations to Investors