Hold regular progress reviews for initiatives as well as key metrics. Individual projects should be measured against deliverables and goals. Key metrics should be measured for variances from plan. The strategy should be tracked to see if market events are playing out as expected/predicted. When variances are seen, recovery plans must be created and executed or contingency plans must be activated.
- How do you know if your strategy is on track?…Hold regular reviews to look at progress on initiatives,…as well as looking at key metric performance.…Individual projects should be measured…against deliverables and goals.…Key metrics should be measured for variances…from the plan you've laid out.…Communicate progress to the team.…Hold people accountable and award or withhold incentives…based on their performance.…That's how you'll reinforce the right behaviors.…
At one point, I ran a call center,…and we were dealing with customers…who needed to pay us back.…We were dealing with collections.…We had that call center making offers to customers…to give them an incentive to pay us back.…And we looked at our daily metrics.…We looked at how many people were paying us back,…how much money were they giving us,…and how successful were our agents…at making the right offers to the right customers.…When we looked at the numbers,…there was a massive variance from what we expected.…
It turns out, one of the offers we were making,…
- List the primary components of strategy.
- Set and communicate strategic priorities.
- Define culture.
- Evaluate and run ideas in a prioritization process.
- Identify how to measure progress and performance.
- Explain how to maintain focus and eliminate distractions.
- Describe key processes for building a culture of strategy execution.