best practices for plan execution watch linked in

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Best Best Practices Practices for Plan for Plan

ExecutionExecution

John H. Wheeler, Jr.Managing Partner

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Suggested Book List

http://www.wheelergroupllc.com/resources.htm

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Agenda

• Share key elements of “Roadmap to Prosperity™”

• Discuss the importance of having an “Execution Culture”

• Explain how Team is critical to this process, from Formation, Operations and Effectiveness perspectives

• Share three (3) levels of tools and techniques to enable effective Plan implementation

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“The key decisions can all be characterized by focus, focus, focus.”

Meg Whitman, CEO, eBay, Business 2.0, December, 2004

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Roadmap to Prosperity™

V - O - ETM

Prosperity

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Illustration by Sir John Tenniel

“Would you tell me please, which way I ought to go from here?”

“That depends a good deal on where you want to get to,” said the cat.

“I don’t much care where…,” said Alice

“Then it doesn’t matter which way you go,” said the cat.

--Lewis CarolAlice in Wonderland

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The importance of Execution

1. Execution

2. The Learning Organization

3. Corporate Values

4. Customer Relationship Management

5. Disruptive Technology

6. Leadership Development

7. Organizational DNA

8. Strategy-based Transformation

(1) Strategy + Business, Winter 2005

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“Planning without Acting is a waste of Time”

“Acting without Planning is recipe for defeat”

Michaelson, Sun Tzu for Success, 2003

Execution – Key Points

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Execution Culture

• Know Responsibility and Authority• Team Membership and Composition optimal• Operations standards in place and followed• CEO delegates• Leverage technology• Performance Metrics in place• Manage by Exception• Don’t Hold on too long• Structured and Consistent Operations

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Organization

• Team Formation

• Team Operations

• Team Effectiveness

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The Virtual Team

• Group of Specialists• Typically not collocated• Agree on Vision, Mission, Critical Tasks and

associated Deadlines• Perform tasks by leveraging various

technologies– Voice, Mail, E-mail, Video

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OrganizationTeam Formation

Intellectual, Emotional

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OrganizationTeam Formation

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OrganizationTeam Formation

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OrganizationTeam Operations - Leadership

• Self-Talk• Set The Way (2)

• Unleash Talented Maniacs (2)

• Get Personally Engaged (2)

• Lead from a glass house (2)

• Honor a minimal number of Priorities (2)

(2) Break from the Pack, Harari, 2006, p. 258-270

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“IF IT IS NOT MY GENIUS, IT IS

NOT MY JOB”

OrganizationTeam Operations

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OrganizationTeam Operations

Stone in the water

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OrganizationTeam Operations - Challenges

• Communication• Expectation Disconnects• Time Zones• Travel Requirements

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OrganizationOperations Standards

• Communications– How, When, Who– E-Mail, Voice Mail– Regular team meetings– Fixed Agenda

• Code of Conduct• Responsibility and Authority• Escalation procedures• CEO must delegate

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OrganizationCommunication Guidelines

• Weekly team member reports• Monthly Company progress reports • Off-line work sessions

– Sub-Committees– Problem solving

• Regularly scheduled calls– Fixed, day, time, length, agenda– Committee readouts; limited problem solving– Accomplishments, current status, future actions– Frame of Reference

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OrganizationCommunication Guidelines

• Critical• Two-way• Kill the rumor mill!• Truthful and tactful• Over-communicate vs. Under-communicate• Examples

– Phone calls, Notes, E-mails, Newsletters– Web Site, Meetings

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Organization

Effectiveness vs. Efficiency

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High-Payoff Activities

Organization

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OrganizationPerformance Monitoring

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SystemsPerformance Monitoring

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Execution

• Monitor performance of the team to achieve one or more short-term objectives

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ExecutionPerformance Monitoring

• Level 1– Tables

• Level 2– Project Mgt Software

• Level 3– Collaborative Web-based tools

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ExecutionPerformance Monitoring – Level 1

• Description– Tasks to be performed in a table

• Pros– Simple to implement– Inexpensive– Easy to share

• Cons– No What-If– Changes don’t alter subsequent tasks– No multiple views, cost tracking, reports– No jeopardy notifications– Limited efficiency increases

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Performance MonitoringLevel 1 - Tabular

ID Name Duration Start Finish Notes1 Raise Capital 150.5d 3/8/2006 10/4/20062 ID Capital Reqts .5d 3/8/2006 3/8/20063 Update Business Overview 2.d 3/8/2006 3/10/20064 Identify potential investors 150.d 3/8/2006 10/4/20065 Review presentation/FAQs 1.d 3/10/2006 3/13/20066 Contact potential investors 150.d 3/8/2006 10/4/20067 Complete meetings 150.d 3/8/2006 10/4/20069 Build Internal Systems 17.d 3/6/2006 3/28/2006

10 ID Requirements 1.667d 3/6/2006 3/7/200611 ID potential solutions 5.d 3/6/2006 3/10/200612 Choose solutions 1.d 3/13/2006 3/13/200613 Install and Configure solutions 7.d 3/14/2006 3/22/200614 Set up users 1.d 3/23/2006 3/23/200615 Train users 2.d 3/24/2006 3/27/200616 Release solutions 1.d 3/28/2006 3/28/200618 Solidify Corporate Governance 8.d 3/7/2006 3/16/200619 Review corporate documents 1.d 3/7/2006 3/7/2006 By-laws,stock cert,stock log,minutes,filings20 Make needed changes 2.d 3/8/2006 3/9/200621 Review changes 1.d 3/10/2006 3/10/200622 Finalize documents 4.d 3/13/2006 3/16/200624 Complete Market Research 88.d 3/13/2006 7/12/200625 Draft Research Objectives, Scope, Reqts 5.d 3/13/2006 3/17/200626 Identify Market Research experts (potential) 5.d 3/13/2006 3/17/200627 Inerview candidates 1.d 3/20/2006 3/20/200628 Choose Expert 1.d 3/21/2006 3/21/200629 Contract w/Mkt Research expert 5.d 3/22/2006 3/28/200630 Finalize Research Objectives, Scope 5.d 3/29/2006 4/4/200631 Competitors 10.d 4/5/2006 4/18/200632 Research uses, strategies,financials 10.d 4/5/2006 4/18/2006 Trade Organizations33 Retailers 10.d 4/19/2006 5/2/200634 ID relevant current retail sources 3.d 4/19/2006 4/21/2006 Sources who carry similar products35 Complete research 7.d 4/24/2006 5/2/200636 Manufacturers 10.d 5/3/2006 5/16/200637 Complete research 10.d 5/3/2006 5/16/200638 Target Segments 10.d 5/17/2006 5/30/200639 Complete additional research 10.d 5/17/2006 5/30/200640 Develop Market Strategy 3.d 5/31/2006 6/2/2006

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Performance MonitoringLevel 2 – Project Mgt Software

• Description– Use of pre-packaged software, designed for this purpose– Comprehensive

• Pros– Sequenced tasks, resource assignments, cost tracking, reports,

multiple layouts– Conversion to other software layouts– Project Management Standard

• Cons– Complex to use– Costly, relative to other options– Distribution challenges– No jeopardy notifications

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Performance MonitoringLevel 3 – Web-based collaborative tools

• Description– Project Mgt, Knowledge repository, Issues resolution, – Browser

• Pros– Easy to use– Comprehensive Knowledge repository– Jeopardy Notification– Management by Exception

• Cons– Some don’t interface with Level 2– Initial and monthly costs– Requires configuration

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Performance MonitoringLevel 3 – Collaborative Tools

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ExecutionFinal Thoughts

• Build an Execution Culture• Be Consistent and Disciplined• Maintain Focus, Focus, Focus• Promote Accountability• Do Your Homework• Effective, then Efficient• Leverage Technology