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Business Success Means Leveraging The Success Advantage Factor Through 3 Capacities
Written by: Leanne Hoagland-SmithArticle Overview: Do you ever wonder why some businesses are so successful and while others struggle and struggle? Both provide good products and services. Yet, what separates these two companies may center on the ability to leverage 3 critical business capacities.
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Business Success Means Leveraging The Success Advantage Factor Through 3 Capacities
Much is written about the how to achieve business success. From the "Balance Scorecard"for business to the "On-Purpose Business," business owners, entrepreneurs and executives have a wealth of information to turn their hard efforts into bountiful success. Yet, success still eludes many.
What I have recently discovered as a small business coach, is that there are 3 distinct and separate capacities that every business has regardless of size and how these are used determines what I call the The Success Advantage Factor.
1. Planning
2. Execution
3. Measurement
How the business leverages, balances and aligns these capacities within each area or department or dashboard is the Success Advantage Factor.
In the book "Who Says Elephants Can’t Dance?" by Louis V. Gertner, he shared that IBM did great planning, but had a terrible time in the capacity of execution and measurement. Research suggests that many small business coaches are missing the boat because they fail to measure their progress. Business consultants, Jason Jennings and Laurence Haughton, in their book "It’s Not the Big that Eat the Small . . . It’s the Fast that Eat the Slow" revealed that most business executives spent less than 15 minutes a day planning the future.
Each capacity must grow proportionally to the other. When one capacity overwhelms the other capacities, The Success Advantage Factor is diminished.
Internet web sites or Internet marketing is a prime example of these capacities. When beginning a website, planning is critical from the choice of colors to keywords. Execution then takes over by translating the plan into a physical site. Finally measurement of traffic, pay for clicks, conversions determines the success of the planning and execution.
Within an organization for example, these capacities flourish or die. If human resource is looking at leadership (part of the Balance Scorecard approach) and doesn’t plan effectively, execute (IBM’s challenge) or measure the outcomes or results, then will the initiative in this case leadership succeed? I sincerely doubt it and their Success Advantage Factor will be lost.
These 3 capacities are externally driven and require the energies of many individuals to be successfully leveraged to achieve the Success Advantage Factor. Look for a future article about the 3 internal capacities that are also needed to achieve business success.
2006© All Rights Reserved. Leanne Hoagland-Smith
This article may be freely published. Permission to publish this article, electronically or in print, as long as the bylines are included, with a live link, and the article is not changed in any way (grammatical corrections accepted).
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About the Author: Leanne Hoagland-Smith RSS for Leanne's articles - Visit Leanne's website  Her book, Be the Red Jacket is a no-nonsense and quick read to help discover potential gaps that may be keeping you from your goal to increase sales. The forward is by Evan Carmichael of EvanCarmichael.com Remember if you think you cannot or you think you can either way you are right. (Henry Ford). Sales Coaching Tip: Change your thoughts; improve your results. Click here to visit Leanne's website   Business Building Check List Leadership Assessment Leadership Audit For Business |
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