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
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Business Success Means Leveraging The Success Advantage Factor Through 3 Capacities - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Leanne Hoagland-Smith
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