Barrier#4: Lack of internal understanding about customers, competitors, and the market

 

Barrier#4: Lack of internal understanding about customers, competitors, and the market    

Overcoming Barriers to Planning and Execution 

Over time, every organization will create barriers to success. The very things that made you successful as a startup or growing organization may prevent you from being successful at the next level.



Barriers to Planning Success

•          History of only partially developing plans
•          History of unreasonable expectations and unachievable goals
•          Lack of internal understanding about customers, competitors, and the market

 

Barriers to Execution Success

•          Gaps in management depth
•          History of abandoning projects
•          History of lack of openness and poor communications
•          History of poor delegation and leadership development
•          Lack of true accountability

Barrier#4: Lack of internal understanding about customers, competitors, and the market

Developing a strategic plan without a good understanding of customers, competitors and markets is venturing off into the woods, blind-folded, hoping to avoid trees, boulders, and cliffs. Chances for success - slim to none!

Important pieces of information or questions to ask:

• Customers
• What do they like about your current products and services
• Where are the holes in your offerings? What are your customers' biggest problems/needs? How might customers respond to your strategic initiatives?
• Competitors
• What is your competitive position? Can you take independent actions without potential negatives consequences at the hands of competitors (Very few companies can do this)
• How are competitors positioned? What are their strengths and weaknesses? How will they respond to your strategic initiatives?
• Markets
• What are the holes in the market?
• What/Who are the potential disrupters? The category leaders of tomorrow are likely not from your current industry. New technologies, new approaches (think Apple iPhones, Netflix, Tesla) The list of one-time category leaders who were either arrogant or oblivious is lengthy.

What are the characteristics of this barrier in an organization?

• Classic example:" Keep doing what your doing...Just work harder and do it better." The Plan just adds x% growth to revenue and profit without any substantial changes in strategy or tactics
• Employees don't believe it is realistic and don't see it as achievable.

The impact on an organization

• Smart employees will begin to question what the leadership is doing and will not be fully committed to execution.
• Some might leave, or worse some may stay and be half-hearted

Overcoming this barrier

• Establish ways to solicit and review customer feedback on products and services - and review it at the highest levels. This should include win/loss analysis. Find ways to uncover unmet customer needs.
• Regular reviews of the competitive environment. What do customers like/dislike about competitors?
• Reward/recognize employees that are close to customers and competitors to look for and communicate field intelligence
• Conduct scenario planning to identify trends/technologies that might provide early indications of potential disrupters
• Utilize a planning and execution process that validates your approaches with customers, the competitive environment and the market

Identifying the barriers to planning and execution is critical. Companies that have addressed the barriers are amazed at how much more their management teams are engaged and how the process energizes the entire organization. CEOs of companies that have had years of poor planning and execution history, find that their organizations are far more capable than they ever imagined of achieving superior results.

The Mead Consulting Group has helped many companies identify and overcome the barriers to successful planning and execution.

Our Customer Forward TM Strategic Growth & Execution process is simple and effective at uncovering the key obstacles and barriers and developing recommendations for improvement - then laying out the best strategic path. Finally, validating that strategic growth & execution plan with customers and the market.

If you would like to have a conversation about this, please contact Dave Mead at (303)660-8135 or meaddp@meadconsultinggroup.com. 

Please comment 

Best regards,

Dave Mead      

Overcoming Barriers to Planning and Execution -Barrier#3: History of unreasonable expectations & unachievable goals

 [Editor's Note: In Issues for Growth Vol. 31, No.11, we asked the question, "Are there barriers blocking your successful growth and execution?" We then listed the Barriers to succesful Planning and the Barriers to succesful Execution.We are continuing a series of Issues for Growth where we will tackle each of these barriers and identify ways to overcome each. We continue with Barrier #3. -dpm]

Overcoming Barriers to Planning and Execution -Barrier#3: History of unreasonable expectations & unachievable goals

Over time, every organization will create barriers to success. The very things that made you successful as a startup or growing organization may prevent you from being successful at the next level.



Barriers to Planning Success

•          History of only partially developing plans
•          History of unreasonable expectations and unachievable goals
•          Lack of internal understanding about customers, competitors, and the market

 

Barriers to Execution Success

•          Gaps in management depth
•          History of abandoning projects
•          History of lack of openness and poor communications
•          History of poor delegation and leadership development
•          Lack of true accountability

Barrier#3: History of unreasonable expectations & unachievable goals

Again as stated- Many business owners and senior managers are brimming with creative ideas. Some time ago, we were asked by a business owner of a $75MM business to "validate" the company's new strategic plan. There were 14 initiatives on an 11x14 sheet - with small font. All initiatives had year one deadlines. This was a company that had not grown significantly in several years, had a thin management team, and there was no plan to significantly increase resources. What could go wrong with this picture?

What are the characteristics of this barrier in an organization?

• Too many ideas; Too many goals
• Unrealistic deadlines
• Every goal is a BHAG( Big Hairy Audacious Goal) 
• Each senior manager has a different set of priorities - No consensus on focus    

      

So one quarter, an organization is headed in one direction, and then abruptly next quarter, stop doing that - there is a new, "better" direction. Some times it is the tendency to chase the next "shiny rock"; in others, it's the CEO listening to another business owner in a peer group that has a "better" idea.

The impact on an organization is an organizational "eye roll." It's great to set a BHAG (Big Hairy Audacious Goal) for the organization. But too many strategies and goals overwhelm an organization and every person thinks "another rabbit hole; this won't work; here we go again!"

Overcoming this barrier - No more than 3 strategies

Overcoming this barrier is relatively straightforward. Going through a facilitated structured planning process can ensure that an organization is focused on a few priorities that can really move the company. We have found that organizations that develop 3 strategies - with clear action plans to achieve the desired results - are far more successful than organizations with 10 or 14 strategies and initiatives.

Develop a "What we are not going to do now" list. The most difficult thing for many companies to do is prioritize. Even more difficult is to establish a list of projects or strategies that will not get done now, - and to stick to that list. Smart companies will insist that in order to take something off the "Not Now" list, they must take something off the "Do Now" list.

Identifying the barriers to planning and execution is critical. Companies that have addressed the barriers are amazed at how much more their management teams are engaged and how the process energizes the entire organization. CEOs of companies that have had years of poor planning and execution history, find that their organizations are far more capable than they ever imagined of achieving superior results.

The Mead Consulting Group has helped many companies identify and overcome the barriers to successful planning and execution. Our Customer Forward TM Strategic Growth & Execution process is simple and effective at uncovering the key obstacles and barriers and developing recommendations for improvement - then laying out the best strategic path.

If you would like to have a conversation about this, please contact Dave Mead at (303)660-8135 or meaddp@meadconsultinggroup.com. 

Overcoming Barriers to Planning and Execution - Barrier #2: History of abandoning projects

[Editor's Note: In Issues for Growth Vol. 31, No.11, we asked the question, "Are there barriers blocking your successful growth and execution?" We then listed the Barriers to succesful Planning and the Barriers to succesful Execution.We are continuing a series of Issues for Growth where we will tackle each of these barriers and identify ways to overcome each. -dpm]

Overcoming Barriers to Planning and Execution

Barrier #2: History of abandoning projects

Over time, every organization will create barriers to success. The very things that made you successful as a startup or growing organization may prevent you from being successful at the next level.



Barriers to Planning Success

•          History of only partially developing plans
•          History of unreasonable expectations and unachievable goals
•          Lack of internal understanding about customers, competitors, and the market

 

Barriers to Execution Success

•          Gaps in management depth
•          History of abandoning projects
•          History of lack of openness and poor communications
•          History of poor delegation and leadership development
•          Lack of true accountability

Barrier #1: History of abandoning projects

Many business owners and senior managers are brimming with creative ideas. In some cases, each idea may have its own merits, but an organization can drown in a constant sea of ideas. Some organizations start many projects and directions, only to have them superceded by the next new projects. Some folks call it, "the CEO read a new book" syndrome.

So one quarter, an organization is headed in one direction, and then abruptly next quarter, there is a new, "better" direction. Some times it is the tendency to chase the next "shiny rock"; in others, it's listening to another business owner in a peer group that has a better idea.

The impact on an organization is paralysis. Managers and employees become conditioned that there will be a next new thing. So they duck down and wait for the current one to be "bow over" or be abandoned. No one gets seriously committed because they don't expect the direction or project to survive the test of time. No one can be expected to go above and beyond if they expect their efforts will never see completion. It facilitates a sort of "quiet quitting" or lack of engagement.

The result is at worst failure of the plan; at best, its execution is woefully suboptimal.

Overcoming this barrier is relatively straightforward - Going through a facilitated structured planning process can ensure that an organization has its bases covered before getting started with execution. We have found that organizations that develop 3 strategies - with clear action plans to achieve the desired result - are far more successful than organizations with 10 strategies.

Develop a "What we are not going to do now" list. The most difficult thing for many companies to do is prioritize. Even more difficult is to establish a list of projects or strategies that will not get done now, - and to stick to that list. Smart companies will insist that in order to take of the "NotNow" list, they must take something off the "Do Now" list.

Understanding the barriers to planning and execution is critical. Companies that have addressed the barriers are amazed at how much more their management teams are engaged and how the process energizes the entire organization. CEOs of companies that have had years of poor planning and execution history, find that their organizations are far more capable than they ever imagined of achieving superior results.

The Mead Consulting Group has helped many companies identify and overcome the barriers to successful planning and execution. Our Customer Forward^TMStrategic Growth & Execution  process is simple and effective at uncovering the key obstacles and barriers and developing recommendations for improvement. If you would like to have a conversation about this, please contact Dave Mead at (303)660-8135 or meaddp@meadconsultinggroup.com. 

Please comment 

Best regards,

Dave Mead      

Overcoming Barriers to Planning and Execution - Barrier #1: History of only partially developing plans

 [Editor's Note: In Issues for Growth Vol. 31, No.11, we asked the question, "Are there barriers blocking your successful growth and execution?" We then listed the Barriers to succesful Planning and the Barriers to succesful Execution.We are starting a series of Issues for Growth where we will tackle each of these barriers and identify ways to overcome each.

Overcoming Barriers to Planning and Execution

Barrier #1: History of only partially developing plans

Over time, every organization will create barriers to success. The very things that made you successful as a startup or growing organization may prevent you from being successful at the next level.



Barriers to Planning Success

•          History of only partially developing plans
•          History of unreasonable expectations and unachievable goals
•          Lack of internal understanding about customers, competitors, and the market

 

Barriers to Execution Success

•          Gaps in management depth
•          History of abandoning projects
•          History of lack of openness and poor communications
•          History of poor delegation and leadership development
•          Lack of true accountability

Barrier #1: History of only partially developing plans

Many organizations are moving so fast that they embark on a strategy or project and are so excited to get started, they fail to adequately think through a plan.

Many times this means the following:

*The desired outcomes are not clearly defined

*There is no clear definiiton of success

*No project plan (Process and timelines are unclear)

*Appropriate resources are not identified and allocated

*Team is not identified, including the owner

*No mechanisms to keep plan progress in focus

Why this is important to future strategic plan development?: Companies with a history of not fully developing plans create an expectation of failure with their team. They have seen too often the "Fire, Ready, Aim" approach to rushing to start before the organization is ready and has thought through the plan.

Overcoming this barrier is relatively straightforward - Going through a facilitated structured planning process can ensure that an organization has its bases covered before getting started with execution.

Understanding the barriers to planning and execution is critical. Companies that have addressed the barriers are amazed at how much more their management teams are engaged and how the process energizes the entire organization. CEOs of companies with years of poor planning and execution history find that their organizations are far more capable than they ever imagined of achieving superior results.

The Mead Consulting Group has helped many companies identify and overcome the barriers to successful planning and execution. Our process is simple and effective at uncovering the key obstacles and barriers and developing recommendations for improvement. If you would like to have a conversation about this, please contact Dave Mead at (303)660-8135 or meaddp@meadconsultinggroup.com. 

Please comment

Best regards,

Dave Mead        

Don't miss the opportunity to sell during the next upturn

[Editor's note: The boom market for sellers may be over. Interest rates are climbing, the stock market is down. The good, experienced Investment bankers and M&A professionals tell us that unless you have a high-performing company in a highly desirable market, this is NOT the time to sell your business, as valuations continue to fall for companies other than those top performers. They advise companies to spend the time during 2022 and 2023 getting the company in the best shape so that you are ready for the next good M&A market in 2024 -2025.

Some folks believe we are already in a recession. If not yet, many economists expect the next downturn as early as 2023. No one knows for sure. However, there is one thing for sure - if you missed the favorable opportunity to sell once, do not let it happen again.   -DPM]

 Don't miss the opportunity to sell during the next upturn

The full exit sales process may take several years. With credit markets tightening, the economy likely heading into recession, and uncertainty everywhere, it may seem counter-intuitive to be writing about preparing your company to be ready to sell during the next economic upturn.

While some business owners may believe they can pull the string when they are ready, the truth is, for many business owners, the exit sales cycle may take several years to execute. Professionals will tell you that in order to sell at highest value, the process includes 1-2 years to get ready, up to 1 year for the transaction, and then you may have to spend another 3 years with the company after the sale.

Much of the preparation can be accomplished during a down cycle. Companies can focus on making fundamental improvements to their business during the downturn that will help them emerge faster and healthier than their competitors.

1. Focus on customer net profitability

2. Upgrade management

3. Cleanup business processes

4. Develop a strategic growth and execution plan

5. Position the company for the upturn

6. Never waste the opportunity of a good downturn

Customer net profitability.

The tendency during a downturn is to cling to any customers and revenue no matter the profitability level. A common comment is that "at least they absorb overhead." The notion of unprofitable business absorbing overhead may be one of the greatest false beliefs in business. In many cases, overhead that has been viewed as fixed, is really a cost that can be minimized or shed. Carrying unprofitable business will be a continuing cash drain that may inhibit your business' ability to grow as the economy improves.

Upgrade management.

There may be a better supply of good talent available in the marketplace as the economy sours. In many cases, this may be talent that has not be available in better times. Take advantage of the opportunity to improve. This is also a great opportunity to review all of your employees and weed out those with below average performance, poor potential, or unrealized potential. Our clients use a simple tool to rank all employees in terms of potential and performance - the results make it very clear which ones have been a drag on the company.

Cleanup business processes. During boom times, many companies claim they are too busy to scrutinize business processes to make improvements and streamline to increase throughput. That "excuse" typically does not apply during a downturn.

Develop a strategic growth and execution plan. You need a plan not only to help you survive the downturn, but also that will allow you to be agile enough to take advantage of opportunities in the recovering marketplace. There may be market segments that will be slow to come back; some may never come back the same way. Other market segments, however, may present huge new opportunities. Your organization needs to develop a plan and be prepared to execute.

Position your company for the next upturn.

The most significant competitive gains are made during a downturn. Companies that are prepared and well-positioned can accelerate very quickly as he markets healthy. Competitors that are under stress during the downturn will actually be under greater stress as the economy improves. Cash demands can be low when demand is low. Cash needs, however, will increase as the economy improves. Companies will need cash to hire more people, invest in inventory and equipment, etc. 

Never waste the opportunity of a good downturn

During downturns, companies have the opportunity to examine everything, reduce unnecessary expenses, trim those under-performers, examine unprofitable business, streamline business processes, etc. 

Take a lesson from the Boy Scouts: Be prepared.

These steps can add value to your business - even during a downturn. When the economy improves, your business can accelerate faster and be well- positioned. The market for selling a business will be ripe in late 2010 and 2011. Those businesses that are ready will find a hungry group of buyers and investors who have been sitting on their hands during the recession.

_______________________ 

What's the old saying - "Miss your chance once, it's a shame; Miss twice, shame on you!"

We can help. If you have not yet prepared your company ready for sale, we can help. The Mead Consulting Group has been helping companies prepare to maximize value for exit for many years. We have helped over 60 client companies successfully sell outright or recapitalize their business to take "chips off the table." See what some clients have said about their experience with Mead Consulting.

Execution- Reasons Company Strategies Don't Succeed

 [Editor's Note: Companies are beginning to do strategic planning again. However, almost 2/3 of all strategies fail to reach expectations. Why do so many business strategies fail? Below are some key reasons.

Knowing the barriers in your organization to successful planning and execution is the first step. Clients that follow our recommendations have significantly outperformed the competition. We like to say, "A good plan, well executed, beats a great plan, poorly executed, every time." Contact us if you would like more information.   -dpm]

 

Execution- Reasons Company Strategies Don't Succeed 

 

1. A financial plan or budget is NOT a strategic Plan. While a strategic plan will ultimately lead to financial modeling and a financial plan, many companies confuse the two. We have also seen models that promise great growth without a clear strategy to get there. Without focused strategic direction built around your competitive strengths and market opportunities, financial plans can be merely Excel exercises with little chance for success.

 

2. No clear definition of success 

Fuzzy goals lead to fuzzy outcomes. While it seems obvious, many organizations simply don't articulate the specific goal of a business strategy. If the goal of your customer intimacy strategy is to form deeper customer relationships, that's fuzzy. If the goal is to increase customer retention by 10 percent and increase annual revenue per customer by $10,000 and net profit by $1,000, that's clear. Here, deeper customer relationships may be the mechanism to achieve the goal.

3. Too many goals - Too many "shiny objects" 

When everything is a priority, nothing gets accomplished. Many so-called strategic plans have too many goals, objectives, success drivers, strategies, initiatives and so on. Worse, it's not clear how these various appendages are linked. Is it any surprise these plans sit on shelves and collect dust? Choose to do fewer things much better. Have a "Things we won't do now" list.

4. Metrics and Alignment - Either no metrics or vague metrics 

Many plans are simply a brainstormed list of things to get done by unspecified people at indeterminate times. A plan with specifics outlines who will do what by when. It takes into account the sequencing and timing of tasks, activities and resources. Make certain that the goals of everyone in the organization are aligned to the few key objectives.

5. Visibility - Progress isn't measured and managed 

Ever notice how plans placed in the spotlight flourish while those left in the dark shrivel? Any plan worth executing is worth tracking. A monthly meeting with a tight agenda can quickly determine what actions have been taken; what progress has been made; what will be accomplished over the next month and by whom, and what, if any, challenges have emerged. This builds commitment, accountability and confidence in the process.

6. You lack the right people 

Some of those nice people who work for you may not be the right people to get the job done. That statement makes you uncomfortable, doesn't it? Many have been loyal, are committed to the culture, and may be friends and family. However, if you are truly committed to winning, or achieving success - however you define it - then at some point you have to take a long, hard, honest look at the capabilities of your people. Point them in the right direction, support them, develop them - give them a fair chance to succeed. But if they can't get it done, then your responsibility is to get people who can.

7. Flexibility - Failure to update the plan to stay real 

Reserve the right to do what makes sense. Plans are based on assumptions that can change over time. If they do change, then the plan may need to change. A quarterly "recalibration" meeting is a good forum to test your assumptions and determine which, if any, have changed. The meeting may result in either a re-validation or redesign of the plan. It ensures the plan stays real and relevant.

8. Reaction to Failure - Failure is met with indifference or an inquisition 

Is your team serious about its definition of success? Your response to failure sends a clear message about your commitment to winning. Just as importantly, it sends a message about your credibility. Do you ignore a failed initiative and move on to the next big thing (which conveys that you really weren't that committed and you shouldn't be taken seriously)? Do you look for scapegoats (which communicates that you don't take personal responsibility and can't be trusted)?

Or do you first look in the mirror, take responsibility, then publicly commit to getting it right, and effectively engage your people to make it happen? Your choice speaks volumes about who you are as a leader.

Where does your organization stand? Mead Consulting Group's process begins with the identification of the barriers and obstacles to successful planning and execution. These "barriers" develop in ALL companies over time. In fact, some of the very things that help a company succeed at early levels will prevent them from succeeding at the next level. The key is to address these barriers so that the path is uncluttered.

Understanding the barriers to planning and execution is critical. Companies that have addressed the barriers are amazed at how much more their management teams are engaged and how the process energizes the entire organization. CEOs of companies with years of poor planning and execution history find that their organizations are far more capable than they ever imagined of achieving superior results.

 

The Mead Consulting Group has helped many companies identify and overcome the barriers to successful planning and execution. Our process is simple and effective at uncovering the key obstacles and barriers and developing recommendations for improvement. If you would like to have a conversation about this, please contact Dave Mead at (303)660-8135 or meaddp@meadconsultinggroup.com. 

Are there Barriers to Success Blocking Your Growth and Execution?

 Editor's Note: Several of you asked me to again address the barriers that prevent companies from moving forward and accomplishing real results. I hope you find this helpful in making some fundamental changes. - dpm]

It's September. Your plans for 2023 should be well on their way. Many organizations are beginning the process to think and plan strategies for 2023 and beyond. 

 

What about your organization? Has your company been floating up with the rising tide that floats all boats? What will happen when the tide changes? Ask yourself a few questions:

•  Does your company's planning process ever yield real results?
•  Do you go through a long, tedious process year after year that you and your managers dread?
• Are there barriers in your organization that now protect the status quo and prevent you from moving forward?

Perhaps the approach is flawed!

Years of either poor planning or no planning have created unintended consequences for many organizations. These organizations unintentionally have created barriers that prevent them from developing and executing a meaningful plan. It could be because of a history of unreasonable expectations and unachievable goals, a history of abandoned projects, or a lack of internal knowledge and understanding about customers, competitors, and the market.

Barriers to Planning Success

•          History of only partially developing plans
•          History of unreasonable expectations and unachievable goals
•          Lack of internal understanding about customers, competitors, and the market

 

In addition to barriers to planning, company teams have a lack of confidence and skepticism about their ability to execute plans. This could come from a company history of abandoning projects, a history of unclear objectives and metrics, too many strategies and plans, a history of poor communication, a history of poor delegation and leadership, gaps in management capability, or a lack of true accountability.

Barriers to Execution Success

•          Gaps in management depth
•          History of abandoning projects
•          History of lack of openness and poor communications
•          History of poor delegation and leadership development
•          Lack of true accountability

 

Organizations that have barriers to planning and execution have one characteristic in common: there is little or no connection between the plans they create and management behavior around execution. Most management teams quickly get swept away with the urgency of the day-to-day business and the plan is forgotten.

So what can you do to change this counterproductive cycle? Try a better approach!

Consider the following before you start:

• Fix the barriers
• Examine past strategic planning and execution efforts
• Identify the organizational barriers to success - Develop plans to fix these barriers

• Use a new and flexible approach to strategic planning
• Less is more - Better to have three strategies with great focus than seven with poor focus
• Realistic and achievable - Unachievable goals end in frustration and abandonment
• Validate plans with the market - make certain you understand how customers and competitors will react to your plans

• Use a better approach to action plans
• Break into small bites with near-term actions - build momentum by getting some early successes
• Create 90-day action plans, recheck, and re-evaluate
• Make Action Plans Clear and Understandable - to everyone in the organization
• Communicate, Communicate, Communicate
• Make sure plans and metrics are aligned up and down the organization

• Measure and Track
• Metrics - develop quantifiable measurements of progress
• Track the progress- regular monitoring and adjustment

•  Adjust and Recalibrate

 

Understanding the barriers to planning and execution is critical. Companies that have addressed the barriers are amazed at how much more their management teams are engaged and how the process energizes the entire organization. CEOs of companies with years of poor planning and execution history find that their organizations are far more capable than they ever imagined of achieving superior results.

 

The Mead Consulting Group has helped many companies identify and overcome the barriers to successful planning and execution. Our process is simple and effective at uncovering the key obstacles and barriers and developing recommendations for improvement. If you would like to have a conversation about this, Contact Dave Mead at (303)660-8135 or meaddp@meadconsultinggroup.com. 

Mothers Still Aren't Fully Back to Work

 

Data: Indeed analysis of BLS data; Chart: Axios Visuals

Employment levels for mothers of young children are still lagging their pre-pandemic mark, according to a new analysis of women's economic recovery from jobs site Indeed, Emily writes.

• And overall, women's employment has not yet returned to its February 2020 level — although men's employment has, according to the Bureau of Labor Statistics.

Why it matters: Though women are almost back to where they were before — the reverberations of this era will linger.

• Women who left the labor market missed out on months of job experience and paychecks — likely to weigh on gender wage disparities for years to come.

On the plus side: The shift to remote work and more flexibility for some workers seems here to say, and has been beneficial to working parents.

Axios Markets

By Matt Phillips and Emily Peck · Jul 19, 2022