Successful businesses, it probably goes without saying, build and execute actionable plans for growth. But to get to that point, they have to be the opposite of those razzle-dazzle professional athletes who are said to have “a million dollar move, and a 10-cent finish.”
The “follow through” work of execution, of connecting a business’ strategy with concrete tactics that will take it to the next level, is one element of a construct for success that author, business coach and strategy expert Michael Synk will lay out for business leaders this month.
The In-Synk Plan Forward Workshop, sponsored in part by The Daily News, will be a daylong event that lays out a path a business can use to achieve sustainable, successful growth by following four key decision points – one of which involves solid execution. The workshop, to be held Oct. 18 at the University of Memphis, focuses on the Four Decisions model, a strategic planning model popularized by the book “Mastering the Rockefeller Habits” and offered through Gazelles International.
The model refers to the key decisions that leadership teams have to get right in order to grow, and those four decisions are built around people, strategy, execution and cash. This month’s workshop is organized around those four decisions and teaches the participants how to address them better and then coordinate them into a one-page strategic plan.
Frank Lamanna’s company, Decosimo Certified Public Accountants, is sponsoring the “execution” piece of the workshop.
“Once you determine what’s important to your business’ success, for most everything there will be a way to come down to an objective data-based indicator to know whether or not you’re making progress or whether or not you’ve achieved a certain goal,” said Lamanna, a principal with Decosimo. “A company needs to make sure it has the ability to capture data that would be meaningful. It sounds elementary – of course you should be able to do that. But it’s all going to come down to data. Numbers and data.”
Naturally, he says a good accounting system is an important part of the equation.
“You need a good accounting person who can help management get the numbers they need to manage from,” Lamanna said. “That’s kind of the first step. If those are in place, then you’re ready to measure what’s important to a business. You need to identify what are the key metrics you need to keep your eye on. And it’s going to vary by industry.”
Synk has a list of three basic habits he highlights:
• Work on only one or two strategic initiatives at a time.
• Have a way to measure progress on your initiative.
• And set up a meeting rhythm that aligns the team around the initiative and drives collaboration.
“Strategy is fun. Execution is hard work,” Synk said. “Executing strategic initiatives requires work habits that drive both collaboration and execution.”
The workshop will begin at 8:30 a.m. in the Fogelman Executive Center at the University of Memphis and finish by 5 p.m. At the end of the day, attendees will leave in part with a baseline strategic plan and a checklist for execution.
In addition to The Daily News and Decosimo, other sponsors of the event and the decision points those sponsors are tied to include Adams Keegan Inc. (People Sponsor), Century Wealth Management (Strategy Sponsor) and Triumph Bank (Cash Sponsor).
The workshop is $500 per person, $400 per person for teams of four or more, $400 for Young Presidents Organization, Entrepreneurs Organization, Vistage, Clarity Council, and Society of Entrepreneurs Insight Group Members. To learn more, visit www.in-synk.com or www.planforwardworkshop.com, call 488-8172 or email firstname.lastname@example.org.