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It is when we are in transition that we are most completely alive

Execution, Strategy, and Insights are the three pillars on which any business’s success is built. However, it is the execution that truly drives the business forward.

At the heart of a successful business is a founder who deeply understands the customers’ needs and the problems they need to solve. This understanding is then translated into a well-crafted strategy that leverages the founder’s insights. But, the success of this strategy hinges on a robust execution plan.

Many businesses have a simple formula for success, but most fail to achieve it. 80% of established companies fail to implement their strategies successfully, and 9 out of 10 startups go out of business within the first five years of operation. The issue, in most cases, is not with the methods or the ideas but the execution. Execution is the fundamental key to success. Insight, strategy, and execution are interconnected and cannot work in isolation. They form a cycle that requires conscious management. The journey from insights to execution is a two-way process. Good execution can lead to adjustments in strategy and the recalibration of insights.

Execution is the most challenging part of the three. The first two parts are limited to a core team, but execution requires a larger team, dedication, and perseverance over time. Therefore, it is essential to understand execution.

Let’s examine Execution. The three fundamental components of Execution are People, Processes, and Tools, in that order. For a most effortless execution, People follow processes and use tools to make them convenient to set up and monitor.

People are the most critical component of any execution. Creating and retaining an effective team is where most of the efforts of any business owner should be concentrated.

Next Process. The best teams can only succeed if a way of working is defined. Adequate process definitions include who makes what decisions, how information flows, who controls spending, and how problems are managed.

Finally, Tools. Tools are enablers, but they must focus early enough to simplify life and streamline processes.

This is as simplified as it can get when explaining execution on paper. Challenges come when Reality strikes. Each is a complex topic on its own. But understanding the basics is the first part.