We have a strategic plan. It’s called ‘doing’ things.
Herb Kelleher – Founder Southwest Airlines
I personally don’t like the word ‘execute.’ It’s negative. It implies a very unforgiving downside. However, get used to it in COVID time. You’ll be hearing it often. A little story may help explain the term. Most consultants, managers, and executives are fond of work planning. Planning is high level and strategic. Planning is antiseptic. Planning is theoretical and hypothetical. Planning is removed from operations. Planning is removed from people. And, planning is fun.
In contrast, execution is almost the opposite. Execution is the application of best practices. Execution is ground level and tactical. Execution is real and tied directly to innovation, cost reduction, and profitability. Execution is operational. Execution is emotional. Execution is through people and very personal. Execution can be messy, dirty, and not so fun. What do you think is more valuable to executive management: planning or execution? Duh? Planning is a cost center. Execution is a profit center.
Managing, organizing, commercializing, and monetizing are keys to COVID competitiveness. It’s all about execution – creating value and generating revenues. In the new COVID world, new ideas and knowledge dominate value-adding product design, process improvement, and project completion mix. And, commercializing and monetizing the innovation through flawless execution is the new VUCAN work paradigm.
The flip side of execution management is knowledge management. By executing and innovating, you develop proprietary and intellectual property (IP). Ariel de Geus, a management strategist, once said “the ability to learn faster than your competitors may be the only sustainable competitive advantage.”[i] Applied innovation and protected knowledge add value. The smartest organizations can trial, test, compare, and execute products and services faster and better than its competitors do.
Work Lesson Earned: A critical theme throughout this book is the emphasis on doing – RBPS and RBDM execution. While breakthrough ideas that can be monetized are important, the deployment of the ideas along with monetization are critical to any startup and side-hustle.
[i] The Living Company, Arie P. de Geus, 1997.