The importance of business execution and discipline
Discipline or execution - which comes first?If you are well disciplined, you get things done. If you’re good at execution, you get the right things done. Therefore, both discipline and execution are essential to business success – you must be disciplined in order to execute your strategy and achieve your goals.
BUSINESS DISCPLINESuccessful people all have something in common – they are disciplined. Being disciplined means you have initiative to get started and the stamina to persevere. In business, if you are well disciplined, you will have more time to spend on the things that matter, operations will run smoother, and you will be better placed to respond to opportunities and challenges.
Here’s what it takes:• Hard work - Running your own business is hard work. There’s always be something that needs to be done and you’ll clock up more hours in the office than you expect, but you will be rewarded.
• A growth mindset - The difference between a growth mindset and a fixed mindset is: ‘I can’ vs ‘I can’t’. It’s about believing that your abilities are not fixed traits but can be developed.
• Perseverance - Life always throws us curveballs, but it’s how we respond that determines our success or failure.
• Well-defined goals - Well-disciplined people know what they are trying to achieve – that’s what keeps them motivated.
BUSINESS EXECUTIONExecution is about getting stuff done – the right stuff, in the right way, at the right time. Even if you’re well disciplined, if you are expending your efforts in the wrong place or in the wrong way, it will all be for nothing. As a business owner, this means you need to understand exactly which activities produce the best results and, even more importantly, which activities don’t.
Here’s how to nail your execution:Step 1: Determine your business goals and include them in your strategic business plan.
Step 2: Identify the activities that will help you achieve your goals. What time and resources will you need to allocate, and what is the most efficient and effective process?
Step 3: Prioritise these activities using the prioritisation matrix by scoring them based on the amount of effort required and the potential impact they will have.
Step 4: Take action. Start with some quick wins (low effort, high impact) and avoid the thankless tasks (high effort, low impact). This way you’ll see results faster, streamline your actions and have more time to focus on the bigger, longer term tasks that will yield results further down the track.
Finally, make sure you add timelines to your project plans and establish accountability.
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