Companies often struggle with taking a project from concept to execution. According to an article written by Booz Allen Hamilton titled “Performance Improvement Initiatives,” a staggering 40% of these projects fail to deliver on their promises. But there is good news for companies interested in boosting their success on project implementation. Making a few changes on how you approach your projects can improve your implementation success rate.
For example, companies can improve their success rate by strategically planning implementation, partnering with front line employees, assembling a team of employees to monitor the plan’s success and responding quickly to challenges.
Struggles with Implementation
Successfully implementing a project is one of the most difficult challenges. This is because once ideas move from the concept phase to implementation; there are many opportunities for challenges. For example, current processes, employee functions and technology capacity can all create issues.
Companies can also experience issues with communication; resulting from disorganized leadership. And if your company operates in silos (where employees aren’t fully aware of their connection to other business units) this can pose an additional set of problems.
The solution to these issues is using a systematic approach to bringing your project from concept to implementation. Booz Allen Hamilton’s article suggests focusing on implementation in a strategic order to drive up project success.
Successful companies use a three pronged approach; focusing on the order of implementation, controlling front-line employee behavior and developing successful project management techniques.
Focusing on Implementation Order
The first step in designing a successful implementation strategy is focusing on which steps need to occur to implement your project. Carefully develop each actionable step, to understand any potential issues with project implementation plans.
Once you’ve created a list of actable steps, carefully evaluate each step to determine which actions should happen first. To make your implementation plan most effective, talk with affected business unit leaders. Discuss any potential challenges that may occur during a given step. And if challenges are present, discuss what solutions are needed before implementation. Then, move the actionable item further down the timeline; allowing the business unit manager to resolve the issue while your are working on other steps.
Your plan also needs to be flexible to change. During the implementation process, changes will occur – threatening to put a halt to your project. Design a plan that is flexible enough to accommodate these changes – allowing you to work around the issue. This will assist in avoiding delays on your project delivery date.
This process allows you to identify possible issues, such as staffing or technology capability challenges, and create a plan for resolving those issues without bogging down the entire implementation process. It also allows communication to flow between those managing the project, and the business units affected by the implementation plan.
Front-Line Employee Behavior
Anticipating your front-line employee behavior will allow you to design rewards for desired behavior. Since front line employees play an integral part in a company’s success, you need them to be on board with the project.
Determine what steps are needed to get these employees up to speed on the project and how to motivate them to achieve the desired result.For some employees, this may involve monetary compensation like a cash bonus tied to performance. While other employees are motivated by winning extra vacation days or having public recognition of their achievements. Exam your group to determine which types of rewards are most appealing.
On the flip side, you’ll also need to consider consequences for undesirable reactions to the project. Anticipate these behaviors and devise plans to deal with these issues if employees decide to be resistant to change – and how to ensure compliance for new procedures or protocols.
Project Management
Busy executives don’t have time to monitor the daily implantation of a project. For this reason, it’s important to designate a project manger or entire team devoted to implementing the project.
The team should have a project manager, capable of driving action and delivering success. Avoid choosing leaders that are easily persuaded or distracted. Instead, select a leader who has excellent negotiation skills and a proven record of driving results.
Also, choose project team members that represent different business units of your organization. This will allow you to gain collective insight into any project challenges. These individuals can also assist in working across business unit borders for successful implementation.
Making a few simple changes to how your company approaches project implementation can allow your business to increase the percentage of successful projects. And once you’ve modified current strategies, you’ll become more efficient in project implementation and enjoy the benefits of increased performance.
Resource:
Eser Becer, Brian Hage, Matt McKenna and Herve Wilczynski. “Performance-Improvement Initiatives.” Booz Allen Hamilton.
Mark Jordan is the Managing Principal of VERCOR, an investment bank that creates liquidity for middle market business owners. He is the author of “Driving Business Value in an Uncertain Economy,” “Selling Your Business the Easy Way,” “Enhancing Your Business Value…The Climb to the Top,” and co-author of “The Business Sale…A Business Owner’s Most Perilous Expedition.” For more information, contact him at 770.399.9512 or email him.
Monday, March 23, 2009
Leadership of the Future: Strategies for Success
Talented leaders are the backbone of a company; developing strategic initiatives to grow and preserve the business. However, with competition in the marketplace growing fiercer than ever, companies need to focus on creating management programs that develop leaders with the necessary skills for success. Building in-house programs to train and develop leaders will result in enhanced performance and increased revenue potential.
According to the McKinsey Global Survey Results, six important leadership skills are essential to a company’s future success. These areas include challenging assumptions, encouraging risk taking, inspiring employees, clearly defining expectations, rewarding achievements and participative decision-making. Focusing on these areas can assist with positioning your company for future success.
Challenging Assumptions
A company can become “stuck” when leaders are not willing to challenge current assumptions. This can hamper the creative process; discouraging the growth of new ideas that are outside of normal assumptions. Encourage leaders to think beyond the constraints of traditional assumptions. Incorporating this management strategy can foster both manager and employee innovation.
Encourage Risk Taking
Future leaders should be trained to incorporate strategies for risk taking. This is because taking the right risks can payoff with increased revenue and market share. Train your executives to get out of the “safe zone,” and consider new opportunities – like considering an acquisitions or a merger to break into a new market; or expanding products and services to reach underserved market segments.
Inspiring Employees
Once a leader has designed innovative strategies, it is important to inspire employees to get behind implementation efforts. In most cases, managers will need to reach out to front-line employees who personally serve customers. These employees are a key component to success because of their ability to impact customers directly.
Employees need to feel empowered by their ability to drive the company’s success – and managers must inspire them to want to put forth the effort. This requires unique strategies designed to forge a partnership between employees and management.
You can also inspire employees by creating a desirable work atmosphere to boost morale and foster a team environment. Also, consider designing a plan to reward valuable employee contributions. This could include a special employee recognition program tied to performance.
Clearly Define Expectations
When designing successful leadership strategies, it is important to clearly define expectations for employees. When employees understand what is expected of them (and have the tools to achieve the desired goals), job satisfaction is greatly improved. Also, provide a clear roadmap to success, and tie rewards to desired results. This will reinforce employee expectations. Even making simple changes, such as scheduling regular annual reviews, and creating individual benchmarks, can impact a company’s success.
Rewarding Achievement
Successful leaders also need to focus on rewarding employee achievements. Successful incentives take into consideration what motivates a group of employees. For example, some employees will be motivated by monetary compensation or gift cards. Moreover, other groups of employees will be most satisfied with extra vacation days or a more flexible working schedule. Some employees will prefer personal recognition in front of their peers, or a special lunch with their manager. Choose a plan best suited for your working group to drive up job satisfaction and motivate employees to want to meet company goals.
Participative Decision Making
Future leaders of successful organizations should focus on cultivating a participative decision making environment. Participative decision-making is an effective strategy because a leader does not always have the foresight to anticipate all challenges when making a decision. Engaging others in the decision making process allows the executive to tap into an individual's unique talents. For example, a direct manager of the affected business unit may have valuable insight the senior manager has not anticipated.
A participative decision maker will consider all input, then make the final decision; accepting full responsibility for any consequences resulting from that decision.
Creating a Corporate Training Plan
According to the McKinsey Survey, companies interested in maximizing their success should consider implementing a corporate management-training plan. This allows executives to teach management principles that are most effective in their environment. Although these principles may deviate from an individual’s management style, those who participated in the McKinsey Survey reported that when implementing these strategies, they became better managers.
Management Style to Avoid
When creating a corporate management program, avoid individualistic decision-making strategies. This type of strategy tends to be less successful and does not foster a team environment. Instead, focus on creating a team environment by encouraging the upward flow of communication.
Developing managers who encompass the leadership qualities of the future will allow your company to gain momentum and rise above the competition. In addition, employees will appreciate consistency among managers, and enjoy a team driven work environment.
Resource:
“Leadership for the Future.” McKinsey Global Survey Results.
Mark Jordan is the Managing Principal of VERCOR, an investment bank that creates liquidity for middle market business owners. He is the author of “Driving Business Value in an Uncertain Economy,” “Selling Your Business the Easy Way,” “Enhancing Your Business Value…The Climb to the Top,” and co-author of “The Business Sale…A Business Owner’s Most Perilous Expedition.” For more information, contact him at 770.399.9512 or email him.
According to the McKinsey Global Survey Results, six important leadership skills are essential to a company’s future success. These areas include challenging assumptions, encouraging risk taking, inspiring employees, clearly defining expectations, rewarding achievements and participative decision-making. Focusing on these areas can assist with positioning your company for future success.
Challenging Assumptions
A company can become “stuck” when leaders are not willing to challenge current assumptions. This can hamper the creative process; discouraging the growth of new ideas that are outside of normal assumptions. Encourage leaders to think beyond the constraints of traditional assumptions. Incorporating this management strategy can foster both manager and employee innovation.
Encourage Risk Taking
Future leaders should be trained to incorporate strategies for risk taking. This is because taking the right risks can payoff with increased revenue and market share. Train your executives to get out of the “safe zone,” and consider new opportunities – like considering an acquisitions or a merger to break into a new market; or expanding products and services to reach underserved market segments.
Inspiring Employees
Once a leader has designed innovative strategies, it is important to inspire employees to get behind implementation efforts. In most cases, managers will need to reach out to front-line employees who personally serve customers. These employees are a key component to success because of their ability to impact customers directly.
Employees need to feel empowered by their ability to drive the company’s success – and managers must inspire them to want to put forth the effort. This requires unique strategies designed to forge a partnership between employees and management.
You can also inspire employees by creating a desirable work atmosphere to boost morale and foster a team environment. Also, consider designing a plan to reward valuable employee contributions. This could include a special employee recognition program tied to performance.
Clearly Define Expectations
When designing successful leadership strategies, it is important to clearly define expectations for employees. When employees understand what is expected of them (and have the tools to achieve the desired goals), job satisfaction is greatly improved. Also, provide a clear roadmap to success, and tie rewards to desired results. This will reinforce employee expectations. Even making simple changes, such as scheduling regular annual reviews, and creating individual benchmarks, can impact a company’s success.
Rewarding Achievement
Successful leaders also need to focus on rewarding employee achievements. Successful incentives take into consideration what motivates a group of employees. For example, some employees will be motivated by monetary compensation or gift cards. Moreover, other groups of employees will be most satisfied with extra vacation days or a more flexible working schedule. Some employees will prefer personal recognition in front of their peers, or a special lunch with their manager. Choose a plan best suited for your working group to drive up job satisfaction and motivate employees to want to meet company goals.
Participative Decision Making
Future leaders of successful organizations should focus on cultivating a participative decision making environment. Participative decision-making is an effective strategy because a leader does not always have the foresight to anticipate all challenges when making a decision. Engaging others in the decision making process allows the executive to tap into an individual's unique talents. For example, a direct manager of the affected business unit may have valuable insight the senior manager has not anticipated.
A participative decision maker will consider all input, then make the final decision; accepting full responsibility for any consequences resulting from that decision.
Creating a Corporate Training Plan
According to the McKinsey Survey, companies interested in maximizing their success should consider implementing a corporate management-training plan. This allows executives to teach management principles that are most effective in their environment. Although these principles may deviate from an individual’s management style, those who participated in the McKinsey Survey reported that when implementing these strategies, they became better managers.
Management Style to Avoid
When creating a corporate management program, avoid individualistic decision-making strategies. This type of strategy tends to be less successful and does not foster a team environment. Instead, focus on creating a team environment by encouraging the upward flow of communication.
Developing managers who encompass the leadership qualities of the future will allow your company to gain momentum and rise above the competition. In addition, employees will appreciate consistency among managers, and enjoy a team driven work environment.
Resource:
“Leadership for the Future.” McKinsey Global Survey Results.
Mark Jordan is the Managing Principal of VERCOR, an investment bank that creates liquidity for middle market business owners. He is the author of “Driving Business Value in an Uncertain Economy,” “Selling Your Business the Easy Way,” “Enhancing Your Business Value…The Climb to the Top,” and co-author of “The Business Sale…A Business Owner’s Most Perilous Expedition.” For more information, contact him at 770.399.9512 or email him.
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