The final Core Concept of the Value Acceleration Methodology is the most crucial. It deals with laying out an actionable exit plan and carrying it out successfully. We call this concept Relentless Execution.
At its core, Relentless Execution is about getting things done. It sounds simple, but this tenet so often separates successful businesses from unsuccessful businesses. Often times, maybe even most times, when a company fails it isn’t because of bad business ideas but rather the company failed to execute properly. As Larry Bossidy and Ram Charon write in their excellent book Execution: The Discipline of Getting Things Done, “Execution is the great unaddressed issue in the business world today. Its absence is the single biggest obstacle to success.”
Working with a Certified Exit Planning Advisor or CEPA, you will learn the four main components of Relentless Execution: Vision, Alignment, Accountability, and Rhythm.
As a business owner, we believe to successfully execute a plan you need to have a crystal-clear vision. Your vision and your purpose will help guide every action your business undertakes. We frame Vision as a combination of your belief, passion, opportunity, and focus. You must believe in your vision and be passionate about it. The passion will help you through difficult times and will make your work fun. Once you’ve crafted a vision that you fully believe in, then you can bring the vision to life and specifically describe the opportunity that is in front of you. Then you can focus on the individual aspects that are needed to make your vision tangible.
The next component of Relentless Execution is Alignment. All areas of your life need to be striving towards your overarching vision. If one area is out of line, then you and your company will not be able to execute to its full ability and value will be left unrealized. When we look at alignment, we focus on two areas that need to be addressed: an owner’s Success Areas and an owner’s Value Systems. Success Areas are the owner’s personal, financial, and business goals. Are all 3 aspects in alignment and driving towards the same thing? Does success mean the same thing for each aspect? Secondly, Value Systems address the values of the business owner, the owner’s family, and the management team of the company. Are the values of each group in alignment? We believe the most successful exits are those where the owner has complete alignment across his or her Success Areas and Value Systems.
A major part of execution is accountability. Accountability is not necessarily about calling someone out. Rather, accountability is a learning experience. It is taking the time to assess progress and determining if your team is set up to succeed or fail. It is about developing a culture of trust and an understanding that things will get done as they have been agreed upon.
Lastly, we’ve found that companies that execute successfully do so with a rhythm. This means that they repeat a consistent cycle of defining their objectives, aligning resources, accomplishing what they can, and then recalibrating before the cycle beings again. With a rhythm, teams don’t fall into the trap where there is an endless list of tasks to complete. Also, having a rhythm helps ensure you don’t run the risk of getting off course from the goals you want to accomplish. In the Value Acceleration Methodology, we use 90 Day Sprints to keep a steady rhythm. 90 Day Sprints is a continual loop of prioritizing, executing, measuring, reconnecting, and recalibrating every 90 days. It is a way to keep score and help stay on target.
Executing is much easier said than done. But with Vision, Alignment, Accountability, and Rhythm, you and your team can foster a culture of execution and can potentially create extraordinary value. An outside advisor, like a Certified Exit Planning Advisor, can be an invaluable resource to your business as you instill this culture of Relentless Execution. Working with a CEPA will help you learn how to define your vision, create alignment, hold yourself accountable for you goals and establish a rhythm for your business through 90 Day Sprints. We firmly believe that implementation & Relentless Execution are the keys that can unlock potential value and a higher sales multiple when you are ready to sell!
Learn more on our complimentary webinar by clicking here.