Innovation Talks

Innovation Talks


8 Ways to Execute on Strategy

February 20, 2023

You need an effective strategy to launch a new idea in your company. But once you have that strategy, where do you go from there? How you execute your strategy is even more important than the strategy itself; however, the execution phase is where most businesses fail. Of course, failure is always a risk when trying to innovate, but is there a way to minimize that risk? I think there are some common mistakes you can avoid when executing your own strategy.

 

Today, I share eight tips you can implement to prevent failure and execute successfully on your strategy. I discuss metrics to pay attention to—like OKRs and KPIs—and the internal materials every company needs to have to clarify its message on innovation. I identify the people in your company that need to be included in the execution of your strategy and what they need to know. I also offer actionable insights about identifying risks and changing your mindset about innovation.

 

“A likelihood of success allows you to look at a strategy in a different lens and helps you balance strategies against each other.” - Paul Heller

 

This week on Innovation Talks:

 

●     Why do so many companies fail to execute their strategy properly

●     How to define the right OKRs

●     What metrics do you need to measure your progress

●     What should you include in your elevator message

●     How to identify the key players in executing your strategy and what they need to know

●     Identifying your review processes

●     The importance of an action plan

●     How to discern risks in your strategy

●     Why you need to use scorecards

●     How to tie initiatives and projects to your strategy

●     Why a portfolio approach gives you an advantage

 

Resources Mentioned:

 

●     Blog Post: What are OKRs, and how do they work?

●  Connect with Paul Heller on LinkedIn

 

This Podcast is brought to you by Sopheon

 

Thanks for tuning into this week’s episode of Innovation Talks. If you enjoyed this episode, please subscribe and leave a review wherever you get your podcasts.

 

Apple Podcasts | TuneIn | GooglePlay | Stitcher | Spotify | iHeart

 

Be sure to connect with us on FacebookTwitter, and LinkedIn, and share your favorite episodes on social media to help us reach more listeners like you.

 

For additional information about new product development or corporate innovation, sign up for Sopheon’s monthly newsletter, where we share news and industry best practices! The fastest way to do this is to go to sopheon.com and click here.


loaded