"What is execution?" This line came up in a discussion recently, and it got me thinking about a question I've circled back to many times: what is the acceptable definition of "execution"? How do we judge it? Is it labour, is it work, or is it success? My answer: Direction + Prioritising + Process + Plan + Implementation + Moderated Velocity + Monitoring & Pivoting = Execution. Is Success A Parameter Of Execution? Execution is not success – success is the result of seamless execution. In fact, success is not even a parameter. Including it takes the mind away from execution, which needs a laser-like focus on the objective, and the way to go towards it — while keeping an eye on the strategy and the market shifts so one can pivot to cater to the evolving market or internal changes. That is the fundamental core of execution Understanding Execution A commando or a soldier does not think of the battle victory. He or she only focuses on the...
Strategy Begins With Understanding the Economics Underneath Strategy, in its most basic form, is about making choices based on an understanding of the environment in which a business operates. That sounds obvious, but it is surprisingly easy to forget when strategy gets reduced to market size, consumer trends, competitive positioning and growth ambitions. Underneath every strategy sits a more fundamental layer of assumptions about costs, demand, pricing, capital, people, productivity and the economics of the business itself. If those assumptions change materially, the strategy has to change too. This is why I believe an underlying understanding of business costs and their interconnected behaviour is not merely a finance or economics requirement; it is a fundamental strategic capability. Inflation is perhaps one of the best examples of this. We have become accustomed to discussing inflation as a number. CPI is at 5%, food inflation is at 7%, core inflation is stic...