Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Flip a Coin:Bridging the Gap Between…

Strategy

Execution

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

IntroductionBusiness Consulting Analyst for Nationwide Financial and has been with the company 14 years; currently supporting NF Digital & Distribution applications, capabilities, and processes. Responsible for providing thought leadership to enable realization & delivery of Business & IT strategies across multiple applications and business units. 

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

“We don’t need a new strategy to fix our performance; we just need to execute the one we have.”

Planning solves everything

We can never deviate from the plan

Perfect planning yields perfect execution

Strategists do not have to be involved

Myths re: Strategy

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

“You don’t win by having a better strategy; you win through superior execution.”

Getting things done means progress

Who cares as long as we deliver

Strategy is out of touch with reality

Myths re: Execution

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Strategy vs Execution

Total US National Debt =

JP Morgan Chase Total Assets = ~$2.5 Trillion

~$17 Trillion

That could pay for ~12.5% of the total debt!

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Strategy vs Execution

“I’d rather have a first-rate execution and second-rate strategy any time than a brilliant idea and mediocre management.” 

- Jamie Dimon; CEO of JP Morgan Chase

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

If life were a movie

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Let’s discuss Shared characteristics of Strategy and Execution New perspectives and considerations to address challenges

Key Insight: Bridging the gap does not occur without:

1. Expectations2. Transparency3. Communication

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Same starting line

“Vulnerability is the birthplace of innovation, creativity, and change”

– Brene Brown; author, speaker & research professor at the University of Houston

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

DefinedStrategy

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Defined

“…Figuring out something in advance and making a thoughtful plan to do it…”

– Bruce Mau , renowned designer

Strategy

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

CharacteristicsStrategy is comprised of…

Strategy

Insight = Knowledge of why to do something

Direction = Guiding how to do something

Motivations = Reasons for doing something

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

DefinedExecution

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Defined “…a systematic way of exposing reality and acting on it.” 

-Larry Bossidy; retired CEO and Ram Charan; renowned management consultant

Execution

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

CharacteristicsExecution is comprised of…

Execution

Experience = Practice doing something

Alignment = Coordinating doing something

Commitment = Trusting in something

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Different sidesYou acquire knowledge through practice

Insight is formed through Experience

Insight&

ExperienceKnowledge Practice

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Different sidesYou are unable to guide with coordination

Direction is enabled through Alignment

Direction&

AlignmentGuiding Coordinating

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Different sidesYou are unable to trust without the right reasons

Motivations are strengthened through commitment

Motivations&

CommitmentReasons Trust

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Motivations&

Commitment

Direction&

Alignment

Insight&

Experience

Strategy&

Execution

Same Coin

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Bridging the gapPrinciples of success in Strategy & Execution:

1. Expectations

2. Transparency

3. Communication

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Are not…Expectations

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

All about perspective

“We don’t see things as they are, we see things as we are…” – Anais Nin; author

Expectations

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Must have…

Consensus even with conflicting goals

Clear & concise message

Understanding Goal, Value and Benefit

Expectations

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Examples…Expectations

Not so well Pretty well

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Is not…Transparency

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Simplify the complex

“Complexity is the enemy of clarity.”- Andy Stanley; pastor, author and speaker

Transparency

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Must have…

Coordination

Accountability & Responsibility

Process with the people & technology to support

Transparency

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Examples…Transparency

Not so well Pretty well

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Is not…Communication

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Truly listen

“Most people do not listen with the intent to understand; they listen with the intent to reply.”-Stephen R. Covey; author, educator, speaker and businessman

Communication

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Must have…

Collaboration

Trust

Conflict Resolution

Communication

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Examples…Communication

Not so well Pretty well

(maybe)

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Without communicationCoordinated without momentum…

Only the “easy” gets done

Promises without delivery

Failure to progress

Transparency

Expectations

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Without TransparencyBuy in without coordination…

Competing for resources

Failure to agree to deadlines and/or ways of working

Expectations

Communication

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Without expectations

Transparency

Communication

Cooperation without purpose…

Everyone heading in different directions

Teams going nowhere fast

Running in circles

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Building the bridge!

ExecutionStrategy

Transparency CommunicationExpectations

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Top 10 Considerations1. It’s alright to disagree…embrace it2. Change the mindset…not the reasons why3. Keep asking why…4. Enable the ability to envision the potential

5. Don't be afraid to question the way it is6. Adjust the culture, but don't jump without a parachute7. Remove the fear of failure and the perception it creates

8. Telling is not Leading!9. People buy in to the individual before they buy in to the vision10.We respond to the environment we are in

Expectations

Transparency

Communication

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

What did we discuss Shared characteristics of Strategy and Execution New perspectives and considerations to address challenges

Key Insight: Bridging the gap does not occur without:

1. Expectations2. Transparency3. Communication

Flip-a-Coin|Bridging the Gap Between Strategy & Execution

Thank you!Contact information…

Corwin Smithsmithc42@nationwide.comOffice: (614) 677-1598Cell: (614) 289-8898