Execute to Win in Cannabis
“Get ‘Er Done” ...Larry the Cable Guy
That’s easier said than done, Larry. Lots of research (reinforced by my cannabis industry experience) shows that ~80% of all strategies fail, not because they are wrong but because of poor project execution. Not surprisingly, persistent flops will lead to a firm running out of money and unsatisfied consumers not to mention a serious decline in shareholder value.
In simple terms, execution is about combining the right people, tools and investment to effectively complete a set of plan-based tasks, on time and on budget.
Most cannabis companies recognize the importance of execution. Yet, many continually drop the ball. One common failing is the reliance on business myths to drive operational performance. Impatient or inexperienced managers will default to cliches such as: the visionary, charismatic genius (e.g., a Steve Jobs) will always deliver; success is about urgency and speed (i.e. Zuckerberg’s notion of ‘move fast and break things’) and; developing a ‘minimum viable product’ is the best way to launch a product (i.e. introduce now, fix later). These approaches have proven to be disastrous in cannabis where quality, consistency and reliability are critical for success.
In reality, business execution is dependent on many ingredients working in unison: management quality, organizational culture, the number of strategic priorities, available resources and time. A gap or hiccup in one of these factors can be the difference between executional success and failure.
In addition to getting the right ingredients in place, here are five other best practices to ‘getting ‘er done’ in a cannabis organization:
1. Define & align on key terms. People often have different and competing ideas about what key terms or concepts mean (e.g., what is a goal?). These hidden misalignments can lead to larger executional problems later on not to mention internal strife.
2. Leverage proven yet pragmatic execution tools. Utilizing project management methodologies will foster accountability, transparency and key dependencies. However, too much ‘process’ can be counter-productive.
3. Follow the Navy Seals axiom: ‘go slow to go fast.’ Unnecessarily rushing projects can lead to team burnout, sloppiness and quality shortcuts – all of which trigger expensive and time consuming rework.
4. Encourage frequent communicating. Effective communications supports team integration, shared understanding and timely reporting, all especially vital in today’s hybrid work environment.
5. Insist on high standards. Rework is expensive and causes delays. Require that all parties deliver quality work, professionalism and attention to detail on a day-to-day basis.
#execution #operations #bestpractices #strategy