Incentive - July 2009 - (Page 28)

STRATEGIES Three Conversations You Need to Have to Achieve Flawless Execution By Kerry Patterson E xecution of strategy rarely goes off without a hitch, and, as it turns out, it often doesn’t go at all. These days, fewer than 30 percent of projects finish on time, on budget, and on spec. Seventy percent either fail outright or are significant disappointments. That figure is staggering, but if you think about it in terms of your own initiatives—projects that failed to deliver on time, on spec, or on budget—maybe it’s not. How many of your initiatives have come out mostly right but missed the schedule, specs, or budget? Fortunately, there are steps you can take to hit your goals every time. In a study, “Silence Fails,” by my firm, Provo, UT-based corporate trainer VitalSmarts, we discovered something rather remarkable. While it’s true that knowing how to create and manage plans is important, perhaps the biggest factor in successful project execution lies in the ability to talk about what’s happening as plans are being created and executed. Specifically, if you can master several crucial conversations, your projects will be 50 to 70 percent more likely to succeed. Let’s take a look at three of these conversations and see how holding them can get your program or initiative on track. Of the 85 percent of project leaders who experienced the problem, only 14 percent confronted it effectively. Those who skillfully addressed fact-free planning improved project quality and functionality by 69 percent while reducing cost overruns by 29 percent and delays by 17 percent. Once again, the point is not that project leaders experience fact-free planning; the point is that those who skillfully discussed the problem experienced dramatic improvements. Crucial Conversation #1 Fact-Free Planning. Most failed projects are doomed from the beginning because the plans are hopelessly unrealistic. When deciding what they want and when they want it, executive leaders base their desires on a wish list and then fund the project with available funds, not the required funds. Or they don’t base the project schedule on the time it will actually take to finish, but on when it is convenient for them. In such fact-free planning, constraints are placed on a project without heeding the facts. Our research reveals that 85 percent of project leaders experience fact-free planning on 39 percent of their projects. But the problem is not the experience itself; the problem is that project leaders don’t speak up effectively when it occurs. Crucial Conversation #2 AWOL Sponsors. Have you ever worked with a project sponsor who didn’t provide the leadership, political clout, or energy to see your project through to the finish? If so, you’ve worked with an AWOL sponsor. AWOL sponsor problems can cause some of the most difficult challenges to address because you’re typically dealing with senior leaders. It’s little wonder, then, that when it comes to this problem, only 11 percent of project leaders speak up skillfully to their bosses, and less than half say anything at all. This silence is not without costs. When the conversation to confront deadbeat management doesn’t happen—or goes badly—75 percent of projects exceed ini- 28 | Incentive | July 2009 | incentivemag.com http://www.incentivemag.com

Table of Contents for the Digital Edition of Incentive - July 2009

Incentive - July 2009
Contents
Editor’s Note: Motivation 2.0
Headlines
Cover Story: Four Industry Veterans Put the State of Motivation into Perspective
The True Face of Incentives
Orlando Summit: Road Warriors
Strategies: Survive and Thrive
Primer: Online Systems
Travel News: Where To Go
Reno/Tahoe Rebirth; Atlantic City Aces
Scotland’s Other City
Hong Kong Calling
Potentials: Here and Now
Watches & Clocks: Old Is New Again
Writing Instruments: The Write Award
Golf Meetings
Planning a Golf Meeting, 101
Formats, Games, Prizes, and the Awards Ceremony
The How, What, Why, and Win of Hole-in-one Insurance
How the PGA Professional Can Help Your Meeting Plans
A Woman's View of Golf
Opinion: The (New) Perception of Golf Resorts
In Closing: Boondoggle is Not Part of the Golf Vocabulary

Incentive - July 2009