Achieving Effective Execution (I)

Bank managers how long ago discovered that planning isn't even half the battle of effective management; execution is what it's all about! Wells Fargo's CEO, Dick Kovacevich, often says he wouldn't mind if our strategic plan is left on an airplane somewhere; because the tough part we're facing is execution.

What does it take to translate a brilliant plan into millions of individual activities, day in and day out? This series of articles talks to this challenge.

First step: Create the framework

Effective execution requires that hundreds, sometimes thousands, of team mates act in unison and in the same direction to create a consistent customer experience over time. This is a tough management challenge because management CANNOT individually supervise each and every person on the team and coach them on every individual decision they make. The solution: provide a clear cultural and value framework that will serve as the guiding light to all team members in their daily decision making.

A vision and values statement is much more than a glossy booklet for analysts to enjoy; it SHOULD become a set of decision guidelines that are alive and acted upon daily in the field.

In the Town and Country market of Wells Fargo, the following key values guide decisions and all interactions (among team members and between team mates and customers as well):

• Ethics
• Aspirations
• Respect
• Passion
• Execution

We must handle ourselves with the utmost ethical standards; aspire to reach for the starts and set new Galaxy Standards; treat EVERYONE with respect; have passion for what we do; and focus on getting things done rather than planning on doing them.

With this simple set of values every person is clear what are management's expectations of them and how they should conduct themselves with others.

The vision components complement these values and build the 'Leaf down the River' path. They assure that we're not making progress like a leaf on the river, being carried by the force of the stream and believing that we're charting our own course. Instead, each team needs to envision its own direction, goals and aspirations. Clearly identifying the destination (be it market share growth, loan volume or customer satisfaction scores) is an essential part of execution. It eliminates lack of focus, confusion and team member dispersion; instead, it builds focus, clear direction and execution power. Our vision is simple: capture 100% of customer share of wallet.

In our next article we will offer specific execution tactics in three arenas: sales; customer service; and management.