#167 How to Execute Your Business Strategy with Tom Ricca-McCarthy

Tom Ricca-McCarthy, CO-Founder and CEO of Lucidity joins Kevin Appleby to talk about how to execute your business strategy. Kevin and Tom discuss executing business strategy and the challenges involved. Tom explained that while formulating strategy is relatively easy, execution is the difficult part where a strategy needs to be translated into clear activities and goals. They discussed how communication is key to ensure everyone understands the strategy and their role. A common pitfall is strategies end up as documents sitting on shelves gathering dust rather than being implemented. Kevin and Tom agreed the starting point is identifying what to stop, start, and continue from the strategy. They stressed the importance of measurement and reviewing progress regularly. Tom is GrowCFO's guest at the February Best Practice Accelerator "Deliver your business growth plan". The accelerator gives GrowCFO members a two-week practical challenge, and the podcast provides a flavour of the tools and techniques Tom and Kevin will share during the accelerator. Tom looked forward to helping participants in the accelerator focus on putting strategies into action using the right tools for planning, communication, and monitoring. https://youtu.be/IJPFGD8dGpY Links Tom Ricca-McCarthy on Linkedin Kevin Appleby on LinkedIn GrowCFO Best Practice Accelerator - Deliver Your Business Growth Plan Timestamps Executing business strategies with a focus on CFO's role. (0:11) Strategy execution challenges and mitigation strategies. (7:34) Communication and strategy alignment in organizations. (13:56) Strategy execution and planning. (19:50) Strategy, execution, and review frequency. (26:10) CFOs' role in data-driven decision-making. (31:15) Find out more about GrowCFO If you enjoyed this podcast, you can subscribe to the GrowCFO Show with your favourite podcast app. The GrowCFO show is listed in the Apple podcast directory, Google Podcasts, Spotify and many others. Why not subscribe there today? That way, you never miss an episode. GrowCFO is a great place to extend your professional network. You can join GrowCFO as a free member today and participate in our regular networking events and webinars.  Premium members can also access our extensive training centre and CFO Digital Toolkit. Here, you can enrol in our flagship Future CFO or Finance Leader programmes.  You can find out more and join today at growcfo.net