One example is the case of Kodak. Despite being a Fortune 500 company and a pioneer in the photography industry, Kodak failed to execute the transition to digital photography. This lack of execution led to a significant decline in their market share and eventually, they filed for bankruptcy in 2012.

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Action Plan

How can you set goals to manage time and communicate plans to your team and collaborators effectively? Develop an action plan that’s unique to your pr...

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Microsoft Powerpoint
Not for commercial use

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How do you quickly accomplish your top goals? You need an action plan. A lack of execution can cost CEOs their jobs. In 2000 alone, over 40 CEOs from the top 200 companies on the Fortune 500 list were removed by their board because they could not execute what they had committed to do. 20% of the top business leaders in America lost their jobs only because they failed to master the art of execution.

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An action plan can be adapted to changing conditions in a business by incorporating flexibility into the plan. This can be achieved by setting realistic and adjustable goals, regularly reviewing and updating the plan based on current business conditions, and encouraging feedback from team members. It's also important to have contingency plans in place to handle unexpected situations. Remember, a good action plan is not set in stone but is a dynamic document that evolves with the business.

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