To Succeed Beyond The Bottom Line
Sustain growth by delivering quality
Ever Evolving Markets
The common refrain, “if you are not growing you are failing”, comes from the realization that markets either grow, contract or evolve. A growing market very often means more competitors entering the market. There is a bell curve of rapid growth stagnation at peak demand with a sharp decline in demand as the market turns to new offerings or competitors.
In the 19th century rickshaws were a common means of public transport in many Southeast Asian cities. Then in the 20th century taxis displaced them. Now in the 21st century we have software apps that allow private car owners to disrupt the market place for public transport.
4th Wave Industrialization
At Davos recently many world leaders in banking, trade and politics gathered for discussions on the current state of the global economy. They were also interested in identifying fresh business opportunities for the years ahead. A view deeply discussed was the emergence of a 4th wave of industrialization based on knowledge and high technology displacing the current 3rd wave industrialization based on services.
Lawyers and consultants are evolving away from providing services towards providing knowledge. The information that I have is freely available online. But the knowledge, skills and experience I have is the premium that can add financial value to your business.
Go online and you can download free business plan templates with guidelines on how to write up your business plan. It is the knowledge input of consultants which makes the difference between a plan that looks good and one that sets a practical pathway towards high business growth.
Knowledge Your Financial Premium
Competitive leaders know that survival and success depends on more than just hiring new people with the latest knowledge. It is necessary to retain and retrain those with experience because many of these individuals have knowledge and skills based on experience. Business success requires the right blend of theoretical knowledge and practical experience.
A business that wanted to grow rapidly decided to lay off older staff seen as “dead wood”. Fresh graduates with high grades from top tier Universities were hired as replacements. The result was a team of young high performers. Hard times hit and many of these young individuals lacking experience working under tough economic conditions failed to hit sales targets. The business failed. An analysis revealed market indicators which would have triggered a different response by seasoned older employees. This could have saved the business.
Leading a team with both old and young people from across the generations is a challenge that leaders need to embrace. There must be clear acceptance of the business vision, mission and values by all team members. Competitive leaders spend time working on communication skills to convey the message across generational divides so that the entire team is motivated to work together to achieve common goals. This is often the greatest leadership challenge.
Getting Value From Vision
Leaders need to articulate a vision that remains relevant over the longer term.
A good example is of a company with a vision articulated by the founders in the 19th century to provide the ultimate comfort in transport vehicles. When the business started it sold bicycles and carriages. This was before the age of the internal combustion engine. Today they are a leading distributor of luxury cars. The products have changed but the business still holds true to its original vision.
Leaders need to keep the business team motivated to sustain high performance. This is necessary to sustain delivery of high quality over a long period of time to the point where consumers come to expect the quality as part of the brand identity.
Competitive leaders are good communicators of the vision and values. They make sure the vision and values permeate internally across the workplace and externally so it influences stakeholders along the supply chain from suppliers to consumers. This creates a high trust culture that builds up brand loyalty.
Communication skills combined with the practice of listening to experienced team members stimulates respect that helps establish integrity within the team. Competitive leaders value perspective and differing views. They will harness good ideas to create a high performance team spirit for competitive advantage.
Siddha Param
International Business Consultant
Reboot your business plan for sustained high growth
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