The formula for a successful business today

//The formula for a successful business today

The formula for a successful business today

Could this be true for you?

As companies continue to try survive, grow, and compete in the modern economy, management’s views have had to change and change radically. If you examine the pressures that every company, large and small have faced in the last 5 years namely; do more with less, cut budgets, compliance, increased competition, the technological revolution, shrinking revenues and increased taxes and costs of doing business, including the cost of labour, this has left a profound impact on how companies operate and how manager’s, manage their organisations. As Tom Peters (business guru) has said we are in a ‘brawl with no rules’, where it is hard to identify where the next competitive advantage for your company will lie.

Companies have re-examined their practices and procedures and streamlined almost everything to the point that we are living in a world where every product and service looks and feels the same. The perceived competitive advantage is price or that is reducing price.

Could there be another way to increase your competitive advantage?

The answer is YES. We believe this is still the age of employee potential, whether you wrap it in a Talent Management Strategy or not.

Better engagement and participation between management and staff around performance can greatly increase the value of your enterprise; by the way you manage your people.
 

Have you considered that you get the performance that you deserve?

Just think; the last business that you had contact with, did you feel that you were their number one priority? Did the person (or the automated voice!!), think that you were their number one priority? If your answer is no, I’m not surprised. Do you think that this is this just a reflection on the person, the company or both? Could this be true of your company?

What would it take to change this forever?

I am often asked during my training courses ‘but Patrick is there a magic formula to correct this and build a more successful company?’ My answer always remains the same; YES, it is CA= Cå(HPE(s) ¸VxRRT), but let me emphasise that this is not easy.  

What does that actually mean? It’s about PEOPLE and how they are encouraged in the workplace. In other words it’s about you unleashing the latent talent in all your employees. It’s about internally winning over hearts and minds, it’s about creating compelling stories about your company, it’s about how you make people want to fit in and be part of something great. It’s about you being very different to your competition –by harnessing your people’s potential.

Performance Management is harnessing your people’s potential. But what does this actually mean for you?

Performance Management is you raising the bar on performance by winning the hearts and minds of your staff and in turn your customers. It is the first ingredient to help your company achieve the success you want.  So, before you look at your next new product, promotion or next price reduction firstly look inward. Review what you already have.
 

Where do you start?

This is a call to arms for all managers and owner managers; this will positively impact you first. How would you like to learn a new and innovative set of management techniques that will invigorate you and you staff?

Do your employees come into work on a Monday morning full of energy, smiling and willing to perform at their maximum from the first minute? You are probably thinking YEAH RIGHT! or IF ONLY!

If you are serious about becoming more successful in business, Managers need to have a balanced view on how to manage performance. There are a number of primary skills that you need to be develop in order to create your next competitive advantage or just even to survive. I have listed 10 new abilities that you should consider mastering to truly realise your company’s potential.

Do you believe this could be true for your company?

1.     It’s not the strongest or a fittest organisation that survives it is the ones that are most responsive to change, do you love change, learning and trying new things.

2.     It is not the fact that we are unable to accept new and challenging ideas, it is difficult to get rid of the old ideas (have you ever heard yourself saying, yeah right, but that is the way it’s always been done!!)

3.     Continuous Commutation to all employees of the bigger picture that are affecting the organisation is important and that it is done regularly, (daily).

4.     Everyone in your organisation knows what is expected of them, I don’t just mean when things go wrong!

5.     You must create an environment where everyone can be the best at what they do in their job.

6.     The importance of being recognised and rewarded for the work done both positive and constructive

7.     Innovation (experimentation) is the corner stone to success – You need to manage conflict and in some instances create innovative conflict

8.     Training, re-training and cross- training is key to unleashing latent talent. (Ponder for one moment; the best athletes are not the best because they attended one training session, we believe they are the best because they have great ability, flexibility and adaptability).

9.     Always Listening, Learning and re-listening, is the best gift you can give to someone, that’s totally free of charge!!!

10.   Continuously Teaching, coaching, educating and evaluating yourself and others is the key to success for your company.

 

The growing number of successful companies that introduced these practices, say that their success did not happen by accident. When asked did they think that it was worthwhile making the change, the results were unanimous, YES.
 

What did the companies get in return?

Ø      Employees were more committed to the success of the business and in turn productivity improved.

Ø      Relationships between management and staff improved.

Ø      The companies reduced their recruitment costs because they were able to retain their key employees.

Ø      New business opportunities were realised and new markets were penetrated that never seemed possible before.

Ø      Increased customer loyalty, the customers were raving about how well they were treated and a new level of professionalism they experienced.

Ø      Increased their market position in their chosen markets.

Ø      Were quicker to fend off competitive pressures by introducing new and innovative customer propositions.

If you would like the chance to experience this for your company it is important to ensure that you and your employees have every opportunity to be great and fulfilled at work. Your role in the future has never been more important in this regard for your business.
 

Performance Partners Can Help You to achieve this for your company?

We understand that we are here to help you and our success is dependant on yours.
 

You will be in total control

We work with you to create a High Performance Philosophy for your company. We will complete a Culture Map of where you are now, what the challenges really are, a training needs analysis of your company, if this is what you require and will be totally flexible with planning your training requirements. We want you to be happy at every stage and we commit to keep you updated on progress at all stages.

You will avail of innovative Performance Management.

Patrick O’Reilly is an Associate Partner at Performance Partners Ltd, in Dublin, Ireland.

By |2012-02-14T12:34:56+00:00February 14th, 2012|Sales, Management and Passion|Comments Off on The formula for a successful business today

About the Author:

A Facilitator in the area of Management & Leadership, Sales & Team development.