Sunday, October 27, 2013

Is There such ‘Magic Formula’ from Good to Great

The organizations are crowded to the way from Good to Great, but the right path is less traveled.

Every aspiring organization is looking for such magic formula from ‘Built to Last’ or ‘Good to Great,’ as the average lifespan of the organization is significantly shortened in recent years due to the fierce competition and technological advances. Although the secret recipe is hard to get, at least, what are the key ingredients in business success and how to cultivate the business competitive advantage as well?

Leadership: The step from good to great rises and falls on leadership. Without it, the vision of greatness can never be adequately communicated, shared, translated and implemented. Subsequently, the wrong types of people will remain in positions critical for the ascending. Companies are reflective of the type of leadership in the organization as such good to great will never occur if those who lead do not create the environment for it.

Excellence, instead of what most companies do, which is managing for mediocrity. Expect the absolute best from people and give them the tools, materials, and support they need to provide it. Those that can provide it, reward them well. Those that can't quickly help them on their way to another opportunity.

Innovation - The ability to look ahead, solve problems in a new way, create something where there was nothing before. The success factor was always doing business inside the passion zone as well as in the competence zone and only when innovation is the light to shine through.

PEOPLE, PEOPLE, PEOPLE. Your employees are the greatest asset and hence must be treated very well as well as motivated. Because after the mission or purpose of the company has been defined, they are the drivers of this purpose. Let them have a sense of purpose, stability and you are surely on your way to becoming the greatest company.

The culture of Empowerment: It is the development of a culture driven by a 'growth mindset,' where people are empowered, engaged and enthusiastic and can directly associate their role to the delivery of customer and business value. Where status quos and limiting beliefs are challenged, and the organization is focused on helping each other be better tomorrow than they are today.

Values is a gesture, a commitment, a path driving factor but the only thing with Value has to come from deep inside the organizational culture. Values are directing one to do the right things, things or projects you will not regret after a while. Values have to do with what you "regard as important”. The value changes the focus toward a goal regardless of the nature of business or circumstances.

Focus: Gives the energy to complete a task or project we are engaged in. The focus has to do with "what we concentrate on”. It is one of three components of the Adherence Equation. Focus x Competence x Passion = Adherence (ability to consistently execute). The leader needs to build and nurture focus to achieve the desired results. If a leader is passionate about a certain goal then that has the potential to be contagious and spread throughout the group. Values and Focus make a couple like Mind/Body Health or Effectiveness/ Efficiency; you need BOTH of them to achieve any Sustainable success. 

The magic formula to success may not be existing, but well mixing those ingredients above can direct business in the right direction and achieve the high-performance results.


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