Reimagining the future of business is exciting, but investigating the different paths for unlocking business potential needs to take a holistic approach.
It’s critical to enforce a variety of business management cycles for unleashing business potential: Organizations should not only survive from daily busyness but also thrive in the hyper-connected, always-on business environment. Reinventing organization is not only about technical excellence or process efficiency; but also about being able to make wise investments for maximizing business potential. It’s about getting all the way around the task and rethinking the alternative ways to deal with today’s complexity. Either individually or organizationally, investing in yourself, not only smart but a good investment that comes after careful self-examination, spending the budget and time on building differentiated capabilities.
Organizations have limited resources, value management is about enforcing a variety of business management cycles to generate multifaceted values. Business value lies in existing customers' satisfaction, potential customer exploration, employee satisfaction, marketing expansion, etc. If there are value conflicts, understand the cause and effect, set certain criteria that stakeholders agree with, and collectively, you can become more value-added, progress-oriented, and satisfy the expectations to achieve high performance results. Forethoughtful organizations are not only good at creating value, measuring them right, but also know how to convey them persuasively and lead to continuous improvement.
Good competition can lead to enhanced quality through innovation and progress; but bad competition can produce a myriad of negative externalities: Healthy competition inspires us to explore who we are, what makes us proud of ourselves and how to apply competency to fit the purpose and achieve clearly defined goals. Healthy competitions also enable us to overcome struggling, move steadfastly from surviving to striving to thriving, based on authenticity, talent and strength. Unhealthy competitions enlarge gaps, cause psychological confusion, multilevel frustrations, stifle innovation and collective human progress.
Without progress, either individually or collectively, we get stagnated. It’s crucial to spend time and energy on sharpening your own skill sets, or concentrating on building your own set of unique competencies. If you only focus on beating down others, without investing yourself in exploring your own talent and interest, you might contribute to unhealthy competitions. Unprofessional workplace competition can further create unhealthy rivalries, perhaps causing undue stress that actually prove to be counterproductive, becoming the very cause of employee disengagement, customer dissatisfaction, diminishing business influence significantly.
It’s important to do periodical business review, and demonstrate business results that the organization truly cares about: Running a business is complex; in order to untangle unprecedented complexity, it’s important to reach a stage to assess business management principles, processes, practices, or nonlinear logic hidden inside. With tangible data, there are quantifiable elements such as process inefficiencies which can be brought to light and qualitative elements such as ineffectiveness which should draw some attention. The key element to successful review processes is not in how good the platforms or tools are, it is the quality of the proactive conversations that take place. Ask whether the metrics can reveal anything meaningful for the identified business purpose and the stakeholders who will use the measurement.
Forward-looking organizations need to periodically review and reframe the core of the business management system. Ambiguous standards left to the discretion of each manager make the process weak and at times painful. It’s crucial to set effective guidelines and measurement, so as to be close to the objective in an ever-dynamic business environment. If you understand upfront by doing the right strategic questioning, you can later go back and ask if you achieved the purpose of the assessment information that had been set out to attain. Results are best as the processes are robust not only in terms of initiation, planning, implementing, monitoring & controlling, but also in dynamic change management.
Reimagining the future of business is exciting, but investigating the different paths for unlocking business potential needs to take a holistic approach. Although you cannot predict every event happening on the tough journey of running a successful organization, surely you need to proactively create a vision, make a good plan, focus on what matters the most, identify what generates the most value for the company, create business growth momentum, do more with innovation, and achieve higher-than-expected business results consistently.
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