What Makes an Outstanding Business?
Many people start a business thinking that they'll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought.
When you look at your main competitors there always seems to be those who do well no matter what the economic climate is like. Why? Given today’s difficult business environment, this is an opportune time to briefly outline some key attributes of a great business.
The key attributes that outstanding businesses have I believe are:
- Systems thinking
- Knowledge management
- Personal development
- Change management
- Operations – processes, value creation and results
- HR – development, empowerment, engagement, team building
Outstanding businesses have a better understanding of what is impacting and driving their business.
That understanding gives
The better the knowledge, the better the
And better planning leads to better
Great businesses are about great planning. Gather the right data that provides great insight into what is currently happening in the business. Problem solve the issues needing improvement, develop the strategy and then implement.
Research shows that business change programs have a 30% probability of change success by doing what they currently do (so 70% chance of it not working) and thus there is a high probability nothing will change and the problems will still exist.
Outstanding businesses have great change processes in place.
In short, to develop a truly successful business you need to understand that business.
Effective leaders are credible and credibility largely depends on having a thorough understanding of the business. Technical expertise in your functional discipline only gets you partway there.
Effective leaders go further and establish credibility by demonstrating a firm grasp of business models, fluency with business terminology, and mastery of basic financial methods and tools.
Talk to Andrew Russo at PKF Adelaide to discuss ways to develop and improve your business.