Principles for Driving Business Success
Managers have taken on a worldwide vision to retain a competitive edge in today's global business environment, leveraging business sustainability to provide a better return on investment and improved business performance, and managing risks. As outlined in Part I, CEOs need to see business value, as they are the architects of their business world.
How will you as a manager and a leader measure up during this time? What is business sustainability? My definition, as stated in Part I, is the “ability to sustain business” or investing now for future business success. To do this, you as a leader or manager require excellent business principles and process management system thinking to collaborate and integrate corporate strategies and culture to fulfill your business mission. Thinking only of environmental and social sustainability does not give the value of success and survival to the organization, as outlined in Part I of the book. You need to look at your business principles and management system structure as applicable to quality, environment, health and safety and financial performance, your bottom line.
What will be your business challenges? One will be the grey tsunami – the management of your talent pool. Will you allow this to be a ripple or a tidal wave? Action is needed now.
In the next 5 to 10 years, one third of our population will be retiring and with them go aging managers and knowledge management of business operations, which I refer to as the grey tsunami. With the replacement of the old with the new managers, will the principles of business still be the same? This is yet to be determined; however, I don't believe so.
The grey tsunami also refers to the deterioration of our infrastructure: roads, bridges, and underground piping, which was built by our forefathers and has not been monitored for repairs and replacements. This will have an indirect effect on your business dealing with transportation of your goods or the manufacturing of them, but will also provide opportunities for business. Have you looked at these challenges or opportunities within your business?
Other challenges will be globalization, process integration, management of intelligence and resources, and automation of data.
Business leaders need to define their core values in terms of principles that their organization will follow to conduct activities and make vital business decisions, while carrying out their vision and mission for success.
Many times we hear that failure is due to lack of financial resources, but possibly it is due to a lack of focus or creativity in managing business principles, or a dysfunctional business structure for management and measurement of not only your processes but also of data for fulfillment of your vision.