Business & Finance
- Super User
- Category: Business & Finance
- Friday, 23 October 2015 13:19
Growth is not optional; it is a prerequisite for survival in business.
The Ghanaian corporate guru, Mr Ishmael Yamson, once said that every entrepreneur must be obsessed or paranoid about growing a success-driven corporate establishment.
Why do we strive for excellence when mediocrity is the norm? There is a much bigger demand for mediocrity than there is for excellence.
However, that is good because all visionaries and creative people need something to rebel against and derive excitement from.
The general tendency towards mediocrity becomes a catalyst for entrepreneurs to provide creative solutions and, thus, bring excitement into the lives of their clients.
So how good do you really want to be: quite good; very good; the best in your industry or the best in the world? What sacrifices are you willing to make to become what you really want to be?
Most people are looking for a way to become good. There is no instant solution. The only way to learn is through diligence, experience and mistakes. Then you become whatever you want to be.
“Your vision of who you want to become is the greatest asset you have. Without a goal, it is difficult to score.” - Paul Arden
You can achieve the seemingly unachievable. Aim beyond what you are capable of. Have a complete disregard for where your abilities end. If you think you are incapable of running a successful company, make that your aim. Do not dream lineally, dream laterally. Think Globally, But Act Locally.
Almost every successful CEO admits the significance of a clear vision to the success of their businesses. Entrepreneurs are visionaries.
They are often committed to painting pictures of a better tomorrow. They then drive themselves and everyone around them towards it.
It is these visions that often lead them to explore uncharted territories.Businesses that succeed on a sustainable basis are those with long-term perspectives and who have inculcated a culture of continuous improvement in their organisations.
Such organisations also tend to emphasize the importance of strategic planning, teamwork and quality leadership.
Managing strategically is an essential prerequisite for survival and growth in today’s competitive market. Increased competition, global integration and customer sophistication make it imperative for businesses to position themselves advantageously.
The McKinsey 7S framework
Tom Peters and Robert Waterman, in their bestselling book, In Search of Excellence, capture seven interrelated choices a business must pay attention to in order to achieve long-term growth.
According to them, growth is achieved when all seven are in balance. A change in any of them is bound to have repercussions on the remaining six and on the overall position of the company.
The seven, namely Strategy, Staffing, Style, Skills, Systems, Structure and Shared Values, are known as McKinsey’s 7S framework.
1. Strategy (The Big Picture)
A business’ approach to growth is determined by its strategic direction.
One business may decide to grow by focusing on one core business while another may opt for diversifying into related businesses or into any other industry that looks promising.
The foundation of all strategy is a clear vision, corporate mission and a set of goals and objectives. An organisation’s strategy determines or influences all other decisions regarding personnel, investment, location etc.
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