Showing posts with label competition. Show all posts
Showing posts with label competition. Show all posts

Wednesday, January 24, 2024

the ability to execute


Most often today the difference between a company and its competitor is the ability to execute. If your competitors are executing better than you are, they're beating you in the here and now, and the financial markets won't wait to see if your elaborate strategy plays out. So leaders who can't execute don't get free runs anymore. Execution is the great unaddressed issue in the business world today. Its absence is the single biggest obstacle to success and the cause of most of the disappointments that are mistakenly attributed to other causes...

Here is a fundamental problem: people think of execution as the tactical side of business, something leaders delegate while they focus on the perceived "bigger" issues. this idea is completely wrong. Execution is not just tactics - it is a discipline and a system. It has to be built into a company's strategy, its goals, and its culture. And the leader of the organization must be deeply engaged in it. He cannot delegate its substance. Many business leaders spend vast amounts of time learning and promulgating the latest management techniques. But their failure to understand and practice execution negates the value of almost all they learn and preach. Such leaders are building houses without foundations.



Ram Charan

Execution: The Discipline of Getting Things Done by Larry Bossidy & Ram Charan with Charles Burck. 2002. Crown Business, NY, NY. p. 5,6

Thursday, April 6, 2023

change happens


In any business environment, change happens.

Let’s rephrase: In any business environment, change should happen. It shows you're committed to the kind of growth and evolution it takes to stay modern, relevant, and competitive.

Countless factors make change inevitable. Think of technological advancements, globalization, cultural shifts, and shifting economies. And since nobody's corporate goals include falling behind or growing stale, embracing change is a must.

But what kind of change are we talking about here? Change can include things like:

  • Introducing new software or updating marketing practices
  • Updated business processes
  • A full-on restructuring
  • Leadership changes
  • Updated thinking
  • Budget constraints
  • Shifts in strategy

These all fall under the umbrella of organizational change. If you’re already on board with shaking things up, you’re ahead of the game. And you're not alone.

According to Gartner, 99% of all organizations have undergone a major organizational change in the last three years. But big or small, change doesn't happen naturally. Therefore, effective change requires a clear action plan.



Emily Smith

"7 Organizational Change Management Frameworks That Stick," Remesh Blog. October 10, 2021

Tuesday, October 4, 2022

thinking small: store within a store


I first began thinking about some of the very real ways that we could improve our teamwork and put more authority in the hands of our people in the stores.

Our most famous technique for doing this is a textbook example of thinking small. We call it Store Within a Store, and it's the simplest idea in the world. Again, in many big retail companies the department head is just an hourly employee going through the motions, somebody who punches a clock, then rips open boxes and stacks whatever's in them onto shelves. But we give our department heads the opportunity to become real merchants at a very early stage of the game. They can have the pride of proprietorship even if they weren't fortunate enough to go to college or be formally trained in business. They only have to want it bad enough, pay close attention, and work very hard at developing merchandising skills. We've had many cases where the experience has fired people up with ambition, and they've goin on to work their way through college and move on up in the company, and I hope we have many more cases like that.

Again, this only works because we decided a long time ago to share so much information about the company with our associates, rather than keep everything secretive. In Store Within a Store we make our department heads the managers of their own businesses, and in some cases these businesses are actually bigger in annual sales than a lot of our first Wal-Mart stores were. We share everything with them: the costs of their goods, the freight costs, the profit margins. We let them see how their store ranks with every other store in the company on a constant, running basis, and we give them incentives to want to win.

 


Sam Walton

Sam Walton, Made in America by Sam Walton & John Huey. Bantam Books. 1992. p. 227

Friday, September 2, 2022

technical debt


Companies all over the world are embracing digital transformation — the use of new (or already existing) technological capabilities — as the means to better work with their customers, distance themselves from (or keep up with) their competitors, and connect various aspects of their businesses. But to succeed in this endeavor — or even to simply get the most from their current tech — they must rid themselves of a heavy burden: technical debt. Put simply, technical debt occurs when you choose an imperfect short-term solution that will require a more substantial fix later, and includes disparate systems, added software to accommodate them, and added effort to work around them.

Because technical debt is the result of shortcuts — choosing quick fixes over a long-term investment — it causes plenty of problems in the here and now. It adds enormous friction any time people need to coordinate work together across silos. There’s also the ongoing expense to exchange data between systems; the unquantifiable costs associated with being slowed down by your systems, whether you’re in the midst of digital transformation or responding to a competitor’s move; and the price you must eventually pay to redesign and simplify systems. And technical debt and its costs compound over time.

At first blush, executives may dismiss technical debt as the province of their IT departments. That conclusion camouflages the root cause of the issue, however. In truth, technical debt stems from the way the businesses are structured, and how departments develop their own systems and languages for getting their work done.



Effective Digital Transformation Depends on a Shared Language, by David C. Hay, Thomas C. Redman, C. Lwanga Yonke, and John A. Zachman. Harvard Business Review. December 14, 2021

Thursday, August 26, 2021

transformational change


The first thing to understand about transformational change is that the external environment -- technology, regulation, competition, the economy -- is forcing change upon your organization. Your organization is a sub-system of a larger system, and it must align its systems to the external world. Sometimes that external environment demands rapid change that may be uncomfortable for everyone.

Lawrence M. Miller


Saturday, January 9, 2021

4 communication approaches

Effective communications: a combination of four approaches:

1. Leaders who have to tell and retell a story over and over again should remind themselves to approach it with a “beginners’ mind” – and not lose sight of what it’s like to tell and hear the story for the first time. As Alan G. Lafley, former CEO of P&G notes, “Excruciating repetition and clarity are important – employees have so many things going on in the operation of their daily business that they don’t always take the time to stop, think, and internalize.” Paolo Scaroni, who has led three Italian public companies through major change as CEO of Techint, Enel, and Eni, agrees as he indicates the key to successful communications is “repeat, repeat, and repeat… throughout the organization.”

2. Ensure the message sticks by coining and relentlessly repeating language that is simple and memorable. Consider Walmart’s “10-foot rule,” which reminds frontline employees of the company’s customer service aspiration: whenever you are within 10 feet of a customer, look them in the eye, smile, and ask how you can help.  At Microsoft, at the end of every meeting the question is called as to, “Was that a growth mindset or a fixed mindset meeting?” This acts not just as a reminder of the desired shift, but also prompts the act of continuous learning that a growth mindset is meant to manifest. As Willie Walsh, former CEO of British Airways, explains, “The simpler the message, the easier it is to deliver. The simpler the message, the more likely it is to be consistent. The simpler the message, the easier it is to control and manage the communication.”

The language not used can be just as powerful as that which is. When Australian telecommunications and media company Telstra wanted to improve internal collaboration, it banned people from using the word “they” in conversations about other teams and unites to remind employees to work as one organization. Posters proclaiming, “no ‘they’,” like the one below appeared everywhere, and people started to call attention to references to “they” and “them” even in casual conversations.

3. Move from “telling” to “asking.” This has the benefit of also leveraging the “lottery ticket” effect to build ownership. With this technique, even chance conversations can be put to good use. At Emerson Electric, CEO David Farr makes a point of asking virtually everyone he encounters the same four questions: “How do you make a difference?” (to find out whether people are aligned on the company’s direction); “What improvement ideas are you working on?” (to emphasize execution edge health recipe); “When did you last get coaching from your boss?” (to probe on the people development management practice); and “Who is the enemy?” (emphasizing collaboration – the right answer is to name a competitor and not some other department!). This sends a clear message that these issues matter. If employees don’t have good answers for you right at the moment, you can bet they will when they are asked next time. 

4. Ensure the story doesn’t just come from leaders and instead is reinforced through as many channels as possible: speech, print, online, actions, symbols, rituals, and so on. Using multiple channels reinforces the consistent message…. The most progressive two-way communications programs take what’s known as a “transmedia” approach – not just telling the same story through multiple channels but telling different aspects of the story through different channels that all add up to the integrated picture in ways that otherwise wouldn’t be possible to build. 



Monday, January 29, 2018

safe to tell the truth

Todd Davis, serves as the chief people officer for FranklinCovey and is the author of the new book Get Better: 15 Proven Practices to Build Effective Relationships at Work, believes, "No matter what business you're in, people are your greatest asset. However, it's the nature of the relationships between people that become your organization's greatest competitive advantage...."

Says Davis, "Leaders must make it 'safe to tell the truth.' They must be open to feedback, so it's safe for people to tell the truth when they give or get feedback."


Saturday, January 20, 2018

a cooperative conversation.

Good listening was seen as a cooperative conversation. In these interactions, feedback flowed smoothly in both directions with neither party becoming defensive about comments the other made. By contrast, poor listeners were seen as competitive — as listening only to identify errors in reasoning or logic, using their silence as a chance to prepare their next response. That might make you an excellent debater, but it doesn’t make you a good listener. Good listeners may challenge assumptions and disagree, but the person being listened to feels the listener is trying to help, not wanting to win an argument.


"What Great Listeners Actually Do". Harvard Business Review. July 14, 2016.

Wednesday, January 17, 2018

reinforce growth mindset

Mission statements are wonderful things. You can’t argue with lofty values like growth, empowerment, or innovation. But what do they mean to employees if the company doesn’t implement policies that make them real and attainable? They just amount to lip service. 

Organizations that embody a growth mindset encourage appropriate risk-taking, knowing that some risks won’t work out. They reward employees for important and useful lessons learned, even if a project does not meet its original goals. They support collaboration across organizational boundaries rather than competition among employees or units. They are committed to the growth of every member, not just in words but in deeds, such as broadly available development and advancement opportunities. And they continually reinforce growth mindset values with concrete policies.


"What Having a “Growth Mindset” Actually Means". Harvard Business Review. January 13, 2016.

Sunday, March 13, 2016

you already have permission


Act: “You Already Have Permission”: This is a challenging guideline for many managers, because it means switching from direct control to a trust relationship with the members of the team. This allows entire teams to change and transform the product and the internal processes in a flexible way, to adapt to different goals and changing markets, and to be overall more innovative and competitive. Removing the worry of “I need to get authorization” from every aspect of the work can be challenging, but it rewards business and people’s health greatly.

This is embraced at multiple levels inside Automattic as a rule. While there is still a long term vision from the top, each person and team is left to decide what’s best for the work that has to be done. The goals of the organizations are collected and discussed, teams set their own roadmap, goals and milestones and individuals can start initiatives on their own...

What is important is to recognize that people will want to give feedback or add their own shape to the idea.


Thursday, December 3, 2015

if you succeed, i am a failure

The proud depend upon the world to tell them whether they have value or not. Their self-esteem is determined by where they are judged to be on the ladders of worldly success. They feel worthwhile as individuals if the numbers beneath them in achievement, talent, beauty, or intellect are large enough. Pride is ugly. It says, “If you succeed, I am a failure.” 


Ezra Taft Benson
"Beware of Pride." April 1989

Friday, September 18, 2015

change demands leadership

Management is about coping with complexity. Its practices and procedures are largely a response to one of the most significant developments of the twentieth century: the emergence of large organizations. Without good management, complex enterprises tend to become chaotic in ways that threaten their very existence. Good management brings a degree of order and consistency to key dimensions like the quality and profitability of products. 

Leadership, by contrast, is about coping with change. Part of the reason it has become so important in recent years is that the business world has become more competitive and more volatile. Faster technological change, greater international competition, the deregulation of markets, overcapacity in capital intensive industries, an unstable oil cartel, raiders with junk bonds, and the changing demographics of the workforce are among the many factors that have contributed to this shift. The net result is that doing what was done yesterday, or doing it 5% better, is no longer a formula for success. Major changes are more and more necessary to survive and compete effectively in this new environment. More change always demands more leadership.


What Leaders Really Do.” Harvard Business Review. 1990.

Thursday, August 27, 2015

willing to sacrifice

[Simon] Sinek mentions Captain William Swenson, who was awarded the congressional Medal of Honor in 2013. When his column came under ambush in Afghanistan, Swenson ran into live fire to rescue the wounded officers. Someone captured the entire experience on camera, including the moment when Swenson bent over to kiss a wounded soldier before putting him in a helicopter.

At first, Sinek thought altruistic people like Swenson were simply drawn to military service. Then he realized it works the other way around — the military environment can prompt anyone to act selflessly.

Unfortunately, this is hardly the current environment in most organizations.

“In the military, they give medals to people who are willing to sacrifice themselves so that others may gain. In business, we give bonuses to people who are willing to sacrifice others so that we may gain. We have it backwards,” he quips.

But moving ahead at the expense of others teaches your subordinates to do the same, to the detriment of the organization as a whole. That’s because employees spend time competing with and fearing each other instead of joining forces and protecting the company from external threats.

A truly effective leader knows to put her employees’ well-being before her own, so that her employees ultimately do the same for her and for the organization. 

“When a leader makes the choice to put the safety and lives of the people inside the organization first, to sacrifice their comforts and sacrifice the tangible results, so that the people remain and feel safe and feel like they belong, remarkable things happen,” Sinek says.


"Why effective managers act like military leaders." Business Insider. 8/14/2015