Strategies to Improve Your Business Performance
During my interactions with business leaders, they often mention having experienced a sense of stagnancy after a few years of successfully running their organizations. Post the initial phase of success there comes a period where there are no upward spikes in the business graph. Customers are retained but you know that they are on the lookout for something better, employees have settled in routine and happy in past successes. Competition is rife, current markets are volatile and future markets are hazy but you do not have immediate threat. In such a situation, it is fairly easy for organizations to slip into stagnation especially if they haven’t invested in reinventing themselves.
It’s true that most business leaders fight day and night to ensure that they don’t land their organizations into a sense of lethargy, stagnation, and lack of growth. However, most business leaders find their organizations in this bleak phase at least once or twice in their lifetimes. So how do you move forward if you as a business leader find yourself and your organization stuck at this stage? Here a few strategies that will help you move forward in your business:-
- Energizing Growth Vision: Nothing motivates the stakeholders (employees included), like an energizing and inspiring growth Vision. Whenever as a business leader you feel that lethargy is setting in, people are getting into comfort zones, customers’ response is lukewarm and nothing seems to move, know that either your growth vision is not in sync with the stakeholders’ expectations or it is not reaching to them in an inspiring manner. In both cases, there are ways to create visual energy in the organization. Reach us to discuss this in detail with one of the best hr consultancy services in Pune and Mumbai.
- Continuous learning and Improvement: It is important to nudge yourself and your team to learn about the new trends, developments and new ways of working in your business. The only method to challenge old ways is to find evidence of new ways or inventing new ways. The organization must allow some time daily to work towards research and learn something new. These initiatives will also provide compelling external exposure to your team so that they can validate their assumptions, understand opportunities/threats and feel the sense of urgency towards improvement goals.
- External Connect & Risk Management: Most businesses tend to become internally referenced over time. This means organizations become happy with their current situation. Teams have poor exposure to changing external world hence are unable to notice and acknowledge risks as well as opportunities. Hence it is largely the responsibility of the business leader to have a strong external environment to connect and invest appropriately in managing risks. Having a robust human resource planning process and contingency plan will help weather unforeseen changes in the market.
- Talent Management: It is often observed that many organizations habitually neglect to manage and nurturing people talent. Employees that lack growth and exposure soon reach their level of incompetence. Most of such employees/ managers ferociously guard their turfs, avoid to delegate or share expertise readily, get into their comfort zone and do only that is required to survive in your organization. This situation also creates a dearth of leaders to drive growth plans, which seriously impairs an organization’s ability to realize its vision. Designing and implementing a talent management strategy that is well aligned with your growth plans creates vibrant energy and motivation for business growth in your organization. Cerveausys is one of the best business development consultant with a proven track record.
- Customer Delight: While thinking of creating lasting business success, it is important to create value in the lives of the customers. You need to consistently delight them with positive surprises of your quality and services. If you find your regular customers are not demanding anything new and are set in their buying pattern, there is a need for you to educate them on possibilities of getting better. If you are not able to get new customers there is a possibility that they are not yet getting convinced on your ability to deliver. If you’re not able to think an ample reason for the importance of your product or new ways to convince the customers then you must go back to the drawing board to redefine your customer value proposition.
Finally, “a leader is best when people barely know he exists, when his work is done, his aim is fulfilled, they will say we did it ourselves” (Lao Tzu). It’s important to remember that only you as a business leader that can create this magic in your organization.
Get in touch with us to discuss your business opportunities, challenges, and concerns. We are CerveauSys Strategic! A project management consultant, committed to building profitable and happy workplaces for our clients. Please visit www.CerveauSys.com to know more about us.