It is a fact that everybody is competing for the future nowadays, whether he likes it or not. The choices you make in this regard will determine whether you succeed in your efforts or fail miserably. You, as senior executive, get many years to formulate strategies and plans to guide your organization on the right path and ultimately achieve your goals. The only problem is that future catches us unaware and before we are ready.
In the context of above discussion, the future of an organization depends upon “few critical factors.” There is no need of implementing latest “secrets of success” because they are not really secrets. All you need to do is to maintain right focus on few things relentlessly and you will get on the right track leading you to success.
Download Presentation Soft CopyWatch All Webinars Videos
Defining the Business Model:
So, where do you start from? The first and foremost factor determining the success or failure of an organization is its business model. The business model is like a foundation on which the rest of the structure is built. There are five main components of a good business model which are as under.
- The Leadership Team: it must be a real team where all team members must be passionate and embrace the core values/beliefs of the organisation – ensuring they are role models and are leading by example.
- Shared Purpose: everyone in the organization must have a shared purpose and people must work collectively to attain a common goal.
- Cultures/Values: the organization must have a supportive culture with high values of work. The people must be loyal to their brand and mission.
- Renewal: the business model should focus on continues development of people in addition with encouraging them to innovate and be creative in their approach.
- Principles of Engagement: The organization must do everything possible to keep its employee emotionally engaged to the shared purpose and goal.
Aligning the Organization:
After defining a business model, leaders have to align organizational goals with the vision, culture, and skill levels of the employees, values, customers, strategies, type of ownership and financial resources of the organization.
Realization follows the alignment stage in which you fulfill the true purpose of the organization that is to continuously create and deliver value to all key stakeholders including society. There are many things you can do including ensuring operational excellence, building organizational capacity, launching new products, ensuring human performance excellence and finally engaging stakeholders to deliver that value.
The Sensing System:
After defining your business model, aligning the organization and going through the realization state, you must also put a sensing or measuring system in place as well in order to monitor the progress of your organization. You can take help of many things to measure the performance of your organization such as Balanced Scorecards, Innovation/New Opportunity Metrics, Consumer Engagement Maps and others.
Finally, you must have strong decision making ability to keep everything intact and to ensure that everything is running smoothly and your organization is well on its way to attain its goals. Some of the critical success factors behind effective decision making include effective information technology system, your analytical capability, infrastructure, HR systems, decision processes and most importantly, people in your organization.