Friday, April 3, 2015

Setting your company up for Success!

There is no single, obvious choice that will bring a company success. There are, however, hallmarks of effective strategy, talent, execution and structure which will greatly enhance the opportunity for success. This is no small accomplishment, especially given the limited resources most small to medium companies have and the unpredictable pressures we face.

Establish four primary practices:

Strategy
Whatever your strategy, whether it is low prices or innovative products/services, it will work if it is sharply defined, clearly communicated, and well understood by employees, customers, partners, and board members.

  • Build a strategy around a clear value proposition for the customer.
  • Develop strategy from the outside in, based on what your customers have to say.
  • Be open to refine your strategy based on changes in the marketplace.
  • Clearly tell your story within the organization and to customers and other external stakeholders.
  • Keep focused on your core business, stay intellectually curious and always know who you’re dealing with..
Talent
You have to be able to tap into a talented labor pool and once hired, retain top talent.

  • Fill jobs with outstanding internal talent whenever possible.
  • Create an environment of mentoring and honest feedback.
  • Ensure jobs are flexible enough to allow employees to be engaged and challenged.
  • Empower employees and managers to make independent decisions and to find ways to improve operations.

Execution
Develop and maintain flawless operational execution.

  • Deliver products and services that consistently exceed customers' expectations.
  • Put decision-making authority close to the front lines so employees can react quickly to changing market conditions.
  • Constantly strive to eliminate all forms of excess and bureaucracy.
  • Establish and abide by clear company values.

Structure
Simplify the structure and make the organization easy to work in and with.

  • Promote cooperation and the exchange of information across the whole company.
  • Prioritize the organization around innovation, whether it’s new products, service delivery or support.
  • Do not create extensive layers of management and don’t put a lot of energy in titles, just ensure everyone understands what role they play.
Always understand that there are no magic bullets in creating a successful company.  There is no surefire way to success. It takes laser-focus, unwavering passion and near flawless execution.

Rodney Brown

Mr. Brown brings extensive experience building companies and leading sales, operations and service organizations in technology and healthcare. He is the Executive Director of HealthNet connect and CEO of HNcBNc.

The views and opinions on this blog are my own.

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