I am 50 > I am 18 with 32 years of experience and my success mantra is to stay agile. Organization which imbibes fixed mindset and only past glory may fail to pass on the baton of success to next generation.
With my personal insight, I have the conviction to say that one can handle challenges of emerging businessesthose are conscious of below:
Lack of Feed Forward: Often emerging businesses miss on mapping their existing efficiency and current market scenario. Many enterprises like to stay in the euphoria of past glory to a limited sense that should be connected to success but the art and science of business is changing every day. The success mantra for emerging business is to feed forward by looking at the current reality. Keep exploring alternatives and tap the energy right to make a formidable delivery at growth platform.
Impetus onInternal Planning and Supply Chain:Lack of a plan is often a fundamental problem for many emerging businesses. Our current ethos and Indian work culture encourage us to do things well rather than plan it well.
Most enterprises spend so much time dealing with the “alligators” that are snapping at their rear end that it is difficult to recognize the steps necessary to achieve the long-term objectives of the business.A strong plan disciplines thebusiness to look “beyond the weeds”.
Focus needed on Procedures and Systems: We all have seen emerging businesses growing on personal success, iconic leadership of founders and key leadership. Have we realized and started transitioning to consistent delivery and meeting customer expectation through internal articulated proceduresand systems?Most entrepreneurs do not realize that the procedures in place for managing the business need to be future ready to reduce the incidence of errors. I think the time is telling us loud enough that the emerging business should look for systemic growth and have the internal wisdom belt through: Mine the data, Shine the data and Refine the data
Strategic depth and well-articulated business plan:It is often seen that having too much in a plate makes it difficult to manage things and forgets key elements of the business. Too many strategic priorities and an over ambitious vision sometimes leave business achieving nothing in the end. Fewer strategic priorities fully supported from the entire stakeholders chart down a crystal clear business strategy with respect to categories, markets, channels, brand building and resources to achieve them. It is very important to focus on the existing product range and planning over newer markets which can be built to scale.
Leadership Pipeline : Limited Leadership bandwidth is a problem that is very difficult to deal within most emerging businesses as the size of the senior management team is necessarily limited as well as most businesses are promoter driven. This problem can be faced by any established business group as well.
Many business ventures still hold back on delegating responsibility. As the business grows, it is needed to bring in specialists for different areas. To make the most of any opportunity, business needs someone who has experience in that field. Do we really allow the experts coming on board to function the way it should be? Do we chart out a knowledge transfer plan to the next level of leadership? Do we create an environment of trust and transparency and right feedback platform for the next level of leadership? Do we avoid creating pseudo aspirations and build an individual development plan suiting the high potential talent? It is importantto not only give a clear image of professional growth to the employee but also prepares the same for changing expectations from the business.
People Learnability and Value Based Work Culture: Do we have a work force which can carry the thread of past, sustain change and have eye for detail with problem solving ability?
Due to volatile behavior of emerging businesses, the skill, knowledge and attitude of the workforce need to be revived from time to time. It could be dangerous to keep a closed mindset for a long time and not pushing beyond the comfort zone.
Why we are here? What is the core of the organization? And who all supposed to drive it? Weak internal governance leads to risk of frauds, manipulations, delays, poor quality and tarnish the trust of the stakeholders further. We are just seeing the scam in banking system.
The only answer to sustenance and growth is a “value based and agile work culture” which can lead the shine.
No one rises suddenly in the world, not even “The Sun”.
Thought Shared By
Group Chief People Officer