Balanced growth is a key to prosperity in the new economy.
"Sustainable
growth – growth for the long haul – requires meticulous
attention to the basics: cost structure,
quality,
product development cycle time,
productivity, asset utilization, investment of capital,
supply chain innovation,
customer service satisfaction, and all other components of
operational excellence. Neverending focus on these generates the
resources for growth," write Ram Charan and Noel M. Trichy in their
book Every Business Is a Growth Business,
Inclusive Approach
At the heart of the
inclusive approach is the belief that understanding stakeholder needs –
the needs of
customers,
employees,
suppliers, shareholders, society, and the
environment – and incorporating them into
enterprise strategy are central to the achievement of sustainable growth
and
competitiveness.
Improving Business Performance: Virtuous
Circles
Various business performance improvement
approaches focus on alternative ways to build and run a company.
The concept
of “virtuous circles” is one of them. It has all those contributing to
value creation for the customer pulling forcibly in the same direction.
In practice, this also means identifying and
balancing
short- and long-term goal structures for all stakeholders and changing
management incentive schemes to promote long-term sustainable performance.
Sustainable Ability to Change
Change
brings opportunity to
those who can grasp it. In today's world characterized by rapid
unpredictable change and volatility, the sustainable
ability to change is much more important than the ability to create
change in the first place. The ability to change can be achieved by building
an
adaptive organization and
synergizing
systemically such
corporate capabilities as
strategy innovation,
volatility leadership, and
enterprise-wide business process management.
Harnessing Your People Power
People as your most important asset. Your technologies, products and
structures can be copied by competitors. No one, however, can match your
highly charged, motivated people who care. People are your firm's repository
of
knowledge and they are central to your company's
competitive advantage. Well educated,
coached, and highly
motivated
people are critical to the development and execution of strategies,
especially in today's faster-paced, more perplexing world, where top
management alone can no longer assure your firm's competitiveness.
