The longevity of enterprises today is dependent on how quickly they are able to respond to external and internal stimuli. The phenomenon called globalization has rattled the comfort zone of owners of capital as much as it has created frustrations among the working population. Countries that operated under preferential treaties, have found that such concepts are not supported by neo-capitalists. Success belongs to those who aggressively identify and exploit the opportunities that become available. To do so, leaders must be “nimble and quick” as they survey their environment, assess the viability of projects and execute their strategic plans. This agility is dependent on the available resources (access to financing, qualified talent pool, appropriate technology, as well as state support) in the pursuit of economic goals.
The demise of today’s enterprise is impacted by inattention and inaction by those who are charged with leading the organizations. In discussing the challenges affecting developing countries, a colleague of mine asserted that many in the manufacturing industries became complacent. The ‘ancient’ industrial machines were labored to death and investing in employee training programs were never seen as priority. Obviously the state apparatus that is stuck in antiquated processes add to the bureaucracy.
In remaining relevant, there is need to:
- Keep abreast of trends in the internal and more importantly the external environment. Rich opportunities for data mining exist in a world that has become quite open due to increased technological dependence. Be willing however, to exercise some degree of patience in ascertaining the facts and particular truths about your interest. Data accumulation walks hand in hand with authenticity of information.
- Identify the technologies that will help to create “agility” ahead of the competitors. Re-tool businesses with appropriate technologies. Your investment should be needs specific to achieve the intended outcomes.
- Re-train workforce in anticipation of the challenges and/or threats to the company’s survival.
- Build your network of industry professionals. By exchanging ideas, collaborative efforts can be pursued where similar interests are identified.
- Access financing for business solutions from reputable financial agencies at manageable rates.
- Re-engineer processes within the organizational structure to complement efficiency strategy.
- Recruit executive level leadership capable of inspiring as well as charting a strategic course aimed at meeting profit margins.
- Ensure that all statutory obligations are met, including the payment of the appropriate fees and taxes.
The list above is not at all exhaustive as each company differs in its level of need. The list was compiled after having discussions with a number of leaders in disciplines spanning education, hospitality, health and state run agencies. The common mistakes appear to be tied to lethargy in vision and action. It is anticipated that the list will give the reader an opportunity to review the health of their enterprise as they prepare for more external influences on their local efforts.
Copyright Suzette Henry-Campbell 2013