Thursday

The 7 habits of highly successful organizations

Editor's Corner 
                               
As organizations seek ways to improve functional output and operational effectiveness, it becomes incumbent upon business leaders to understand what best practices to adopt, in their quest to achieve sustainable growth and brand stability.

Many are quick to point to the "successes" of some of the world's biggest brands such as GE, Microsoft, Disney, Walmart, Apple and Google, among others. The truth however lies somewhere in between as to what exactly constitutes success beyond just the bottom-line.

A "healthy bottom-line" does not necessarily translate into being an attractive brand or ensure sustainable growth.

What organizations such as Google and more lately Apple have in fact shown, is that there are other mitigating factors that go towards determining the long-term success and brand equity of an organization.

In this piece, a prelude to a more in-depth analysis to come, we explore and profess the key habits that would seem to characterize truly successful organizations.

a) Hire well - As organizations such as Google, Microsoft and Apple (much lately) have learnt, hiring the right talent goes a long way towards building your Intellectual Capital portfolio.

b) Invest in your employees and thus your organization's future - While some of the better known brands are able to attract some of the best talent initially, holding on to that talent pool becomes even more critical. It is not enough to just pay well; in addition to that, organizations that have managed to hold on to their prized talent base, have invested heavily by way of benefits and other quality-of-life perks that are essential to keeping the poachers at bay.

c) Encourage independent thought within your organization - In conversations with peers in the business community, most believe this is one of the areas where Microsoft in particular "went wrong" (the current CEO Satya Nadella has since righted that ship). It's main competitors are said to have seized on a culture (supposedly) within the organization at the time, that did not encourage or value independent thinking.
Organizations that frown on the idea of "thinking-outside-the-box" ultimately leave little room for their business units to procreate. A resulting dearth of unique ideas will ultimately result in the natural death of the said organization.

d) Reward independent thought within your organization - In addition to encouraging a "think-outside-the-box culture within your organization, it is also equally important to acknowledge those with unique and creative ideas. Promotions, raises, bonuses and other forms of recognition should reflect this, as it will only augur well for the continued growth and development of the organization, its brand and of course, its people.

e) Be true to your founding ideals and core corporate principles - Make taking care of your customers/clients a guiding business principle. It is the best practice you could ever indulge in as it engenders brand affinity through credibility.

f) Seek strategic partnerships that complement your business model and strategy - It is important that you align yourself with organizations that share your ideals, beliefs and ideas and subsequently provide a synergistic nirvana.

g) Manage your growth while continuing to innovate - Maintain your identity and stick to a working strategy. Adapt to the pervading business climate in your own unique way and continue to deliver consistently. 

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