Dynamic or dinasouric?

by Evan Davies, Chief Executive - QLD, VIC, NZ | |   Personal Success
Dynamic or dinasouric?

As companies compete for market dominance, those who cannot maintain improvement and continually evolve to better meet the needs of their customers will fall behind.

Evolution to avoid extinction

The world is changing rapidly as technology is advancing exponentially. In business, we are continually confronted with change driven by new technologies, regulations and global competition, to name just a few. And on a personal level, we all face an increasing flood of content and information and have fundamentally changed the way we communicate, interact, make purchases and generally live our lives.

These changes not only present challenges, but opportunities to keep our business relevant. As companies compete for survival and for market dominance, those who cannot maintain improvement and continually evolve to better meet the needs of their customers will fall behind.

Business strategies must be reactive, not proactive

It usually costs far more to fix problems after the fact, versus preventing them in the first place.  Companies that take a proactive approach, make it a business priority to build their organisations the right way the first time.

Many businesses however are run in a reactionary way. They are forced to implement changes because the market demands it for the business to survive. But how can they be more proactive and evolve the business into a market leader? 

The key is to develop a culture of continuous improvement. Continuous improvement is often referred to by the Japanese word 'Kaizen', meaning 'change for the better', and covers all processes in an organisation. These include engineering, IT, financial, commercial and customer service processes, as well as manufacturing.

Continuous improvement should be consistent

Continuous improvement is about achieving regular and frequent changes that can can help an organisation meet its goals for increasing profits, reducing costs, and accelerating innovation.

Continuous improvement should not be revolutionary, but evolutionary. The approach will be driven by business strategy, capability, market understanding and commitment to the process. Often, these processes add capacity to the enterprise with little or no additional costs.

Incorporating continuous improvement

There is no improvement without measurement. An organisation must establish current performance before embarking on any improvement. If it does not, it will have no baseline from which to determine if its efforts have yielded any improvement.

Make continuous improvement everybody's responsibility. It needs to be a normal component of all employees' jobs to search out ways of improving performance.

Reward success. The encouragement of people who have initiated improvements, however small, is critical to the long term success of this approach.

The CEO Institute was founded in 1992. It is now Australia's leading membership organisation for CEOs and senior executives. It provides a forum for over 1,000 Chief Executive members to connect and share their learning with each other. In 2011, The CEO Institute became the world’s first global certification body for CEOs, and in 2013, partnered with UNESCO in support of the "Malala Fund for Girls' Right to Education". In 2014, they began offering their programs globally. The CEO Syndicate is an exclusive peer support network for CEOs. The first meeting of The CEO Syndicate program was held in Melbourne in June 1992. Offices were opened in Adelaide in 1996 and Sydney and Brisbane in 1997, with Perth launching in 2007. In 2015 the New Zealand office opened.  The Future CEO program is a certification course designed by the business leaders of today for the business leaders of tomorrow. The first Future CEO meeting was held in Melbourne in May 2012. In 2014, the "Future CEO Scholarship Fund for Women" was established, and continues to be offered today. Membership of The CEO Institute is by invitation only. To register your interest click enquire.

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