19 May 2017
There are 12 Business Cultural Growth qualities to employ for your organisation (just like there are 7 Business Leadership Styles and 12 Business Hyper Growth principles). The eleventh being “Accountability, Agileness and Responsiveness”.
Your business has to be mature in its nature if its going to step into hyper growth. And some other key cultural elements for maturity and Accountability, Agileness and Responsiveness. Accountability is a cornerstone foundation for hyper growth. Having key kpi’s, milestones and analytics is extremely important for hyper growth, whether they are sales targets, stock turns, visits per day, Return on Capital, debtors and creditor day turns and so on. This requires a mature and accountable attitude and nature.
Also Agileness and its natural partner Responsiveness are the key components to improving Accountability. Being agile in such a dynamic digital global or local market place is now at an all-time high. If a new competitor enters the market that is at the bottom end of your clientele or a new high end player enters, being agile and responsive will be called upon quickly to adapt, survive then to thrive again.
These elements are also important for cultural evolution for they cultivate a philosophy of “where is the opportunity here?”. And thus focus on new innovative, clever, wise solutions and strategies to stay in front of the market curve.
Cultural evolution is now a fundamental part of business strategies and focus for continuous improvement simple to keep with the curve of change, information and success. The nature of business is evolving so fast, that “Inner Agileness and Responsiveness” is a key element for success. The mental agility required is a fundamental part for this to be implemented well.
This doesn’t mean giving up on your plans that have been well thought out and strategically assessed. However, a balance of consistency and adaptability as new information is coming back from employees, the market and other stake holders is required.
Accountability is paramount for your business growth and success. All businesses listed on the stock exchanges have many accountable reporting requirements. And, there are many reasons for this. From transparency to compliance to ease of information for the stock holders. This increases the value of the business as the market can clearly value the company as misinformation or non-disclosed information is greatly reduced. Therefore, the market can give greater values on the business.
If you wish to extract your value from the business with a sale or a joint venture then Accountability will be required. Also, this assists with achieving your long term goals via continuous accountable meetings where results are evaluated.