Business BLISS - Balance, Leadership, Innovation, Synergy, Speed

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Balance Pay attention to both top-line growth and bottom-line results Balance the whole, i.e. organizational needs, and the parts, be they large (functions) or small (teams or individuals). Balance internal (creating value for organization and employees) and external (creating value for investors, customers, and society as a whole). Leadership Leadership is more than just having the authority of a management or supervisory position. Authority (or position power) gets you compliance. Leadership (or influence power) gets you commitment. The best leaders challenge the process, inspire a shared vision, enable others to act, model the way, and encouraging the heart. Innovation Shift to the new hypercompetitive knowledge-based economy demands a renewed emphasis on innovation. This new economy is led by those who innovate – create, find and/or combine knowledge into new products, services, and distribution methods – faster than their competitors. Innovation is above all spurred by entrepreneurial action, aimed at creating value through the application of knowledge. Synergy Corporate strategy seeks to develop synergies by sharing and coordinating staff and other resources across business units, investing financial resources across business units, and using business units to complement other corporate business activities. Speed Speed is an indispensable ingredient of competitiveness and a precondition for winning in the new rapidly changing economy. “Speed keeps businesses – and people – young… Speed exhilarates and energizes. It's addictive, and it's a taste you need to cultivate.” (Jack Welch)

Achieving Strategy through Balancing Competing Values The primary goal of any business is to increase stakeholder value. It is achieved through a dynamic balancing of competing values. In order for a business to maximize economic value, it must balance customer satisfaction and competitive market forces with internal cost and growth consideration. What is Business Systems Approach? A business is more than finance. Organizations prosper by achieving strategy that is implemented as a result of continuous decision-making at all levels of the business. Performance measures need to be aligned with the organization's strategy. The Business Systems approach considers business as system of interrelated factors of strategy, owners, investors, management, workers, finance, processes, products, suppliers, customers, and competitors. Balancing the Four Perspectives Firms implement strategy through balancing the four major factors or perspectives: Financial perspective: To succeed financially, how should we look to our shareholders? Customer perspective: To achieve our vision, how should we appear to our customers? Internal business process perspective: To satisfy our shareholders and customers, what business processes must we excel at? Learning, innovation, and growth perspective: To achieve our vision, how will we sustain our ability to create value and improve? The four perspectives permit a balance between short-term and long-term objectives, between outcomes desired and the performance drivers of those outcomes, and between hard objective measures and soft subjective measures. For each of the above four questions, provide answers in terms of: Objectives Measures Targets, and Initiatives

Balanced Organizational Goals Strategic organizational goals must address the need for balance among various stakeholder groups: customers, suppliers, investors, managers, employees, strategic partners, and society. Balanced Strategy Sustainable growth strategy requires balancing short-term results against long-term capabilities and growth opportunities. Companies should think in different 'time horizons' – both short-term and long-term – when setting strategy, establish proper organizational processes that monitor their health and change the nature of their dialogue with stakeholders. Strategic management entails multiple time horizons – through balancing between meeting short-term results and contributing to long-term objectives; between building a basic competitive advantage (BSA) and sustainable competitive advantage (SCA); making the best contribution to both today and tomorrow. Balance between Authority and Employee Empowerment Effective leadership demands a delicate balance between laissez-faire and overly controlling styles. "Tilting too far toward a majority vote democracy, the manager becomes reluctant to exercise sufficient force necessary to propel the company toward its goals," says Harvard Business School professor Michael Beer. "This creates an organizational bereft of leadership. In such an environment, management fails to coordinates the various components of the enterprise and, in turn, fails to harness the positive factors inherent in the conflict between operating units (such as credit versus sales or technology versus human resources)." Balanced Change Management If you wish to manage change effectively, you need to understand that the way people behave is a balancing act – they balance the forces that act upon them. Some of these forces are trying to get people to change their behavior and others are trying to restrain or limit that change.

"Leadership is the art of getting someone else to do something you want done because he wants to do it." – Dwight D. Eisenhower Leadership Defined Leadership is the process of directing the behavior of others toward the accomplishment of some common objectives. It is influencing people to get things done – willingly! – to a standard and quality above their norm to achieve a shared stretch goal. As an element in social interaction, leadership is a complex activity involving a process of influence; actors who are both leaders and followers, and a range of possible outcomes – the achievement of goals, but also the commitment of individuals to such goals, the enhancement of group cohesion and the reinforcement of change of organizational culture. What is Leadership? Three simple one-line answers by Paul Taffinder 1. The easy answer: leadership is getting people to do things they have never thought of doing, do not believe are possible or that they do not want to do. 2. The leadership in organizations answer: leadership is the action of committing employees to contribute their best to the purpose of the organization. 3. The complex (and more accurate) answer: you only know leadership by its consequences – from the fact that individuals or a group of people start to behave in a particular way as result of the actions of someone else. Effective Leadership as a Source of Competitive Business Advantage Leadership is imperative for molding a group of people into a team, shaping them into a force that serves as a competitive business advantage. Leaders know how to make people function in a collaborative fashion, and how to motivate them to excel their performance. Leaders also know how to balance the individual team member's quest with the goal of producing synergy – an outcome that exceeds the sum of individual inputs. Leaders require that their team members forego the quest for personal best in concert with the team effort. Super-leaders help each of their follower to develop into an effective self-leader by providing them with the behavioral and cognitive skills necessary to exercise self-leadership. Super-leaders establish values, model, encourage, reward, and in many other ways foster self-leadership in individuals, teams, and wider organizational cultures.

Why SuperLeadership? SuperLeadership is a new form of leadership for the era of knowledge-based enterprises distinguished by flat organizational structures and employee empowerment. A super-leader is one who leads others to lead themselves through designing and implementing the system that allows and teaches employees to be self-leaders. If superleaders are successful in providing strategic alignment and coaching people, they develop followers who are productive, work independently, and need only minimal attention from the superleader. With super-leadership, followers are treated – and become – self-leaders. Empowered Self-Leadership The best organizations promote leadership at all levels within the organization. All employees provide leadership for the activities they are responsible for. As a corporate leader, you must establish a healthy state of discontent within your organization to motivate change and improvement. People should not be complacent. To be self-leaders, people should be aware that continuous improvement is a never-ending process, that they can become better even though they may be pleased with what the organization is and proud of what they do. A continuous learning and coaching process should be in place to help everyone develop the knowledge, skills and abilities to do something different tomorrow that they cannot do today. "Everyone provides leadership for those responsibilities that have been assigned to them. For the highest performing organizations, even the lowest-ranked staff within an organization must assume leadership and attention to detail for their responsibilities in a manner similar to the most senior and powerful,“ writes Merlin Ricklefs in The Basics of Leadership . Case in Point: GE Running the mighty GE enterprise Jack Welch seemed like a superleader: He abandoned the old practice of setting goals for GE's business leaders. "Now, we don't reward them according to whether or not they reach their objectives. They're all going to get paid on their improvement, and they know that. In bureaucratic companies, they waste a lot of time on making budgets. They waste energy. The world is changing quickly. We can't afford to waste time in bureaucracy. GE is an informal company. We trust each other,“ Welch said.

The Need for Continuous Innovation To survive in the new competitive environment, no enterprise can afford to stand still. In today's knowledge-driven world, new technologies appear at shorter and shorter intervals. Innovation thus should be not a one-off event, but a continuous response to changing circumstances. Sustainable innovation system doesn't not just help to solve a problem but creates a new capacity, opening up opportunities for further innovation. You Innovate To: improve products and services retain existing and win new customers find new ways to solve a problem or do something save money enhance your jobs make a task easier, faster and/or more enjoyable increase your promotability achieve great results and have fun Innovation as a Mindset and Corporate Strategy Innovation is the conversion of knowledge into new products, services, processes, strategies or business models. It should not be limited to development of new products only. New processes and methods can be more powerful in helping you to win sustainable competitive advantage. All have to be open to new ideas, new ways of working, new tools and equipment, and be able to absorb and benefit from them. A policy to enhance innovation must be present in a modern enterprise policy as one of its main components. Innovating for the Present & Preparing for the Future No-one can predict the future. You can however discover the secrets of the present. Innovation is not about taking risk or predicting the future - it's about focusing on the opportunities of the present. Understand the present, study what is known and turn this knowledge into future opportunities.

New Systemic Approach to Innovation Until recently innovation has been seen principally as the means to turn research results into commercially successful products, but not all research leads to innovation and not all innovation is research-based. Certainly research is a major contributor to innovation, generating a flow of technical ideas and continually renewing the pool of technical skills. It should be a vital ingredient in your enterprise strategy, particularly over long term, if you are to maintain a stream of competitive products on the market. Important though research is as the source of invention, innovation encompasses more than the successful application of research results. Innovation can also stem from adopting new technologies or processes from other fields, or from new ways of doing business, or from new ways of marketing products and services. The evolution of the innovation concept – from the linear model having R&D as the starting point to the systemic model in which innovation arises from complex interactions between individuals, organizations and their operating environments – demonstrates that your innovation policies and practices must extend their focus beyond the link with research. Hard vs. Soft Innovation Hard Innovation is organized R&D characterized by strategic investment in innovation, be it high-risk-high-return radical innovation or low-risk-low-return incremental innovation. Soft Innovation is the clever, insightful, useful ideas that just anyone in the organization can think up. Case in Point: Lessons from Jack Welch At General Electric (GE), the sum is greater than its parts as both business and people diversity is utilized synergistically in a most effective way. "Practice systems thinking and holistic approaches," advised Jack Welch. Seek to improve and optimize the totality of your business rather than the profits of its components. "Everything about this enterprise is doing more with less. It needs rejuvenation all the time. Quality is the next in the learning process. Getting rid of layer. Getting rid of fat. Involving everyone. All that was to get more ideas. The whole thing here is to create a learning organization."

Synergy Defined Synergy is the energy or force created by the working together of various parts or processes. Synergy in business is the benefit derived from combining two or more elements (or businesses) so that the performance of the combination is higher than that of the sum of the individual elements (or businesses). Case in Point: Joint Power of Four Horses Two horses can pull about 9,000 pounds. How many pounds can four horses pull? The arithmetical response is 18,000. Sounds reasonable – but it's wrong! Four horses can actually pull over 30,000 pounds. It's synergy that makes the difference! Synergistic Corporation A corporation that builds on core competencies utilizes skills that combine to strengthen value chains and build greater competitive advantages. This leads to synergies among business units, whereby they become more productive together than independently. The collection of skills used in this situation is largely intangible, but corporations can also build synergies by sharing tangible resources. Case in Point: General Electric (GE) "Integrated diversity" is a term used by Jack Welch, the legendary former CEO of General Electric, to define a learning culture. He described "integrated diversity" as the elimination of boundaries between businesses and the transferring of ideas from one place in the company to another. "Integrated diversity means the drawing together of our thirteen different businesses by sharing ideas, by finding multiple applications for technological advancements, and by moving people across businesses to provide fresh perspectives and to develop broad-based experience. Integrated diversity gives us a company that is considerably greater than the sum of its parts," says Jack Welch. Case in Point: Toyota Much of Toyota's success in the world markets is attributed directly to the synergistic performance of its policies in human resources management and supply-chain networks.

Cultivate the culture of speed. "Speed is the indispensable ingredient in competitiveness... Speed keeps businesses – and people – young." Speed exhilarates and energizes. It's addictive, and it's a taste you need to cultivate. Eliminate layers. Delayering speeds communications and helps to get new products and services to markets more quickly. Remove all roadblocks. The world is becoming more information-intensive, and decision-making and quick responses are indispensable weapons. And in future, change will be even quicker. The old advantages of patience, paternalism, and respect fro tradition are now hurdles in a world that is rapidly changing." Anything that slows your company down must be removed. Eliminate bureaucracy, make informal a way of life, and empower employees. Don't "sit" on decisions. Don't set something aside instead of making a decision on the spot. In order to get speed, real speed, decisions at virtually every level have to be made in minutes, not days or weeks. Create an open organization. "Speed is the product of an open organization. Enormous energy and the ability to energize others is one of our critical values. Involve everyone and move quickly. If you can't come to a fast decision, and you can't get everybody in the game quickly, then you don't have the right values. Being a brilliant administrator is not enough. You've got to excite people. Get them going." Communicate faster. Make your messages simple and informal. Be focused and consistent. Remove constraints blocking communication between senior and junior levels of your organization, across functions, and across geographic and cultural lines. Make speed a habit. Incorporate speed into every activity and process. Decrease control: as control decreases, speed increases, and vice versa. Pounce every day. Leave no stone unturned. Live urgency. Don't waste time. Take advantage of every minute, and know that even a minor delay can mean losing vital business." Make decisions faster. Move faster than your competitors to win business, please customers and snap up opportunities. "Don't sit still. Anybody sitting still, you can guarantee they're going to get their legs knocked out from under them."

Achieving and Maintaining Speed – the Key to Success In the new economy where everything is moving faster and it's only going to get faster, the new mantra is, Do it more with less and do it faster. In order to get real speed decisions at virtually every level must be made in minutes, not days or weeks. Decisions also have to be made face-to-face, not memo-to-memo. This means that people have to think on their feet, and that the forests of meaningless paper trails and approvals - so common in large organizations - must be eliminated. Entrepreneurial Mindset Venture values are different from established corporate shared values. Entrepreneurial independence demands space for action and trust, while independence in a corporation implies responsibility and control imposed from above. Entrepreneurial speed demands agility, experimentation, adaptation, and rapid response in order to be first to market. Corporate experimentation comprises analysis, review, sober consideration of facts, and willingness sacrifice speed for thoroughness. Moving with Speed: The Four Components Fast thinking: anticipating the future, spotting trends before others, challenging assumptions, and creating a corporate environment where the best idea - regardless of origin - wins. Fast decision-making: establishing corporate guiding principles, blowing off stifling bureaucratic structures, shuffling portfolios, constantly reassessing everything, and matching the decision to the consequence. Fast to market: removing in-built speed-breakers, abandoning traditional visions and missions and launching a crusade instead, owning and exploiting your competitive advantage, getting vendors and suppliers operating on your timetable, staying beneath the radar, and building virtuous circles of speed. Sustaining speed: maintaining velocity through working on your business, injecting the relentless growth attitude into the firm, being ruthless with resources, building a scoreboard that measures activity, staying financially flexible, proving the math, institutionalizing innovation, and staying close to the customer.

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Business BLISS - Balance, Leadership, Innovation, Synergy, Speed - Presentation Transcript

Inspirational micro-course (10 slides) by Vadim Kotelnikov Founder Inspirational Business e-Coach We don’t teach, we inspire! 1000ventures InsBeCo 1000advices success360 fun4biz Business BLISS B alance L eadership I nnovation S ynergy S peed
Inspirational Business e-Coach The World’s #1 Source of Inspiration and Innovation! Enterprises: 3M, ABB, Adidas, Alcatel, Bayer, Boeing, BAT, BP, Canon, Cisco, Corning, GE, HP, Hitachi, Hyundai, IBM, Intel, J&J, Microsoft, Motorola, Nokia, Oracle, Philips, Samsung, Shell, Siemens, Sony Banks: Citicorp, Goldman Sachs, JP Morgan Chase, Standard Chartered Consultants: Deloitte, Ernst & Young, KPMG, McKinsey Customers in 100+ countries Customer segments Enterprises – 43% Consultants – 25% Individuals – 16% Universities – 12% Government – 4% North America 51% Europe 2 1 % Asia-Pacific 2 0 % Africa 5 % South America 3 % Different industry leaders choose InsBeCo Welcome to the world of inspirational micro-courses! We help new business champions grow! InsBeCo
Business BLISS B alance, L eadership , I nnovation , S ynergy , S peed © Vadim Kotelnikov Live speed – think fast, make fast decisions, get to the market faster than your competitors S peed Harness the power of diversity, leverage critical opposites, create cross-functional synergies S ynergy R einvent continually your organization, processes, technologies, products and business model I nnovation Lead more, manage less; empower, inspire, and energize your people – unlock their true potential L eadership Balance top-line growth and bottom-line results, the whole and the parts, internal and external B alance
Balanced Approach to Business System Balance Your Business Wheel Increase stakeholder value through a dynamic balancing of competing values An unbalanced wheel will roll neither fast nor far The Power of Balance Balancing 10 resources between 2 perspectives Case A: 10 × 0 = 0 Case B: 9 × 1 = 9 Case C: 8 × 2 = 16 Case D: 7 × 3 = 21 Case E: 6 × 4 = 24 Case F: 5 × 5 = 25 Customer STRATEGY Innovation Finance Processes © Vadim Kotelnikov 25 20 15 10 5 0 Results A B C D E F InsBeCo
Balanced Business System Balancing Dynamic Organizational Dichotomies balancing four different perspectives: employees, shareholders, customers, and innovation balancing short-term results against long-term capabilities and growth opportunities balancing between centralization and decentralization balancing between hands-on and hands-off management approaches, loose and tight leadership style finding a balance between chaos and order: “Without order nothing can exist – without chaos nothing can evolve.” creating a delicate balance between teamwork and individual creativity More information at 1000ventures.com: “ The Power of Balance ” ☯ ☯ ☯ ☯ ☯ ☯
Effective Leadership Attributes × Results = The Roadmap for Improving Leaders Demonstrate LEADERSHIP ATTRIBUTES
- Emanate personal character
- Master competencies
- Set directions
- Build organizational capability
- Mobilize individual commitment
CUSTOMER Results Achieve RESULTS EMPLOYEE Results INVESTOR Results ORGANIZATION Results X “ Management works in the system. Leadership works on the system.” – Stephen R. Covey More information at 1000ventures.com: “ Effective Leadership ”
SuperLeadership Developing Self-Leaders At All Organizational Levels More information at 1000ventures.com: “ Entrepreneurial Organization ” Superleadership is leadership that inspires organizational success by showing followers how to lead themselves.
- Key Benefits
- high follower development and self-confidence
- high team performance and flexibility
- high team creativity
- high ability of the team to work independently in absence of leader
- continuous innovation and improvement
- high long-term performance
Treat your followers as self-leaders and they will become self-leaders. "The function of leadership is to produce more leaders, not more followers." – Ralph Nader
“ Every organization-not just business-needs one core competence: innovation” – Peter F. Drucker
- Innovation Areas:
- Improved management systems and leadership approaches
- Improved processes and systems supporting innovation
- New products & services
- Better ways for reaching & servicing customers
- More effective & efficient business processes management
- Quality improvements
- Novel and leaner production techniques
- New approaches to information and knowledge management
- Better internal climate, motivation, and communication
- New forms of employee & stakeholder participation
Innovation is the conversion of knowledge into new products and services. It is not a one-off event, but a continuing response to changing circumstances. Sustainable Innovation The Key to Survival and Success More information at 1000ventures.com: “ Innovation ”
Systemic Approach to Innovation Seven Interwoven Areas BUSINESS innovation © Vadim Kotelnikov ORGANIZATIONAL innovation PRODUCT innovation PROCESS innovation MARKETING innovation TECHNOLOGY innovation STRATEGY innovation More information at 1000ventures.com: “ Systemic Innovation ”
Synergy Achieving Extraordinary Personal and Business Results Synergy is the benefit derived from combining two or more elements so that the performance of the combination is higher than that of the sum of the individual elements. Examples InsBeCo 1 × 1 = 11 The Formula of Synergy Synergy is the power behind business partnerships. In a business partnership, two parties leverage their assets (resources, capabilities, expertise, client base etc.) for the mutual benefit of both. Business Partnerships Your sustainable competitive advantage is determined by your corporate capabilities and their unique combination you create to achieve synergy. Competitive Advantage Creativity is not about inventing something totally new, it is about making new – synergistic! – connections. Creativity
"If you're not fast you can't win... Speed is everything. It is the indispensable ingredient of competitiveness." Speed, simplicity and self-confidence are closely intertwined. By simplifying the organization and instilling confidence, you create the foundation for an organization that incorporates speed into the fabric of the company.
- Cultivate the culture of speed
- Eliminate layers
- Remove all roadblocks
- Don't "sit" on decisions
- Create an open organization
- Communicate faster
- Make speed a habit
- Pounce every day
More information at 1000ventures.com: “ Fast Company ” Lessons from Jack Welch Live Speed Best practices
Fast Company Moving Ahead Of Your Competition Fast thinking Fast decision- making Fast to market Sustaining speed
- Forecasting & road-mapping
- Anticipating
- Spotting trends
- Brainstorming
- Putting every idea through the “grinder”
- Letting the best idea win
- Establishing guiding principles
- Getting rid of bureaucracy
- Shuffling portfolios
- Unpacking proposals
- Constantly reassessing
- Launching a crusade
- Owning competitive advantage
- Getting suppliers move fast
- Staying beneath the radar
- Institutionalizing innovation
- Simplicity
- Boundarylessness
- Self-confidence & growth attitude
- Financial flexibility
- Business Process Mgmt System
- Managing creativity
- Staying close to the customer
Adapted from “It’s not be big that eat the small…It’s the fast that eats the slow”, J.Jennings & L.Haughton More information at 1000ventures.com: “ Fast Company ”
Business BLISS Inspirational Micro-course 1000ventures InsBeCo 1000advices success360 fun4biz InsBeCo Thank You! Vadim Kotelnikov We don’t teach, we inspire! Would you like to discover more? Click here!