Vertifi - Association of Credit Union Senior Executives

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  • Because there is no way in the world that I can know as much about your business as you do, many of my suggestions and ideas I present will be somewhat generic, which means it is up to YOU to take the ideas I present and figure out how to make them work in your company, in your specific market, with your customers, with your employees. If you will continually ask the three questions above every time I put up a slide, there is a good chance that you will uncover something that will help your business significantly.
  • Vertifi - Association of Credit Union Senior Executives

    1. 1. Achieving Business Excellence Understanding the Pattern of Business Success
    2. 2. This is a very special workshop • I have a ton to cover and I will go pretty fast. • 80% is in the book. • Please take notes and ask questions. • I am happy to answer any of your questions, offer advice and recommend books at any time. • Work very hard… take this seriously. The slides are already posted at: www.SlideShare.net/johnspence
    3. 3. Most people are so busy working IN their business thatthey do not take any time to work ON their business.
    4. 4. What does this mean to me? How can I use this idea? What can I do right away?
    5. 5. Reality Check Knowing – Doing 1 -10
    6. 6. 2 The Four Ps
    7. 7. (T + C + ECF) x DE = Success 2
    8. 8. Do you have a clearly focused and well-communicated vision and strategy for growth? Effective Strategy = Valued Differentiation x Execution
    9. 9. Five Foundations of Effective Strategy Business Acumen Personal Experience Pattern Recognition Strategic Insight Disciplined Execution 2
    10. 10. The Four – I’s • Ignorance • Inflexibility • Indifference • Inconsistency Page 2
    11. 11. How to avoid the Four I’s 1-10 • Aggressive external market focus. • Aggressive customer focus. • Keep the “Main Things” the main things. • Bullish on knowledge sharing and learning. • Teamwork is mandatory – not optional. • Passion and commitment at all levels. • Foster a healthy paranoia. • Revel in change. 2
    12. 12. • The willingness… even enthusiasm… to change EVERYTHING combined with the wisdom to understand what must NEVER be changed.
    13. 13. The Key To Success in the New Normal… •Nimbleosity •Nim-bo-licous
    14. 14. To get the most from our session together… It is absolutely critical that you be brutally honest with yourself today. 3 So let's get started with a little self-test…
    15. 15. “Simplicity is the ultimate sophistication” Leonardo da Vinci
    16. 16. The Toyota Way 1-10 • Challenging Vision – We form a long-term vision, meeting challenges with courage and creativity to realize our dreams. • Kaizen – We improve our business operations continuously, always driving for innovation and evolution. • Genchi Genbutsu – We go to the source to find the facts to make correct decisions, build consensus, and achieve our goals at our best speed. • Respect, Challenge and Help your People and Suppliers – We respect others, make every effort to understand each other, take responsibility and do our best to build mutual trust. • Teamwork – We stimulate personal and professional growth, share the opportunities of development, and maximize individual and team performance. 5
    17. 17. 1,300,000 interviews: Basic 4 + 1 Wow — No Surprises — Celebrate 5
    18. 18. The level of highly satisfied and engaged EMPLOYEES in your business. The number one factor in increasing the level of highly satisfied and engaged CUSTOMERS in your business is…
    19. 19. Key Drivers of Business Success Financial Performance Quality P&S & Customer Relationship Employee Satisfaction Empowerment High Standards Long-term Orientation Enthusiasm, Commitment, Respect Training & Development Fair Compensation CR=104.12 CR= .404 CR=.334 CR=.277 CR=.275 CR=.249 CR=.280 Coaching CR=.285 CR=.371 CR=.365 CR=.191 CR=.247 5 Workshop Page 6 Tolerate Nothing Less Global study: 16 countries 29 companies 139 offices 5,589 respondents
    20. 20. 10
    21. 21. Twice weekly surveys for five years of 2,000+ senior managers and executives at: • IBM • GE • Morgan Stanley • Merck • 3M • Microsoft • CIGNA • Heineken • MasterCard • Fidelity • Motorola • Ikon • American Express • Progressive • Bank of America • AT&T • SAP • Borders 10
    22. 22. Keys to effective management… • Communicate clearly • Force the hard decisions • Focus on results • Remain flexible to change • Prove your value to the customer • Force collaboration • Rigorous but not ruthless… 1 - 10 From: Think Big – Act Small by Jennings 10
    23. 23. Extreme Customer Focus
    24. 24. Web of Value: VOC + MOT + WOM 8
    25. 25. VOC 8
    26. 26. Moments Of Truth 8
    27. 27. VOC + MOT Workshop: Page 8
    28. 28. 78.9% 23.4%
    29. 29. 43% - 74% of purchasing decisions = WOM/T
    30. 30. You MUST have a WOM Referral System Identify Ideal Customer Refer Ideal Customer
    31. 31. WOM workshop page 9
    32. 32. The Evergreen Project 10 year study of 160 top companies 40 distinct industries 200 management practices Winners, climbers, tumblers, losers Winners had an average Total Return to Shareholders of 945%... The Losers only averaged a TRS of 62% From: What (really) Works by Joyce, Nohria, Roberson
    33. 33. The Four Primary Practices: 1. A sharply focused, clearly communicated and well-understood strategy for growth. 2. Flawless operational execution that consistently delivers the value proposition. 3. A performance-oriented culture that does not tolerate mediocrity. 4. A fast, flexible, flat organization that reduces bureaucracy and simplifies work. 10
    34. 34. The Secondary Management Practices: • Talent = find and keep the best people. • Key leaders show commitment and enthusiasm for the business. • Embrace strategic innovation. • Master the power of partnerships. Score yourself on the 1–10 scale for all eight practices on page 10
    35. 35. What Inhibits Execution? National Survey of 4,000 Senior Executives 4. Inability to work together (21%) 3. Company culture (23%) 2. Economic climate (29%) 1. Holding onto the past / unwillingness to CHANGE (35%)
    36. 36. In other words… • In order to succeed you need a high-performance team that embraces a strong culture of disciplined execution and accountability while being nimble, agile and adaptable to changes in the marketplace.
    37. 37. Disciplined Execution Clear Vision Detailed Strategy Guiding Coalition Alignment Systems Communication Support Adjust Reward / Punish 11 1 - 10
    38. 38. Individual Workshop • Go back and look at all of your audits. • Where were your low scores, where were your high scores – what is the pattern? • Look over your notes – what were the key themes? What are the most important ideas? • Answers all the questions on pages 12 - 14 • Put in as much detail as possible. • Be very honest with yourself. • Think in terms of Actions and Outcomes.
    39. 39. If you have any questions at all please do not hesitate to send a note or call. My email address is: john@johnspence.com My twitter address is: @awesomelysimple *** Please connect with me on LinkedIn *** Also, you might find value in the ideas I share in my blog. You can sign up for it at: www.blog.johnspence.com Lastly, these slides have already been uploaded to: www.slideshare.net/johnspence Page 15

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