Many companies don't see the opportunities on the both sides of the Valley of Death. They trust their current competitive advantage and don't discern the coming risks. Their inner mentality and capabilities don't catch what is going around. This is related to the leadership qualifications, experience, know-how and their personal skills. Do you know that approximately 90% of the leaders/managers are average or worse! This is a big issue for companies. Be careful!
I see that the following key issues are crucial for business leaders/managers and they have to take action to create growth and profitability faster than competitors.
INNOVATION! HOW? Many leaders/managers see the innovation as the new product development and launching. This is not correct. Some others see innovation as a magic. This is not correct. Innovation is a systematic and continuous development and improvement processes that cover all of the business operations in an organization. People from top level to the bottom, everybody should work in highest alignment and improve and also make better their daily operations.
Are all of these improvements sufficient for creating competitive advantage? The answer is "no".
Solution
1- They have to create an innovation department.
2- They should hire and work the true qualified people that have excellent experience, know-how and personal skills. These people should know the local and global markets, operations, marketing, regulations, quality, new product development, sales, power branding, customer needs, finance, sales, technology and last and important one "Innovation Management".
3- They should develop and implement a marketing and innovation strategy. It should contain short and long-term business strategies.
4- They have to make competitive intelligence.
5- They have to make a long-term sector analysis.
6- They should go to new markets (local and international), and also bring new technologies, new products, new concepts, and new services.
7- Provide a better and continuous communication with customers.
8- They should be faster than competitors.
TEAMWORK! HOW? Teamwork can play a vital role in helping an organization to reach its main purpose. But teamwork is not appropriate for every situation. I have to say that at their worst, teamwork is unproductive and frustrating, and they waste everyone's time in organizations.
Solution
1- Create an organizational knowledge and a high-achieving culture within the organization by developing and implementing good communication and collaboration.
3- Establish organizational alignment.
4- If necessary, develop an effective team that should have a clear sense of purpose, honest and transparent communication and collaboration, creative thinking, well focused, and taking decisions by consensus model.
5- Work with highly experienced or skilled leaders/managers that have good emotional intelligence that is really valuable in creating excellence in teamwork.
QUALITY! HOW? Today many companies are losing their money due to the failures in their products and services due to the failures. Normally they have enough analytical methods, procedures and people for this function. On the other hand they increase their productivity and lose their profit with quality failures and recalls. What are the reasons?
Solution
1- Create highest alignment, organizational culture, good communication and collaboration within the organization.
2- Create a team that does not stay at room and control every detail of the processes of the business.
3- Trust, recognise, encourage your people. Be honest and transparent. Provide an organization that works in highest harmony in accordance with company's main strategic objective.
4- Today we have big technological opportunities to detect quality defects and service failures. It is a simple process.
5- Develop and implement risk management! Be proactive. Take continuous preventive measures. Make regular analysis and see the reality. Don't leave your business to chance!
6- Hire and work with right people in quality management. Quality leaders/managers should have excellent experience in operations, regulatory, quality, supply, laboratory, communication, customer needs and other fields.
CONCLUSION
If companies don't hire and work with true skilled leaders/managers and give the strategic importance to Innovation, Teamwork and Quality faster than others, they can face with failures in creating growth, profitability and competitive advantage in today's hypercompetitive and digitized business world. Their arrival point may be the Valley of Death.
Therefore you've got to make Innovation, Teamwork and Quality everyone's job, all the time by working with true leaders/managers! Be careful!
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