This epiphany started with a question asked at a business event attended by senior corporate leaders, credentialed academics, consultants, and a few entrepreneurs and business owners like me. The question: "What is the most important principle in business?" "Operational excellence," said one person. "The business model," said another. "TAM" said a third voice. "Innovation," said another. And so on.
Most of the responses focused on similar strategic and tactical attributes leveraged by smart and successful businesses. However, I believe they missed a critical component that impacts true business performance.
Most businesses think of themselves in narrow terms, describing themselves by the category they operate in or the type of work they do. "We're a manufacturing services creative... transportation... etc business," they claim. This is a trap. What they need to realise is that really, at the root, they are in the people business.
As Peter Drucker, the most influential business thinker of our generation, said: "The only reason for a business to exist is to create and keep a customer." Customers of business are people. Suppliers to business are people. Employees of business are people. Businesses exist only because people serve people. And the tie that binds these three critical stakeholders in any business is one word: Trust.
Trust is one of the most vital management principles. It is a belief in the abilities, integrity, values, and character of any organisation. Trust is essential for building successful relationships and can have a huge impact on business performance from improved financial outcomes and customer loyalty to employee engagement and resilience.
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Denne historien er fra July 2023-utgaven av Indian Management.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
