What makes a world-class organization? Some would argue that a world-class organization is defined by fancy office furniture, corporate cars, and employee perks. This is a long perception. A company is not defined by the physical features, but by the people working in it. A company is defined by its culture and how they serve its customers and how employees are treated. A world-class company is made of world-class leadership, world-class employees, and a world-class culture. As a business leader, you need to focus on your leadership style, your employees and your company culture.
BE A WORLD-CLASS LEADER
For you to form a world class-company, you need to be a world class-leader/CEO. The business world is changing at a high rate. New technology trends are emerging, marketing trends changing, customer needs emerging, as well as new competition. Business dynamics are changing and as a result, as the leader of your company, you need to raise the bar even higher. You need to put your business in a position to adapt to these quick changes.
So what skills to Business schools need to teach the new generation of business leaders and upcoming executives? For the old executives, do they need to go back to school to learn new skills to improve their leadership style? Surprisingly, most of these skills are not taught in B-schools. No B-school or any MBA program will ever teach you on “How to become a world-class CEO”, or “how to build a world-class organization.” Most of these trends happening in the business world are not taught in any Business curriculum.
As a business leader, you need to watch the pace, pay close attention to the competition and stay up to date with new technology and political trends that may affect your business. By understanding these trends, you will be able to put your business in a position to adapt quickly and overcome any obstacles that come with these trends. For example, business leaders need to keep an eye on politics and the law. Political trends may affect the market. Lawmaking bodies may pass laws affecting taxes and business leaders need to be up to date so that he may counter every change and obstacle that come his way and that of his company. The leader should also be a role model and inspirations to the employees. As the leader, it is your role to keep your team focused on the big picture. You do this by eliminating any fear and doubt in their minds. You do this by staying strong despite any challenge because all eyes are on you. These qualities are what differentiate between ordinary CEOs and world-class CEOs.
BUILD A WORLD-CLASS TEAM
A leader is as good as the people that follows him. For you to position yourself as a world-class leader, you need to create a world-class team. With a strong leadership and a strong team in place, your company will be the organization to beat among the competitive landscape. Your team should have a shared vision. They should work for a purpose. If team members have separate vision, everyone will follow his own direction and the company will have no real results. But when the whole team work for a common vision, they all move in one direction leading to great results. Every team member brings his/her own talents to the table and all these talents combined lead to achievement of great results.
For you to have a great team, you need to hire up. Hire people smarter than you so that they can complement you. Hire people with different skills that complement each other. As the leader, you need to access yourself to know your strengths and weaknesses. This will enable you to identify skills you lack and hire people who possess those skills. Those skills combined with your vision and a strong leadership ability will make your company stand out from your competitors.
For your team to be effective, you need to delegate roles. Give each role to the most qualified team member. Delegation creates accountability. You also need to mentor your employees in order to develop leadership at all levels. This will enable the leader to focus on strategic issues like long term partnerships, investor relations and other factors that make him a better leader and his company a world class organization. The leader should also develop talent from within. He should give his team learning opportunities like bench marking and workshops. This will keep motivating employees and they will work effectively.
It is also advisable to recognize achievements. As the leader of your company, you need to retain the best talent within your organization. Recognizing achievements among your employees will motivate them. You should recognize and reward achievements through salary rise, promotion and other benefits. This will also prevent your company from losing the best talent to your competitor. Your team is your greatest resource your company has. You should invest in your employees and strive to retain your best talent.
Nurturing relationships with your customers is crucial for your business success. Any company`s goal is to retain its customers. You should create lasting relationships with your clients to prevent losing your customers to your competitors. World class organizations are defined by their level of customer relationships. The following are ways to create good relationships with your clients:
a) Be kind and grateful to your customers
Always say thank you to your customers. This will make them feel appreciated. Clients are most likely to spend more time where they are appreciated and treated well.
b) Always keep your word
Your business should always live to its word. Always live up to the customers’ expectations. Set realistic goals. Avoid making promises you cannot keep. This will build trust and reliability.
c) Build a community for your customers
With inbound marketing, it`s possible to build and grow a community for your clients. This community should bring together people with similar interests that are related to your brand. For instance, if you are running an online learning business, you can build a social media group of people taking online courses for them to interact and share their experiences. People like connecting with people they share interests with. You can also create a Facebook page to bring your fans together.
d) Monitor and respond to customers` concerns
Social media is a great platform to listen to customer concerns. Through social media pages and communities, customers may air their concerns regarding a product or service. You should listen to their concerns and address them accordingly. This is a great way for a company to ensure maximum customer satisfaction.
e) Learn everything you need to know about your clients
Social media is a great tool to gather data about your customers. This data may help you discover their needs and address them. Knowing more about your customers is a good way to create and nurture relationships.
f) Collect feedback from your clients
After any good or service delivery, it is advisable to collect feedback from your customers. Ask them what they feel about your products or services, and what they feel needs to change. Make sure you react accordingly to their feedback.
g) Maintain a constant communication with your clients
Constant communication with your clients helps nurture relationships. Stay close to your clients` inbox through email alerts and subscriptions. You should use email alerts to update your clients about major events concerning your company, new brands etc. This will help keep your business in your clients` minds. This will go a long way in nurturing your relationships.
h) Grow an army of loyal clients
One of the best sales comes from customer referrals. Therefore, a company should grow a number of happy customers. These customers will refer their friends to you. This will grow your customer base, therefore increasing your sales.
BUILD A WINNING CULTURE
For you to build a world class company, you need a winning culture, a culture that separates you from your competitors. A culture can make or break a company. Your culture should guide the company on many issues ranging from your team interaction, your hiring process, among other issues. Your company culture should promote team work and healthy customer relations. It should guide employee conduct and behavior and build your brand image. A winning culture will place your company at a higher level than your competitors. A good culture is what separates world class companies from ordinary ones.
HAVE A CLEAR SUCCESSION PLAN
A world class company is one that can last from one generation to another. As the leader of your company, you should have a clear succession plan for your company. Ensure your company exists beyond your existence. This will ensure your company continues to serve the community and pass your legacy to the next generations. Learn more about succession in our SUCCESSION PLANNING COURSE.
A world class company is defined by a world class leadership, a world class team, a winning company culture and a clear succession plan. A company leader should address these issues in order to make his company stand out from the rest.