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Fit for Growth
Enabling success through transformation and operational improvement.
Ireland is experiencing a period of unprecedented economic growth.
- We are the fastest growing economy in Europe, and have been for the last five years.
- Unemployment is at a historical low.
- The consumption and export of our goods and services are increasing.
So why are business in Ireland under-investing in the future?
- Is it the absence of adequate infrastructure to support business growth?
- The growing war for talent in the labour market?
- The volatility and uncertainty of the geopolitical landscape?
Austerity still lingers in the minds of business leaders. New disruptions loom on the horizon - like globalisation, automation and tax reform. In spite of their fears, businesses need to survive and thrive. What do they have to do to prepare for success?
They need to be fit to grow.
What does being fit to grow mean?
Being fit to grow means finding ways to sustain profitability and cultivate growth, irrespective of the climate.
In practical terms, that means:
- Focusing on developing and nurturing the things that set you apart
- Turning the things that set you apart in the marketplace into competitive advantages
- Having a lean and agile operating model that can expand and contract depending on circumstances
- Employing people prepared to face challenges and who thrive on innovation, inclusion and openness
- Nurturing a culture of continuous improvement that helps transform the whole business
What are the keys to being fit to grow?
Capabilities
Organisations need to understand which of their capabilities will help them succeed. What is it about what you do that is exceptional? What makes you distinctive in your field? Your capabilities can be defined as a well-designed combination of processes, tools, knowledge, skills and organisational design and culture that delivers a specific outcome - namely, your future growth and success.
By being laser-focused on developing the things that make you exceptional and stand out, you can create a dynamic proposition. Doing that will attract new customers, make your current clients loyal sources of business and focus your whole organisation on collaborating to keep you ahead of the pack.
Cost management
When you know what it is that differentiates you and that will make you successful, you need to direct resources to support what sets you apart. Focus on those differentiators that will give you the highest strategic and financial returns.
Doing that might mean changes to your operating model or supply chains. The priority should always be efficiency. The most successful businesses accept change as a cultural norm. They are not afraid to divert resources to the right places at the right time to develop capabilities that put them ahead of their peers. They have efficient decision-making processes that involve and are bought into by all staff.
Culture
Building a culture in your business that makes you fit to grow means empowering your employees and making emotionally connected and committed to your future collective success. Employees feel jointly responsible for fulfilling corporate goals and do not want to let each other down. It also means having a high level of shared proficiency where people collaborate across functional boundaries to raise the standard of their output.
At the heart of the highest performing organisations is a culture of excellence and continuous improvement. Their culture recognises and acknowledges their capabilities as strengths to be played to. Every member of staff adopts and lives those values, every day. This is the culture that your business needs to be fit to grow.
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