Ireland is experiencing a period of unprecedented economic growth.
So why are business in Ireland under-investing in the future?
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.
PwC’s annual Business Forum event took place at the CCD in Dublin. Here are some of the highlights of the conference and the insights from the attendees.
Being fit to grow means finding ways to sustain profitability and cultivate growth, irrespective of the climate.
In practical terms, that means:
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.
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.
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.
