Finding that sweet spot where what you do best as a business intersects with client needs is critical if your business is to be successful. But client needs are never static and, therefore, your capabilities as a business must always be evolving.
Active Knowledge Question:
Do the current and future leaders of your business have a clear view of where your business’s capabilities need to evolve to remain competitive?
Knowing what your business can do well and what it cannot guides your competitive effort. It informs what directions to move in, what competencies to build, and which capabilities to strengthen. As today and tomorrow’s leaders, you must land on an agreed view of what you truly know and acknowledge are your business’s competencies and capabilities, if you are to compete effectively.
‘We have identified a set of core competencies that form the basis of our direction.’– David Lowy, Lowy Family Group.
Client needs are always changing and, therefore, ‘what you excel at’ as a business must also be evolving so that you are able to continually deliver winning client value. In fact, you don’t want to be chasing others in your chosen market but rather be the leaders. The ones who are setting the next level of customer value and to which others look to.
To do this, competencies and capabilities must always be growing and compounding.
‘We build and manage shopping centres very well.’– David Lowy, Lowy Family Group.
The challenge in family businesses, and in succession, can be allowing the new generation of leaders to develop a new set of competencies and capabilities for the next generation of businesses.
As a business leader, absolute clarity on what your business excels at, how to take that to another level and why that will deliver the next level of customer value is a must.
A final quote to reflect on: ‘Gut instinct from experience balanced against good advice leads you in the right direction.’– Lachlan Murdoch, News Ltd.
Next week’s leadership theme: ‘Competitiveness Through Employees’.
An entirely new level of performance.
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All the best in the success of your business,
Richard Shrapnel
