In reviewing 175+ businesses over the last 10 years, GMC Entrepreneurs’ Programme Business Adviser, Vlado Baban has built a tacit knowledge base of the ideal characteristics of an exemplar organisation, irrespective of industry sector. His top five success factors of high performing businesses are:
- Continuously challenge the boundaries of the Ansoff (Revenue Diversification) Matrix. It is important to drive >5% of revenue from new products/services in existing markets, and/or drive revenue from existing products/services in new markets. Rule-of-thumb: it normally takes a few diversification initiatives before one turns into a major revenue driver.
- Value-based hiring practices are helping to identify top performers in interviews, who also exhibit strong Social Quotients (SQ) and Emotional Quotients (EQ). Since values/attitudes drive behaviours/actions, it is important to identify job candidates with the right values that align with your business.
- Use one page strategic planning tools. This will ensure your business plan remains current because one page tools are easy to update and enable you to use a continuous iterative planning process.
- Segregate your P&L by functional department, or further down to work-centre level, and shift P&L reporting ownership to functional managers.
- Continue to improve business process maturity, where the aim is to mature from reactive, formal, deployed, autonomous, to full-codified processes.
If you’re interested in lifting the performance of your organisation, a conversation with one of GMC’s Entrepreneurs’ Programme Business Advisers or Facilitators is a good first step
Call Vlado Baban on 0418 120 373 or email [email protected]
The Geelong Manufacturing Council works in partnership with the Australian Government to assist with delivering services for the Entrepreneurs’ Programme. It forms part of the Australian Government Economic Action Strategy, with over 100 experienced advisers and facilitators around Australia.