The Top 5 Success Factors for High Performing BusinessesOctober 23 2017
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