These 5 Ways Will Help You Achieve Business Excellence
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Aug 20,2021
- 14 Mins Read
The world has been behaving differently since the pandemic. Consequently, businesses have borne an equal effect of the health crisis. In difficult times like these, business owners have to continue to run businesses without having any external support coming to them. It is a unique situation wherein they would have to pick their path and choices. Henceforth, attaining business excellence is not possible.
What is Business Excellence?
Business excellence is developing and strengthening the management system and processes of an organization which, in turn, can create a better shareholder or stakeholder value. This concept is implemented in large organizations such as Tata Group, Titan, and Mahindra.
However, small business owners are not versed with the concept of business excellence. They handle challenges, enterprise capability, and organization strength, which are distant from other firms. Such small entrepreneurs are not deeply involved in the business.
Focus on 3 Areas
Every entrepreneur should focus on three areas that concern them--growth, performance, and innovation. Small business owners should ask these three questions themselves: How do I bring growth to my company? How do I bring better performance? How do I continue to operate?
Conventional businesses think if they have to grow then they have to work harder than yesterday to attain growth. It is actually a myth as at a certain level, business owners will exhaust all these resources. If they want the organization to grow, then they would need to have different thinking called Operational Innovation.
Company owners are addressing the same problem for which they started the business but presently, they are addressing it better through innovation. So, it is not just about the strategy but equally efficient execution along with innovation. In the last two or three decades, the companies that performed well did not redefine the problem, they have delivered an efficiently great execution.
To attain business excellence, small and medium-sized businesses have to focus on five things, which are as follow:
Monitor the Performance
Performance is divided into people, in the form of hiring and involvement in the business. It is important to ascertain- How do you hire, develop and make people 100 per cent committed?
The answer to this question relies on 3Cs- care, concern and connect. Entrepreneurs can depict care, show concern, and connect with people. Transparency is also important as it enables better involvement and engagement.
Build a Breathing Organisation
SMEs are a breathing organization as they are taking a lot of input and learning as a firm. If their people are not understanding as to what they are delivering, then it becomes expensive to get them back.
To understand this, a breathing organization can study the observational insight of the company.
Envision the Future
It is vital to define the future of the company. If the business owner is constantly operating the business, he does not have time to scrutinize the overall business as he is constantly moving. While foreseeing business events, the company owner should ensure that his vision is not too long. They cannot predict what the next five years will be but they can foresee what the next two years are.
Build Repetitive System
Anything a company does can be a repeated system if it is giving the same type of consistent results. If the business owner defines an organization or every single process of the company, which is repeatable or trainable, then it helps achieve business excellence.
A company should examine its financial background, consumer experience, organizational capability, and performance of organizational assets. These elements together constitute a company’s scorecard. Business owners should stop engaging in other areas and start reading your business go-cart and rate yourself how they are growing in all these aspects.
Companies should reinforce these areas to attain business excellence in the long term. Focusing and working on these niches help increase revenue, profits and performance.
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