In the last article dated 02/09/19, I talked about CENTRE OF PROFIT, its relevance and importance for any business. It’s a short term achievement required to stay profitable and relevant. Plans and policies are set to achieve short term goals of building revenue say around a year’s time executed by Managers.
Once an organisation has reached the Centre of Profit, it can think of pursuing the next level of Centre of Excellence which deals with achieving short to long term organisational goals of building capabilities typically in the time frame of around 1 – 3 years. This is executed by Leaders who are in a position to take strategic decisions for the business to scale new heights in the same space.
This is a very crucial stage wherein an organisation dreams of scaling new heights, investing in resources which help in building new capabilities. This will not only help the business grow but also help in building the next and best practices for the business to thrive in today’s modern cut throat competitive times.
Building the next and the best practices would require a lot of investment in departments like Research & Development, Staffing, technology, etc. Also all other managerial teams will have to grow and fulfil the company’s vision accordingly. Investments in the right resources will lead to the desired returns specially investing in the right technology and professionals with distinct forte in their respective fields will lay a firm foundation upon which teams will be built and nurtured to achieve the eventual goal.
The business model will have to be fine-tuned in a manner that there’s communication excellence about the company products and services to the last end customer. For this the Content & Marketing Teams will have to work closely and ensure customers are given a WOW experience each time. This customer delight will help bring new customers to the business and also entertain the existing clientele to stay brand loyal which will further bring new business.
Client Servicing has to be top quality and customer grievances have to be redressed on a priority for the brand to stay credible in the minds of the customers. Marketing activities need to be planned in ways which induce top of the mind recall to a customer for the business to sustain and thrive in today’s cut throat competitive times.
There has to be sync in the functioning of all the departments for an organisation to achieve the shared, desired goals and do justice to the investments made in different resources.
“Excellence is the gradual result of always striving to do better.”- Anonymous
The same way, a dedicated effort has to be put in by all teams to move collectively towards the desired goals and keep on developing new capabilities. There should be a healthy competition amongst team members and across all teams. Both have to fall in place and work in tandem, in collaboration on a routine basis to develop a healthy, thriving work culture which helps to churn out the desired results based upon common objectives and goals.
As per the Product Life Cycle, companies having products which are between the Product Introduction and Product Maturity Phases strive to attain the CENTRE OF EXCELLENCE for further growth and development. This change is brought about by Leaders who run the show, who are accountable for the growth of the company.
They take the onus upon themselves to strive and reach towards their goals by leading from the front and setting a benchmark for their teams to take the next leap and follow suit in this process of attaining excellence at each step right from planning to execution.