Question

What are two of the key determinants of the success and speed at which organizations adopt new innovations into practice?

Answer 1

              KEY DETERMINANTS OF SUCCESS AND SPEED OF AN ORAGANIZATION

                         There are mainly 5 key determinants of success of an organization. Let’s discuss briefly regarding all the 5 key factors of success.

§ Strategic Focus (Leadership, Management, Planning)

§ People (Personnel, Staff, Learning, Development)

§ Operations (Processes, Work)

§ Marketing (Customer Relations, Sales, Responsiveness)

§ Finances (Assets, Facilities, Equipment)

• Strategic focus

                    In strategic focus ,focus on what the customer values most. Core values are powerful statements of what we and our team passionately believe is most important in our business. People will know us really believe in those values when they see we talking about them naturally as we “manage by walking around” and work with others to solve problems. Use the values every day to demonstrate our commitment and strengthen their benefits for our organization.

                       Specific strategies need to be translated into tactics – what are we going to do week by week, who is going to be responsible, how are we going to measure progress, and where is the work being done. A system guiding daily actions generates measurements, data, that can be used as feedback to continuously improve as well as to hit those stretch goals. Create a system that works like a well-oiled machine and can be constantly improved year after year. It is the job of the strategic leaders of the organization to make sure everything is connected, works as one, works as a whole, so that the whole is greater than the sum of the parts.

• People (Personnel, Staff, Learning, Development)

                       People should hired based on talent and personal strengths and organized with a structure that is clear yet adaptable to change. People has given opportunities to develop their valuable skills and knowledge. People should rewarded for desirable performance, individually and as a team. They should motivated by focusing on their strengths and given positive feedback and are kept informed of new developments with frequent communications. People should cooperate with each other to achieve customer satisfaction and profits.

• Operations (Processes, Work)

                             Operations should documented, measured and controlled with full worker input. It should be explained so that people understand responsibilities for creating value and encourage innovation and collaboration throughout the organization. Operations should continuously improved with enthusiastic participation and are aided by effective computer information systems and programs.

· Marketing (Customer Relations, Sales, Responsiveness)

                          Organization have defined target markets in which we can sustain our advantage. And continuously monitor customer needs, values and satisfaction. The Organization attract new customers with targeted communications in multiple media and they manage customer expectations and perceptions to ensure satisfaction. They keep customers informed in language they understand. Organization encourage customer feedback and communicate it internally to everyone. They monitor competitor moves and market trends to be proactively prepared.    

· Finances (Assets, Facilities, Equipment)

                    It is better to have a complete accounting software program operated by a trained bookkeeper or accountant to make sure your cash flow is adequately strong and that are actually making profits every month. Once a month need an updated income statement showing whether or not we had a net profit for the month, and tracking all expenses in case something gets out of line and creates issues. Breaking all services down to specific projects allows more accurate tracking of income vs. expenses for each project.

                             Giving people annual raises regardless of performance does not reinforce behaviors that are financially beneficial for the company, and may have the opposite effect. With rapidly developing technology, it’s important to keep hard assets and equipment up to date and in good repair. Downtime can be costly and in the long run cost more than regular upgrades Again this is very important for morale, enhances productivity and profits, and makes a more positive impression on customers and prospects. Treat the employees the way you would like to be treated, for best results.