I run regular engagement sessions with the staff at PM-Partners. These sessions keep everyone up to date on how our business is going, alongside our challenges and wins. These sessions are a fantastic opportunity for all to engage directly with each other. At a recent session I was asked, “What is the greatest vulnerability to our business?”
While every CEO would determine what puts their business at risk based on their own business circumstances, I thought I would provide my thoughts on potential business risk:
- Taking into consideration where we are today and the successes we have achieved, these accomplishments will sustain us in a competitive environment. The pace of change is so demanding that we constantly review the business strategy to ensure we are adapting to the changes in technology, customer behaviours and customer requirements. We engage a cross-section of individuals to review our strategy, which ensures diversity of thought around what will make the company more successful. The strategy is then adapted to fit these changes.
- Our people make us vulnerable, we are potentially not placing enough emphasis on managing people risk. To elaborate, we should dedicate time and resources to our existing team – do something as simple as “managing by walking the floor”.
- As an organisation, we need to be able to respond quickly to a dynamically changing business landscape – agility and agile teams allow us to keep ahead of the competition. All businesses should strive to leverage a more sophisticated and personalised customer engagement model.
Taking steps to proactively manage the vulnerabilities within your organisation is essential to business success. What areas do you feel are vulnerable in your organisation? Share your thoughts in the comments below.
If you require assistance with your business transformation, contact myself or PM-Partners on 1300 70 13 14.