Not a lot has changed (in some respects) post Covid eh? That ‘retun to normal’ didn’t quite happen did it? Some would say that’s a good thing? Our VUCA world continues to move through the peaks and troughs of opportunities and risks – often in equal measure – at such a breathtaking pace. So, how do we navigate our businesses through all this?
The article below, written Mc Kinsey’s, is a great starting point: They suggest a twin focus on both ‘holistic performance’ (financial performance, organizational health, talent, and capabilities, customer focus, and ESG impact) and ‘business reinvention’ (a significant shift in a company’s core operating model, portfolio, strategic moves, and digital and analytics capabilities).
Mc Kinsyes cite five common characteristics in organisations that have successfully transitioned (or are transitioning) in holistic performance:
- They think big: by setting ambitious goals and value-creation targets
- They act on several levels at once
- They move quickly and renew the pipeline
- They focus relentlessly on “rocks, pebbles, and sand” (that is, initiatives of all sizes)
- They create a culture that fosters change
Three further characteristics manifest in transformative orgaisations/business reinvention:
- They reinvent the core business, leveraging digital and analytics
- They develop or acquire new businesses to generate new sources of revenue
- They revamp the operating model to focus on speed and innovation
Simplistic headlines but the research shows that just 5 percent of all these transformations deliver 4.5 times the value in business! Further details here. if you want to know more.
The article finishes by asking 10 key questions that we would encourage you to reflect on:
There is nothing Mind-Gap loves more than to support Leaders and Businesses in answering these questions so, if we can be of help, please contact us
To read the full Mc Kinseys article, see here