| Commitment isn't as popular today as instant success. | | | | profitable industry leaders are growing their companies |
| But without commitment, short-term success isn't | | | | through their customer loyalty programs which are |
| guaranteed, and without commitment, long-term | | | | focused on their continuing commitment to improving |
| success is impossible. | | | | the quality of their organizations on every level- at |
| To accomplish the strategic direction for your | | | | every opportunity. |
| company while building value in your organization there | | | | 6. Inspire Innovation and creativity. These two factors |
| must be a consistent focus on the "shared vision" and | | | | are the key drivers of growth in your organization. |
| an agreement on the mission of your company. | | | | Many organizations today- still adhere to a very strict |
| Commitment helps produce the focus necessary to | | | | silo-type, vertical management structure which |
| generate the resources and time to accomplish goals. | | | | severely hampers the ability of your employees to |
| Continually communicating to your employees, vendors, | | | | contribute their ideas, suggestions, process |
| clients and shareholders that your management team | | | | improvements, etc. By creating a culture that |
| is committed to accomplishing the corporate goals | | | | encourages and respects employee contributions you |
| creates energy, enthusiasm and a spirit of teamwork | | | | can continuously outpace your competition and reduce |
| organized around measurable results. To create and | | | | employee turnover. |
| sustain long-term profitability for your company, focus | | | | 7. Cultivate Client/Customer Relations. Your |
| your organization on the "10 Commitments to | | | | organization would not exist without your customers |
| Profitability. | | | | clients - and yet most companies treat this valuable |
| 1. Craft visionary strategies. Every organization has to | | | | asset so poorly it is a wonder they still have business. |
| have a road map to know where they are going and | | | | The word "cultivate" implies - continuing to improve and |
| how they plan to get there. When conducting your | | | | the word "relations" implies building a connection. A |
| strategic planning make sure you focus on the | | | | commitment to developing long-term customer |
| short-term but plan for the long-term. Too many | | | | relations - should always be a core value for your |
| companies focus solely on managing the efforts of the | | | | organization. |
| short-term revenue goals and they tend to lose their | | | | Studies show, people who have had a good |
| focus on their long-term targets. Strategies are | | | | experience with a business will become repeat |
| created for the long-term (5- 10 years) and your | | | | customers 70% of the time. People who experienced |
| business plans are implemented for the short-term (1- | | | | a problem with a business, but the problem was |
| 3 years). | | | | handled to their satisfaction became repeat customers |
| 2. Adhere to Core Values. Every organization should | | | | 90% of the time. Since your most profitable customer |
| have well defined core values which serve as their | | | | is a repeat customer, make sure you have policies in |
| guiding light. These values should be woven into every | | | | place to keep your customers satisfied. |
| aspect of your organization and all company policies, | | | | 8. Emphasize the "human" in resources. Creating a |
| procedures, and programs should reflect them. | | | | culture where employees feel valued and feel they |
| Continually communicating these values with your | | | | make a contribution is the number one reason people |
| employees, your customers, vendors, and consultants | | | | cite for staying with a company. One of the fastest |
| will help make sure everyone is committed to ethical | | | | and most effective ways to erode your profitability is |
| business practices. Core values are the foundation for | | | | with high employee turnover. The cost of replacing an |
| your organization and should be integrated into every | | | | employee is on average more than 3 times the exiting |
| business strategy. | | | | employee's salary plus benefits. That figure does not |
| 3. Build a Strong Reputation - You company's | | | | include the value of the intellectual property and |
| reputation is your most valuable asset and fortunately | | | | relationships that the employee took with them. You |
| you have control of what you create. Reputations are | | | | also lose valuable time in new-hire training. On average |
| dynamic and everyone in your organization is | | | | it is a minimum of 6 months before a new hire- is fully |
| responsible for maintaining it to the standards that | | | | engaged in their job and closer to a year before they |
| have been defined by your core values. One bad | | | | are making measurable contributions. |
| incident can destroy years of good will with your | | | | 9. Manage your technology and infrastructure |
| customers and your employees. On average if a | | | | productively. We live and work in a fast paced world- |
| person has a bad experience with a company they will | | | | and the pace of change will only continue to |
| tell 10 people and with today's technology of blogs and | | | | accelerate. With all the new technologies available |
| message boards that bad experience can reach | | | | today - it is imperative that companies manage their |
| millions of people in just minutes. The most profitable | | | | resources more closely than ever before. When |
| companies have the highest percentage of repeat | | | | considering investments in your technology and |
| customers and those loyal customers are cultivated | | | | infrastructure focus on the long-term productivity |
| through a strong reputation. | | | | savings and benefits rather than the short-term |
| 4. Focus the Spirit of Competition. We all face | | | | expense. Too many companies lose business by not |
| competition and if managed properly competition is an | | | | upgrading when appropriate and too many companies |
| excellent motivator for your organization. The key is to | | | | lose money by upgrading more often than necessary. |
| use your competition to drive excellence in your own | | | | 10. Be Proactive. Adopting a proactive strategy saves |
| organization. It is always more profitable to focus on | | | | time, energy and creates "goodwill" with employees, |
| your organization's strengths, products, differentiators, | | | | customers/clients, vendors and the community. Nine |
| market share, branding, industry position, etc. than trying | | | | times out of ten being reactive is only prolonging the |
| to react to your competitors strategies or initiatives. | | | | inevitable - and doing so will result in higher costs, lower |
| Work with your customers to define what they want | | | | productivity and lost valuable customer/clients relations. |
| from your organization, what they value, and what | | | | Building your reputation on "doing right" rather than |
| they perceive you could do to improve - and leave | | | | "being right" will always lead to increased profitability. |
| your competition to keep up with the standards and | | | | Being in business today is fun and challenging. When |
| services your organization has created. | | | | planning for the future create five to six BHAG's (big, |
| 5. Integrate Quality at every level. There never has | | | | hairy, audacious goals) and then craft your growth |
| been and there never will be a respectable business | | | | strategies around these goals. The key to long-term, |
| model that justifies compromising quality to reduce | | | | sustainable profitability is to build in flexible milestone to |
| costs. There are a myriad of companies who have | | | | allow for adjustments in the economy, your industry, |
| sacrificed the quality of their products and services to | | | | and changing market conditions. If you align your |
| improve their short-term profitability, only to lose | | | | business strategies based on the ten commitments . . . |
| valuable and often irreplaceable market share. Today's | | | | . . . you will create a company "built to prosper. |