vertifi - association of credit union senior executives
TRANSCRIPT
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Achieving Business
Excellence
Understanding the Pattern of Business Success
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This is a very special workshop• I have a ton to cover and I will go pretty fast.• 80% is in the book.• Please take notes and ask questions.• I am happy to answer any of your questions, offer
advice and recommend books at any time.• Work very hard… take this seriously.
The slides are already posted at:
www.SlideShare.net/johnspence
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Most people are so busy working IN
their business that they do not take any time to work ON their business.
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What does this mean to me?
How can I use this idea?
What can I do right away?
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Reality CheckKnowing – Doing
1 -10
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2
The Four Ps
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(T + C + ECF) x DE = Success
2
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Do you have a clearly focused and well-communicated vision and strategy for growth?
Effective Strategy =
Valued Differentiation x Execution
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Five Foundations of Effective Strategy
Business Acumen
Personal Experience
Pattern Recognition
Strategic Insight
Disciplined Execution 2
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The Four – I’s
• Ignorance• Inflexibility• Indifference• Inconsistency
Page 2
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How to avoid the Four I’s 1-10• Aggressive external market focus.
• Aggressive customer focus.
• Keep the “Main Things” the main things.
• Bullish on knowledge sharing and learning.
• Teamwork is mandatory – not optional.
• Passion and commitment at all levels.
• Foster a healthy paranoia.
• Revel in change. 2
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• The willingness… even enthusiasm… to change
EVERYTHING combined with the wisdom to understand
what must NEVER be changed.
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The Key To Success in the New Normal…
•Nimbleosity
•Nim-bo-licous
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To get the most from our session together…
It is absolutely critical that you be brutally honest with yourself today.
3
So let's get started with
a little self-test…
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“Simplicity is the ultimate sophistication” Leonardo da Vinci
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The Toyota Way 1-10• Challenging Vision
– We form a long-term vision, meeting challenges with courage and creativity to realize our dreams.
• Kaizen– We improve our business operations continuously, always driving for
innovation and evolution.
• Genchi Genbutsu– We go to the source to find the facts to make correct decisions, build
consensus, and achieve our goals at our best speed.
• Respect, Challenge and Help your People and Suppliers– We respect others, make every effort to understand each other, take
responsibility and do our best to build mutual trust.
• Teamwork– We stimulate personal and professional growth, share the opportunities
of development, and maximize individual and team performance.
5
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1,300,000 interviews: Basic 4 + 1
Goal Setting
TrustAccountability
Communications
RECOGNITION
Wow — No Surprises — Celebrate 5
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The level of highly satisfied and
engaged EMPLOYEES in your business.
The number one factor in increasing the level of highly satisfied and engaged
CUSTOMERS in your business is…
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Key Drivers of Business Success
Financial Performance
Quality P&S&
Customer Relationship
EmployeeSatisfaction
Empowerment High Standards
Long-termOrientation
Enthusiasm, Commitment,
Respect
Training &Development
Fair Compensation
CR=104.12
CR= .404
CR=.334
CR=.277
CR=.275CR=.249
CR=.280 Coaching
CR=.285CR=.371 CR=.365 CR=.191 CR=.247
5
WorkshopPage 6
TolerateNothingLess
Global study:16 countries29 companies139 offices5,589 respondents
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10
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Twice weekly surveys for five years of 2,000+ senior managers and executives at:
• IBM• GE• Morgan Stanley• Merck• 3M• Microsoft• CIGNA• Heineken• MasterCard
• Fidelity• Motorola• Ikon• American Express• Progressive• Bank of America• AT&T• SAP• Borders 10
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Keys to effective management…
• Communicate clearly
• Force the hard decisions
• Focus on results
• Remain flexible to change
• Prove your value to the customer
• Force collaboration
• Rigorous but not ruthless…
1 - 10
From: Think Big – Act Small by Jennings
10
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Extreme Customer
Focus
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Web of Value: VOC + MOT + WOM
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VOC
8
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Moments Of Truth
8
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VOC + MOT Workshop: Page 8
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78.9%23.4%
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43% - 74% of purchasing decisions = WOM/T
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You MUST have a WOM Referral System
Identify Ideal
Customer
ReferIdeal
Customer
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WOM workshop page 9
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The Evergreen Project
10 year study of 160 top companies
40 distinct industries
200 management practices
Winners, climbers, tumblers, losers
Winners had an average Total Return to Shareholders of 945%... The
Losers only averaged a TRS of 62%
From: What (really) Works by Joyce, Nohria, Roberson
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The Four Primary Practices:1. A sharply focused, clearly communicated and
well-understood strategy for growth.
2. Flawless operational execution that consistently delivers the value proposition.
3. A performance-oriented culture that does not tolerate mediocrity.
4. A fast, flexible, flat organization that reduces bureaucracy and simplifies work.
10
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The Secondary Management Practices:
• Talent = find and keep the best people.
• Key leaders show commitment and enthusiasm for the business.
• Embrace strategic innovation.
• Master the power of partnerships.
Score yourself on the 1–10 scale for all eight practices on page 10
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What Inhibits Execution?National Survey of 4,000 Senior Executives
4. Inability to work together (21%)
3. Company culture (23%)
2. Economic climate (29%)
1. Holding onto the past / unwillingness to CHANGE (35%)
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In other words…
• In order to succeed you need a high-performance team that embraces a strong culture of disciplined execution and accountability while being nimble, agile and adaptable to changes in the marketplace.
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Disciplined Execution Clear Vision
Detailed Strategy
Guiding Coalition
Alignment
Systems
Communication
Support
Adjust
Reward / Punish
11
1 - 10
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Individual Workshop
• Go back and look at all of your audits.• Where were your low scores, where were your high
scores – what is the pattern?• Look over your notes – what were the key themes?
What are the most important ideas?• Answers all the questions on pages 12 - 14• Put in as much detail as possible.• Be very honest with yourself.• Think in terms of Actions and Outcomes.
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If you have any questions at all please do not hesitate to send a note or call. My email address is: [email protected]
My twitter address is: @awesomelysimple
*** Please connect with me on LinkedIn ***
Also, you might find value in the ideas I share in my blog. You can sign up for it at:www.blog.johnspence.com
Lastly, these slides have already been uploaded to:
www.slideshare.net/johnspence
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