Leadership Events with Harvard Professor D. Quinn Mills

Saving you the trip to Harvard, Maximus is bringing the experts to you

Registrations are now open for two unique events in July

Maximus is proud to present two special events led by Professor D. Quinn Mills, Professor of Business Administration at Harvard Business School and chairman of MindEdge.

A thought-leader in business, Professor Mills has spent his career consulting to major global corporations and has written extensively on leadership and management issues. He has been a director of a number of publicly-listed firms and is currently a director of several private corporations. At Harvard, Professor Mills teaches a range of subjects, including: Leadership, Strategy, Organisational and Human Resources, and his expertise is widely quoted in the media, including The New York Times, Wall Street Journal and Business Week.

Details of Events:

Leadership in Crisis: The Case of the Christchurch Earthquakes

This is a one-of-a-kind opportunity for teams of high-potential leaders and senior managers to experience a Harvard case methodology relevant to our region.

Leaders will be challenged to think deeply about individual and organisational leadership through the lens of the Christchurch Earthquakes, before exploring the learning that can be applied in their own workplace. Working in teams of six, each organisation will explore what’s relevant in their world, with the support of renowned Harvard educator, business thought-leader and company director Professor Mills.

EVENT DETAILS

Date Monday 29th July 2013

Timing 1.00 PM – 6.00 PM

Venue The Westin Sydney, 1 Martin Place, Sydney

Tickets $4,500 for a table of 6 (inclusive of afternoon tea, canapés and drinks)

RSVP Monday 1st July*

Target Audience Leaders and managers who are serious about reaching executive leadership roles

Enquiries marketing@maximus.com.au or phone (02) 9216 2800

*Numbers to this event are strictly limited; please register early to avoid disappointment.

 

 

 

Leading in Times of Uncertainty: Interactive Breakfast Session

Based on Professor Mills’ corporate experience and cutting-edge Harvard research, Leading in Uncertain Times is an intimate breakfast session, which will address the challenges of leadership in the current climate of economic and political uncertainty.

In this highly interactive discussion, attendees will be challenged to assess themselves as a leader, and be provided with tools and techniques for becoming a better leader.

Attendees will enjoy a gourmet hot breakfast at one of Sydney’s finest hotels.

EVENT DETAILS

Date Monday 29th July 2013

Timing 7:15am Registration Opens 7.30am Event Commences 9:00am Event Concludes

Venue The Westin Sydney, 1 Martin Place, Sydney

Tickets $120 pp (all inclusive with gourmet hot breakfast)

RSVP Monday 8th July*

Target Audience CEOs, Senior Executives and Senior Managers

Enquiries marketing@maximus.com.au or phone (02) 9216 2800

*Numbers to this event are strictly limited; please register early to avoid disappointment.

 

 

 

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The Unexpected Antidote to Procrastination

Maximus

Guest post by Peter Bregman

A recent early morning hike in Malibu, California, led me to a beach, where I sat on a rock and watched surfers. I marvelled at these courageous men and women who woke before dawn, endured freezing water, paddled through barrelling waves, and even risked shark attacks, all for the sake of, maybe, catching an epic ride.

After about 15 minutes, it was easy to tell the surfers apart by their style of surfing, their handling of the board, their skill, and their playfulness.

What really struck me though, was what they had in common. No matter how good, how experienced, how graceful they were on the wave, every surfer ended their ride in precisely the same way: By falling.

Some had fun with their fall, while others tried desperately to avoid it. And not all falls were failures — some fell into the water only when their wave fizzled and their ride ended.

But here’s what I found most interesting: The only difference between a failure and a fizzle was the element of surprise. In all cases, the surfer ends up in the water. There’s no other possible way to wrap up a ride.

That got me thinking: What if we all lived life like a surfer on a wave?

The answer that kept coming to me was that we would take more risks.

That difficult conversation with your boss (or employee, or colleague, or partner, or spouse) that you’ve been avoiding? You’d initiate it.

That proposal (or article, or book, or email) you’ve been putting off? You’d start it.

That new business (or product, or sales strategy, or investment) you’ve been overanalysing? You’d follow through.

And when you fell — because if you take risks, you will fall — you’d get back on the board and paddle back into the surf. That’s what every single one of the surfers did.

So why don’t we live life that way? Why don’t we accept falling — even if it’s a failure — as part of the ride?

Because we’re afraid of feeling.

Think about it: In all those situations, our greatest fear is that we will feel something unpleasant.

What if you have that scary conversation you’ve been avoiding and it ends the relationship? It would hurt.

What if you follow through on the business idea and lose money? It would feel terrible.

What if you submitted the proposal and you were rejected? It would feel awful.

Here’s the thing: More often than not, our fear doesn’t help us avoid the feelings; it simply subjects us to them for an agonizingly long time. We feel the suffering of procrastination, or the frustration of a stuck relationship. I know partnerships that drag along painfully for years because no one is willing to speak about the elephant in the room. Taking risks, and falling, is not something to avoid. It’s something to cultivate. But how?

Practice.

Which you get by taking risks, feeling whatever you end up feeling, recognizing that it didn’t kill you, and then getting on the board and paddling back into the surf.

Have that difficult conversation. Listen without defensiveness when your colleague criticizes you. Name the elephant in the room. Get rejected.

And feel it all. Feel the anticipation of the risk. Feel the pre-risk cringe. Then, during the risk, and after, take a deep breath and feel that too.

You’ll become familiar with those feelings and, believe it or not, you’ll start to enjoy them. Even the ones you think of as unpleasant. Because feeling is what tells you you’re alive.

You know that sensation you get after you’ve done or said something weird or awkward? How you turn around and kind of wince in embarrassment? Next time that happens, take a moment to really feel it.

When you do, you’ll realize it’s not so bad. Maybe you’ll admit, “I don’t know why I just said that,” and apologize. Then maybe you’ll both laugh it off. Or maybe you’ll get into that conversation you’ve been avoiding for years but you know you need to have.

Soon, you won’t fear feeling. You’ll pursue it like those courageous early morning surfers. You’ll wake up before dawn and dive into those scary conversations and difficult proposals. You’ll take the risks that once scared you. And you’ll fall; sometimes you’ll even fail.

Then you’ll get up and do it again.

Peter Bregman is the CEO of Bregman Partners and is a strategic advisor to CEOs and their leadership teams. He is the author of Point B: A Short Guide To Leading a Big Change and 18 Minutes: Find Your Focus, Master Distraction, and Get the Right Things Done. Peter is a regular contributor to Harvard Business Review, Fast Company, and Forbes.

See the original article here

Liked this article? See some of Peter Bregman’s blogs:

Why you should take the blame

Nine practices to help you say no

The upside of inefficiency

How to speak more strategically

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Top 10 TED Talks

At Maximus, we love TED Talks; they spark your thinking around a variety of subjects from sales training and leadership development, to neurology and organisational psychology. Here are our top 10 videos we use to stimulate our thinking and inspire.

Dan Ariely: What makes us feel good about our work?

Israeli American Professor of Psychology and Behavioural Economics (Duke University, MIT) Dan Ariely, gives this insightful Ted talk discussing his own research and findings on what really motivates people to work. Similar to Dan Pinks acclaimed Ted Talk ‘The surprising truth about what motivates us’ Ariely argues that contrary to conventional wisdom, money is not the only driver of motivation.
Ariely dissects two of his eye-opening experiments in order to showcase and highlight our unexpected and nuanced attitudes toward meaning in our work.

Simon Sinek: Start with why

What do Steve Jobs, Martin Luther King Jr., and the Wright Brothers have in common? They start with the “why”. This is a fantastic resource that explains the concept of reframing your product or service to build credibility and ultimately sell your product or service! A must-have resource for every sales person!

Benjamin Zander: The transformative power of classical music

An incredibly energetic and charismatic leader, Benjamin Zander describes: “The conductor of an orchestra doesn’t make a sound. He depends, for his power, on his ability to make other people powerful”. Benjamin helps us realise our untapped love for classical music and therefore our love for new possibilities, experiences and connections.

Tim Leberecht: 3 ways to (usefully) lose control of your brand

Organisations can no longer tightly control their brand or their reputation. In this 6 minute video, Leberecht helps spark new thinking with an interesting take on brand management in the modern world of mass social media.

Dan Gilbert: The surprising science of happiness

Harvard psychologist Dan Gilbert shows us our beliefs about predicting what will make us happy are often wrong. We can manufacture happiness; Our “psychological immune system” lets us feel truly happy even when things don’t go as planned.

Neil Pasricha: The 3 A’s of awesome

Neil Pasricha’s blog 1000 Awesome Things savours life’s simple pleasures, from free refills to clean sheets. In this heartfelt talk, he reveals the 3 secrets (all starting with A) to leading a life that’s truly awesome. A fantastic video to stop and remember the little things.

Matt Cutts: Try something new for 30 days

Is there something you’ve always meant to do, wanted to do, but just … haven’t? Matt Cutts suggests: Try it for 30 days. This short, lighthearted talk offers a neat way to think about setting and achieving goals.

Amy Cuddy: Your body language shapes who you are

Body language affects how others see us, but it may also change how we see ourselves. Social psychologist Amy Cuddy shows how “power posing” — standing in a posture of confidence, even when we don’t feel confident — can affect testosterone and cortisol levels in the brain, and might even have an impact on our chances for success.

Steven Johnson: Where good ideas come from

People often credit their ideas to individual “Eureka!” moments. But Steven Johnson shows how history tells a different story. His fascinating tour takes us from the “liquid networks” of London’s coffee houses to Charles Darwin’s long, slow hunch to today’s high-velocity web.

Susan Cain: The power of introverts

In a culture where being social and outgoing are prized above all else, it can be difficult, even shameful, to be an introvert. But, as Susan Cain argues in this passionate talk, introverts bring extraordinary talents and abilities to the world, and should be encouraged and celebrated.

A Special Mention

Whilst not technically TED Videos, these videos are unmissable

Bobby McFerrin: plays… the audience!

Filmed at the World Science Festival, this is a fun, light-hearted video which reveals some surprising information about Audience Cohesion. A 3 minute video, musician Bobby McFerrin uses the pentatonic scale to reveal one surprising result of the way our brains are wired.

Randy Pausch: Really achieving your childhood dreams

An unforgettable talk by Professor Randy Pausch. In 2007, Randy was dying of pancreatic cancer, delivered a one-of-a-kind last lecture that made the world stop and pay attention. This moving talk will teach you how to really achieve your childhood dreams. Millions more around the world found inspiration in his moving “Last Lecture.”

What’s your favourite TED talk?

Check out more great videos by clicking here

See our Top 3 Sales Books, our 5 Must-Read Strategy Books, or 5 Books Every Leader Should Read

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Accounting for Outcomes: Introducing Scott Stacey

Spotlight on Scott Stacey, Account ManagerMaximus International

“You don’t learn to walk by following rules. You learn by doing, and by falling over” – Richard Branson

With a business career spanning more than 30 years, Scott Stacey knows business. “I began my career as a Chartered Accountant, working in senior finance roles in Australia and then the UK; so I understand everything in business has to have a financial impact”.

This commercial acumen is something he has lived by throughout his impressive career. With 15 years experience in global HR consulting firms, Scott decided to take the next step in his career by starting up a boutique HR consulting firm. Despite only being in the start-up phase, Scott grew the firm’s income from nil to $2.4M in just two years.

Having worked across most industry sectors throughout his career, from Human Resources to Accounting, Finance and Legal; Scott’s experience is extensive. He has lived in three states and run businesses in five Australian cities, led teams up to 300 strong across multiple geographies through periods of change, and has successfully grown sales teams across a wide range of specialisations.

At Maximus, Scott is based in the Melbourne office and is responsible for Maximus’ larger accounts, “My role is to deliver exceptional programs within these accounts”. Overall, Scott’s goals at Maximus centre on achieving organisational productivity for his clients, “I want to improve business functionality, to help grow their bottom line and to be seen as a true business partner”.

Also an experienced speaker, Scott has been regularly engaged as a media spokesperson for a global recruitment company and looks to leaders who challenge the norms, “A great leader will take people on a journey, appreciate that there will be bumps along the way, but is always aiming for the end goal.”

Outside the office, Scott is an avid music collector; he spends time socialising with friends and plays the occasional game of tennis. In terms of formal qualifications, Scott has a Bachelor of Business from Curtin University and is a Chartered Accountant.

Do you want to speak to Scott? Contact us here

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The Psychological Profile of Successful Entrepreneurs

Full article written by Nina Hendy, Published in Smart Company and Startup Smart

It’s no fluke that entrepreneurs are outgoing, gregarious and confident people with high levels of self-discipline.

People with such personality traits are often drawn to entrepreneurship, driven by the challenges that running your own business presents.

So, could an assessment of your personality traits pre-determine whether or not you’ve got what it takes to become a successful entrepreneur? Perhaps so, it seems.

Know your strengths

If you’re considering a career as an entrepreneur, understanding where your strengths lie ahead of the launch by undergoing some personality profiling can be of huge value, suggests Vanessa Gavan of business consultancy, Maximus International.

“The first year of a start-up is exciting, but often extremely confronting. There are often many defining moments and setbacks. How you respond to these is often make or break,” Gavan says.

Human relations expert Anne-Marie Orrock helps companies with personality profiling and agrees it can be a useful tool for those about to embark on their own business.

Orrock is managing director of Corporate Canary HR Consulting, and says profiling can help someone understand what parts of their business they should outsource.

Orrock describes successful entrepreneurs as typically having a personality with a high level of independence and also possessing traits of persistence. They often enjoy freedom of action, dislike working within structure, prefer to be self-directed, are often restless and have a sense of urgency, are impatient and need varied work.

“The problem here is that without the assistance of profiling tools, what each person’s interpretation of ‘independence’ or being ‘driven’ is highly subjective,” she says.

“In addition, people believe, and are encouraged by friends and family to ‘just go for it’. Profiling tools can unearth if your level of independence is enough.”

Dr Allan stresses the importance of resilience in successful entrepreneurs, saying that without it, people are likely to give up when the going gets tough.

“Most entrepreneurs can be very tough-minded and have a clear focus on what they are trying to do, and need to be a little selfish,” he says.

People engagement expert James Adonis agrees. “When you’re down to your last few dollars, getting knocked back, working more hours than you did in your corporate job, it takes resilience to continue.”

Psychologist Aleks Srbinoski (at fulfillinghappiness.com) goes on to describe entrepreneurs most likely to succeed as extroverted and gregarious, because being able to interact confidently with others is vital, Srbinoski says.

Confidence and optimism is essential, and the ability to not let repeated failures and rejections bother you is also a must.

“A deep level of self-understanding in terms of strengths and weaknesses is vital, and having good leadership and delegation skills is crucial.”

On the other hand, Srbinoski describes those more likely to fail as introverted pessimists deeply afraid of failure, don’t like dealing with people, impatient, struggle with constructive feedback, lack flexibility and are unsystematic and self-focused.

But those on the brink of launching a business shouldn’t give up hope if they don’t fit the mould.

There isn’t just one type of person able to be successful at entrepreneurship or any other profession, Adonis says. As long as the person has the right attitude and is eager to learn, it’s possible to overcome any obstacles, he says.

“Attend courses, read books, get a mentor, join a support group, subscribe to newsletters, listen to podcasts – do whatever it takes to become a dedicated and lifelong student of entrepreneurship,” he says.

Profiling only says so much

Gavan agrees, saying if your personality profile doesn’t match the talents of other entrepreneurs, don’t give up heart.

“The benefit of profiling is not just in the insights you gain, but in what you do with this information.”

Investing in a dedicated feedback session with a psychologist who understands the demands of a business start-up can really help, Gavan says.

“Together, you should be co-creating a personal development plan that ties to your business plan. There should be a connection between what comes out in the personality profiling and the commitments you are making in your business plan.

“The key is in realising that in starting a business, you have to take total responsibility for your development.”

“You must make continual deposits in your own self-awareness and development, otherwise 10 years down the track you will look around and everyone will have moved beyond you and you will be doing what you have always done,” Gavan says.

Liked this article?

Read the full article in Smart Company and Startup Smart

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How to Achieve Sustainable Competitive Advantage: Part 2

Maximus International“The golden rule for every businessman is this: Put yourself in your customer’s place.”  – Orison Swett Marden

In part one; we outlined six questions to audit sustainable competitive advantage. This week, we shift our focus to customer centricity. Put simply, customer centricity is all about understanding your brand value and delivering it consistently to your customers and clients.

To achieve sustainable competitive advantage in today’s marketplace, creating a customer centric organisation is essential.  Customer centric organisations, on average, outperform their peers with more than double the rate of revenue growth and 15% lower expenses.

Organisations are now taking customer centricity seriously yet, as Alex Wickert explains:  “It appears many businesses know they need to focus on their customers, but how they actually go about structuring their business and executing on this intent is the part many organisations seem to be grappling with.” In a global survey by the Chief Marketing Officer (CMO) Council, 56% of companies described themselves as customer centric, yet only 12% of their customers agreed.

Achieving a genuinely customer centred organisation isn’t easy, it involves transforming your business by aligning all strategic levers towards the customer, including structure, systems and rewards.

In our customer centricity white paper, we outlined what a customer centric organisation looks like, and discussed the key to success lies in taking an outside-in perspective. Here we outline seven questions to help re-focus your thoughts to your customers, and re-prioritise your goals:

Seven Questions to Audit Customer Centricity

  1. How immersed are you with your current customers/clients?
  2. What customer/client input have you obtained?
  3. How well do your customers help shape your future direction?
  4. How do your processes, systems and metrics help you stay close to your clients and keep their needs and desires front of mind?
  5. How much market share do you have?
  6. How and what are you doing to engage your “A” customers?
  7. What human capital actions will you take to build capabilities around customer centricity?

Liked this article?

Download Maximus International’s White Paper: “Customer Centricity: The Key to a Sustainable Future”

Read Part 1 here

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Why You Should Take the Blame

Guest post by Peter BregmanMaximus

I was at a party in Greenwich Village in New York City. It was crowded, with about twice as many people as the space comfortably fit. There was a dog in the mix too. But it was a casual event and we all spent a lot of time in the kitchen, cooking and cleaning.

I was at the sink washing dishes when I heard the dog yelp behind me. I turned just in time to see a woman curse at the dog as it dashed out of the kitchen. She had obviously just stepped on his foot or tail.

“Watch out!” she shouted after the dog, then saw me looking at her and added, “He’s always in the way.”

Really? You step on a dog and then you blame the dog? Who does that?

Actually, a lot of us do.

We start blaming others at an early age, usually to escape parental anger and punishment, but also to preserve our own self-esteem and self-image. Then the behavior sticks, often well into our adulthood. I — and I am sure you — see people in organizations point fingers all the time.

Sometimes it’s at a departmental level: A struggling sales group blames a poor product, while the product people blame an ineffectual sales team or maybe lax manufacturing. Blaming a department or a product feels safer than blaming a person since it appears less personal, can pass as an attempt at organizational improvement, and might seem less defensive. But it’s counter-productive as the transparency of culpability betrays its disguises.

A few years ago I sat at a table with the leaders of a major stock exchange. They were struggling with setting goals for the year. The CEO, to whom they all reported, was not in the room.

I asked them what was getting in the way. “We need direction from senior leadership,” they answered in agreement.

“Seriously?” I was stunned. “Look around,” I said, raising my voice a little, “Everyone in the organization is looking for direction from you! You are senior leadership.”

“No,” the head of something answered with the others nodding, “The CEO isn’t here.”

I retorted: “You’re blaming the CEO? You’re waiting for him to tell you what to do? At your level? Really?”

An awkward silence followed. Then we got to work turning the company around.

Blaming others is a poor strategy. Not simply because everyone can see through it. Or because it’s dishonest. Or because it destroys relationships. Or even because, while trying to preserve our self-esteem, it actually weakens it. There’s a more essential reason why blame is a bad idea: Blame prevents learning.

If something isn’t your fault, then there’s no reason for you to do anything differently. Which means, in all probability, you’ll make the same mistake in the future. That will lead to more blame. It’s a cycle that almost always ends badly.

Recently, a CEO I work with fired Bill*, one of his portfolio managers. He didn’t fire him for poor results. He fired him for blaming his poor investment results on everything except himself. The CEO was only looking for one thing from Bill: Awareness of the mistakes he was making. But Bill continued to deny his role in his poorly performing portfolio.

The CEO was right to fire him. If Bill couldn’t admit to the mistakes he was making, why wouldn’t he make the same mistake tomorrow? Would you trust Bill with your money?

Thankfully there’s a simple solution: Take the blame for anything you’re even remotely responsible for.

This solution transforms all the negative consequences of blaming others into positive ones. It solidifies relationships, improves your credibility, makes you and others happy, reinforces transparency, improves self-esteem, increases learning, and solves problems. It’s as close as I’ve ever seen to a panacea.

Contrary to what you may feel in the moment, taking the blame is the power move, strengthening your position, not weakening it. First of all, because once you’ve taken responsibility for something, you can do something about it, which gives you strength.

But also because it takes courage to own your blame, and that shows strength. It immediately silences anyone who might try to blame you — what’s the point if you’ve already taken the blame? The “blame you” conversation is over. Now you can focus on solving problems.

Being defensive makes you slippery. Taking responsibility makes you trustworthy. You might think it puts you at risk because others may see an opening and jump on you. But that’s not what usually happens.

I was running a strategy offsite at a high technology company with a CEO and his direct reports. We were looking at some problematic numbers from the previous quarter. One by one each leader was trying to argue that he or she was not, ultimately, responsible for the issues, pointing to the other areas that contributed.

Then Dave, the head of sales spoke up. He proceeded to list the mistakes he felt he personally made and what he wanted to do differently in the future.

His colleagues didn’t pile on. In fact, they did the opposite. They began to say things to dilute his blame. One by one, they started taking responsibility for their role in the challenges the company was facing.

Taking the blame serves as an example. When you take the blame, others get embarrassed about not taking the blame themselves. When they see you don’t get shot, they feel emboldened to take the risk.

And even if they don’t, you will now be able to avoid making the mistakes you’ve made in the past, which, ultimately, is the key to your success.

By taking the blame, Dave changed the course of that meeting and, as it turns out, the course of the company. He also got promoted.

There is one tricky part of this. To take the blame, you need to have confidence in yourself and your capability. You need the personal strength to accept failure. You need enough self-esteem to believe you can learn from your mistakes and succeed another day. You need to accept failure as part of life and not a final sentence on who you are as a person.

In other words, it’s OK to step on a dog. It happens. Just don’t blame the dog.

*Names have been changed.

Peter Bregman is the CEO of Bregman Partners and is a strategic advisor to CEOs and their leadership teams. He is the author of Point B: A Short Guide To Leading a Big Change and 18 Minutes: Find Your Focus, Master Distraction, and Get the Right Things Done. Peter is a regular contributor to Harvard Business Review, Fast Company, and Forbes.

See the original article here

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Leading Technology: Success in Simplicity

Spotlight on Peter ScottMaximus

For Peter Scott, technology is all about the end-user. “I’m passionate about keeping technology simple. I want to allow people to use technology in ways they didn’t imagine were possible.” A problem-solver at heart, Peter’s career has been devoted to designing and managing new product functionality that enables users to be more productive.

Peter looks after all things technology at Maximus. He is the product manager of Imprint Global, a talent management system, which aligns individual and organisational performance to drive better business results. “I’m responsible for keeping Maximus on the leading edge of the HR Software market.”

Having worked with a wide range of clients in varying industries, including Banking and Finance, Education and Media, Peter has proven ability in creating better online learning experiences for employees. Peter’s clients include a number of leading organisations; Austar, Commonwealth Bank of Australia, QBE and Canon.

Peter is motivated by continuously improving his product offerings, “I’m someone who is always looking for a new way to do something, I’m not afraid to try new things and see what sticks.”

So where does he go for inspiration?

“I look to people like Jack Dorsey for his sense of design and versatility of product design, or Jeff Bezos for his amazing focus and approach to entering new markets.”

Peter holds a Bachelor of Science in Information Technology from the University of Technology, Sydney and a Diploma in Information Technology in Professional Practice.

Interested in talent management? Check out: Managing Talent on a Budget

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How to Achieve Sustainable Competitive Advantage: Part 1

“An organisation’s ability to learn and translate that learning into action rapidly is the ultimate competitive advantage.” – Jack Welch

Achieving competitive advantage is vital to surviving in an increasingly complex business environment. To achieve this, you need deep and meaningful insights into your organisation, your competitors, your industry and your market. It’s not about customer surveys and short range insights; you need to be creative with different sources of information. Journey maps, global mega trends, experience mapping, and customer and competitor observation research and analytics, are all key to achieving this knowledge.

Below we outline a model to audit your strategy, stimulate your thinking and refocus your goals for the year ahead.

Six Questions to Audit Competitive Advantage
1. What are your key areas of competitive advantage and how are you leveraging these?
2. What is the one most significant thing that each of your main competitors are doing that will affect you? What do you plan on doing in response?
3. Based on these insights, in what way are your investment priorities likely to be different from those of your competitors?
4. What special capabilities do you plan to have that your best competitors cannot match? Why can’t they match them?
5. What human capital actions will you take to put these capabilities in place?
6. What elements of your strategic plan are dedicated to extending and improving these areas of advantage?

In part two we’ll look at the ultimate source of competitive advantage – customer and client centricity.

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Innovation: Australia Lagging Behind

As published in Australian Business Solutions

“Figures published by the Australian Bureau of Statistics earlier this year from the Business Characteristics Survey show that innovation is slowing down. The proportion of businesses actively innovating fell nearly 5 per cent, to 39 per cent of businesses. Meanwhile, business sentiment as to how innovative we are is poor, with the GE Innovation Barometer earlier this year showing that when ranked by business sentiment as to how innovative we are, Australia ranks 16th out of 30 countries.”  – Kate Mills, BRW, 06 Dec 2012

Maximus Managing Director, Vanessa Gavan responds:

As a Managing Director, I find these stats really concerning. Not only will this drop in innovation impact on organisational performance in the medium-term, it will have flow on consequences surrounding employee morale and engagement. People want to work for companies that are constantly evolving. Top talent want to participate in ideation, they covet accelerated learning and they need to be fast-tracked. There has to be a level of innovation, performance and growth for this to occur. Companies that fail to think creatively will find themselves at the back of the pack in the race for top talent.

This sentiment around innovation is a reflection of the times. What we are seeing is the typical knee-jerk reaction to increased scrutiny and pressure around company performance. The drop in corporate appetite for disruptive innovation, and a preference for more organic improvement, is not surprising, but it is somewhat disappointing. What I am surprised by is how Australia fares in relation to others. Australia has a natural flair for innovation and entrepreneurship; it is in our DNA. To rank only 16th out of 30 developed countries in this area indicates that we are losing our edge, reining in diverse thinking and potentially being dominated by global directives and risk mitigation strategies.

Innovating in the new world order will be dependent on leaders’ ability to manage polarities and hold opposing ideas in their mind at the same time, while retaining the ability to function effectively. Examples include; investing cleverly through different market cycles while managing a lean core business; or, switching between strategic and tactical modes of operating.

Simply turning off our innovation barometer is not a viable option. Today’s leaders must operate in a multi-speed, multi-horizon, multi-disciple world in order to survive and thrive.

Liked this article? Check out:

Unlocking Innovation

Developing Entrepreneurship

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