THE KEY FACTOR FOR GROWING YOUR ORGANIZATION'S VALUE
Posted on February 06, 2024 by BJ Jhaveri, One of Thousands of Business Coaches on Noomii.
In today’s service economy, we need a different perspective for creating and sustaining our organization’s value.
During the manufacturing economy, an organization’s value was created by making great products that were sold through excellent marketing strategies and operational processes. In today’s service economy, we need a different perspective for creating and sustaining our organization’s value.
In this article, let’s review how your organization can be transformed to grow its value year-over-year.
In a manufacturing context, organizations were mainly investing in capital equipment viz. machines. When you buy a machine, you know most of the dimensions viz. purchase cost, depreciation, use in the organizational structure, maintenance costs, and approximately when it will stop working. The role of people was relatively smaller in that context.
In a service-based organization, value is created through your people. This comes alive when an employee interacts with another employee, with their manager, with the customer, and with their community. Hence, your employees hold the key to raising profits and the valuation of your organization.
Most companies are implementing technology tools & platforms to operationalize key business processes with the intent to drive performance improvement and increase innovation and profitability.
Questions to ask yourself and your organization’s leaders:
Is tech-enablement of your workforce and digitalization of your processes sufficient to drive up the value of your organization?
How are we ensuring the ongoing performance of the business?
How are we fostering a workforce that’s more creative, productive, and agile?
In reality, we might have provided powerful tools and technology in the hands of our people without addressing the other critical element viz. the human dimension. The consistent development of your workforce that’s learning to be more creative, enhancing their emotional intelligence, and increasing their cognitive agility requires much more than a new tool or platform. What we need is personal transformation!
Instilling a positive change in the mindsets, skills, and behaviors of your employees will enable long-lasting growth in your organization’s value. For business leaders, this is just the beginning to create a higher purpose and push the boundaries of human capacity in order to build a better world for us, for our workforce, for our organization, and for our community.
