“Innovation, Inclusion & Infrastructure” were key words that the DIFC’s CEO Arif Amiri used in his opening speech at the IMF Regional Economic Outlook yesterday. These are critical factors to driving sustainable growth and are top down essential attributes to achieving success from government, to the private sector, to the individual. To get ahead, you have to be a game changer!
I would like to make a couple of points under each of these key words that I feel are important things to think about from an organisational perspective.
Disruption is a buzz word at the moment and so it should be. The digital revolution is gathering rapid pace with exciting new start up ventures and Fintech dominating the headlines. The UAE is growing an impressive global footprint in this market.
Are you developing your products and services to be cutting edge solutions, attractive to the millennial population?
A significant part of the population in the region are under 30 years of age.
Does your company reflect this demographic in its offering and importantly within its teams?
It makes sense that for an organisation to be truly successful it needs to have great synergy with the population it serves.
Have you thought about offering structured internships to young talent?
It is a sure way to generate ideas by bringing new blood into your business and understand different ways of thinking. It also demonstrates corporate social responsibility to the community in which you serve by developing skills, and giving talented young people hard to come by work experience.
What is your value proposition? You know what your Unique Selling Point is as far as your customers are concerned, but does everyone in your organisation have a clear line of sight as to how their own role fits into this?
No matter how small your organisation is, you should have a Vision Statement. Something as simple as this can transform the way in which your organisation works. This is because everyone within it can understand and own their personal contribution towards your value proposition. Passion breeds passion and your employees will convey your message far more successfully if they feel empowered that they are directly contributing through being a part of your company’s Vision. The key to success is creating your company Vision Statement with your employees input and not just sending out a statement from the top of your organisation.
Your IT systems obviously have to be fit for purpose and be constantly developed to cope with growth, drive efficiency and report meaningful financial information. However infrastructure is also your organisational framework, the foundation of your business which underpins the key words above. Your organisational structure, and in particular your leadership team are major factors in determining your success. Are you hiring managers or leaders? Is your organisational structure lean and are you seeing a return on investment from your people. This is not just revenue from your front line sales team but also productivity from your back office. In today’s world you need a real balance within your team of Starters, Implementers and Finishers. Human Capital is an investment from which you will see a big return if you get your hiring right.
“Remember that intelligence without ambition is a bird without wings” – Salvador Dali. To be a game changer you need to have ambition as the life blood of your business, and this comes from your people.