What steps were followed by successful organisations and created values for themselves?
Successful organization is the one that achieves its originally stated vision. An organization can become successful by adopting some proven approaches, as mentioned below.
1. Strategic Planning
Well-planned is half done. Planning is a vital process in the organization’s inception, progress and prosperity. Therefore, plan a clear Vision and Mission statement for your organization and then create values for them.
This usually originates from the promoter or the person who first conceived the idea of starting the business or venture. He has to describe what he really wants to do with his newly registered company, elucidate whether this company exists for earning profits or for serving the society in the true sense. (Both cannot be done by the same organization.)
The ‘Vision’ is the dream of the organization, which tells why it exists and what it really wants to perform in the long-term. A Vision is a clear, comprehensive photograph of a company at some point of time in the future. It provides direction, because it describes what the organization needs to be like, to be successful in the days to come.
For Example SpaceX (spacex.com) started with the vision of colonizing mars (SpaceX Vision).
The ‘Mission’ is a concise statement of business strategy developed from the customers’ perspective, usually short-term and it should be aligned with the company’s vision and should basically answer three key questions –
- What we do?
- How we do it?
- Whom do we do it for?
For example mission of SpaceX is to reduce the cost of Satellite Launch so as to gain expertise and earn financial resources needed to achieve the stated mission.2. Building the required Infrastructure
Next would be the construction of the infrastructure that is required for the execution and implementation of what was planned – with the state-of-the-art technology, create facilities and provisions for accommodating the prospective workforce and equipment according to the arising needs.
For Example, SpaceX (http://www.spacex.com/about/capabilities) has developed a 4000 acre state of the art Rocket Development Facility along with multiple Rocket Launching facilities in Florida, Texas and California.
3. Selecting the right kind of people to run the show
The next step would be hiring the right kind of people with the required skillset for the implementation of the dream project. The market is full of people with diverse skillsets, having wholesome work experience, certifications - local and global, updates and what not, but the visionary looks for people with the basic knowledge of the job and beyond that, he looks for other qualities like peer relationships, because success is not a one man show, it’s a team work and when the right team works together, success is not a nightmare, but it’s certain.
For example, SpaceX only wants the top people to be part of their company and have developed a very strict selection criteria as evidenced in this business insider article on SpaceX hiring process
4. How do customers view this venture?
When the customers interact with the organization, they are not compelled, but display what they intend to do, (short-term goals and long-term goals) and portray their benefits if they are a part of the family, they are satisfied in all aspects displayed by the organization as all the employees speak in one voice, as they are all one family being aware of each one’s responsibilities and ensuring customer satisfaction at their best.
Now a satisfied customer would spread his pleasant personal experience of the products and services with the organization and the information keeps spreading to his near and dear ones by the word of mouth making known the quality products or services that you deliver. This creates room for the potential customers reaching you and the relationship continues and also the network widens.
For Example, NASA is a client of SpaceX and they are supportive of what SpaceX does and their future plans as evidenced by this article: NASA & US Air Force consider SpaceX’s reusable rockets for future missions
5. How things are handled internally?
There are multiple reasons for the failure of an organization, one main reason is due to the people in the organization, but doesn’t work for the vision of the organization. When their priority changes, their status changes and are not able to handle things appropriately. Employees’ ego, change in attitude, non-cooperation with the peers – these behavioural issues need to be checked and controlled by the leader and appropriate measures should be taken, creating an amicable work environment.
Moreover, the management should give enough space to the novices to understand and work towards the organization’s culture, vision and mission, thereby gradually becoming a part of the big family and contributing for its growth and development.
Mistakes do happen, management should give their employees a supporting hand when things go wrong, but should never treat them badly. (The understanding is that the employee did not know what was right, hence committed a mistake, but the journey is long way, where things can be set right.)
At the first level, the organization grows, which results in the growth of the employees and thirdly, the other stakeholders who are associated with the organization grow as well.
For example, in SpaceX, CEO Elon Musk is extremely demanding from their employees, he is always more learnt than the employees, always there to support them for whatever needs to be done as evidenced by this article on ‘What it’s like to work with Elon Musk’
6. Role of Leaders
For steering the whole setup, there should be a leader in the true sense, who is highly practical, flexible and is ready to accept the situation, and prompt for next line of action to cover the mishap and see that the deviations are set right (by involving the stakeholders). (Here the cover-up decisions are also made by the team of employees).
Hence success of an organization depends on the management, the leader / the CEO or the steering head of the group and the whole team of employees as a group performance.
For Example, SpaceX CEO Elon Musk established himself as one of the best CEOs in the world. He leads by example, a great visionary and a first principle’s leader as evidenced by this article ‘Why Elon Musk is among the World’s Best Leaders’
In Short, Requisites for success:
- A clear vision – that is understood.
- An effective management – that handles.
- An efficient leadership – that provides.
- A cooperating team of employees – that performs.
People may come and go, but the vision has to be fulfilled. Any change, anywhere - the flexibility mechanism has to be applied and each one’s responsibility must be realized and carried out in alignment with the organization’s goals. This is how in the long journey, the organization achieves its vision and creates value for itself and to the stakeholders.