Growth and profitability is the top priority for most Bahamian businesses, but one that's becoming increasingly difficult to achieve. However, some companies do it well, delivering sustainable growth year on year. So what makes these companies so successful? And more importantly, what can your business learn from them?
In their book 'Growth Champions' Tim Jones, Dave McCormick and Caroline Dewing provide a revealing insight into 20 of the world's leading companies such as PepsiCo, Audi, Rolls-Royce and Apple. Their aim being to identify how such organizations have achieved their success by assessing what they all have in common and understanding the strategies they have implemented.
To achieve this aim, 'Growth Champions' is split into three core sections:
1. The Growth Agenda - what it means and how it is changing
2. The Growth Champions - how leaders have achieved success
3. The Growth Challenges - the issues that we all need to address.
The Growth Agenda is explored by presenting an overview of the change drivers and strategic approaches to achieve growth using academic theory and case studies. This helps to demonstrate why companies such as Amazon, BASF, Google, LEGO, Nestle, Novo Nordisk, Proctor & Gamble, Samsung, Shell and Tata have grown into market leaders.
These market leaders are used to identify the key characteristics of Growth Champions, which includes:
o Clarity of Ambition: Growth aspirations must inspire and be specific
o Shared Values: Clear ambitions that fit with the organizational values
o Organizational Confidence: understanding strengths and areas for development
o Innovation: across core products, services and internal processes
o Foresight & Insight: understand the trends shaping markets and their implications
o Leadership: being prepared to challenge conventional wisdoms.
Finally we are led into the Growth Challenges for the next decade, which bares an uncanny resemblance to the current economic environment within The Bahamas. The authors argue that the three key 'Growth Champions' are likely to include attracting Chinese investment, working collaboratively with companies with different approaches, and delivering sustainability to drive growth. You only have to look around to see that it's already here, with the Baha Mar development on Cable Beach being a perfect example.
My only complaint is that 'Growth Champions' allows many of the top-20 senior executives to promote their companies' virtues in a manner that would make their PR departments blush - as saying goes 'don't believe the hype'. However, it's a quick read, relevant, inspiring and 'Grows' on you, which is a big plus for a business book.
o 'Growth Champions' edited by Tim Jones, Dave McCormick and Caroline Dewing.
Published by John Wiley and available from www.Amazon.com.
o Keith Appleton JP, BA (Hons), N.Dip.M, MInstLM has extensive experience within an academic, managerial and strategic leadership role. He is a member of the UK Institute of Leadership & Management and can be contacted at KeithAppleton@Hotmail.co.uk or follow him at twitter.com/writingrightnow .
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