Enjoy this series of shorts on Strategy from Jim.
In times of uncertainty big opportunities are often missed, resulting in silent and unseen costs. Big payoff almost always means big investment, either of organization focus or money—or both. In uncertain times, the probability of payoff is harder to figure, and even well-managed companies experience this impact:
I have some great news. We are living longer. According to the World Economic Forum, my children have a 50% chance to live to 100. That’s 12 years and a 14% increase in a single generation.
We must overcome two major challenges in order for our heirs to to benefit from their extra longevity.
In today’s employment climate, employee retention is crucial to a business’s success. In many industries, there are more jobs available than there are people to fill them, so when someone leaves a company, it often takes some time to find their replacement.
Think about the last time you were really stressed out or discontent. How did it make you feel? I know when I get that way, my palms get sweaty, my stomach goes in knots and I feel almost paralyzed. The last thing I’m thinking about is how productive I am at work or the next big thing that’s going to help change my company. So, I can give you statistics about how happier employees or less stressed out employees are going to make your company more profitable. But you probably already know that.
It has never been more important for businesses to make the right technology investment decisions. Businesses currently spend an estimated 2 to 5% of their revenue on technology purchases. Studies show there is a strong correlation between profitable growth and well-aligned technology especially when the investments are focused on differentiating the business in the marketplace. Unfortunately, technology spending can sometimes be derailed by competing agendas, poor communications, and long wish lists. How can these important business investments move beyond the technical necessities needed to just “keep the lights on” and tackle improvements that solve the bigger problems businesses face today?
