ARTICLE TEXT:
OPEN MINDS
OPEN MARKETS
Beware
the ideologues……for they will slow progress and impede innovation.
The fluidity and dynamics of the prevailing marketplace
demands flexibility in thinking, strategies and tactics.
Sadly,
one conspicuous consequence of the “boom” economy preceding
the fallout from the Global Financial Crisis (GFC) is the
presence of ideologically driven business leaders,
owners and managers. Success does, understandably,
promote self confidence and belief in one's self applied
ideas. Rigidity is a common by-product.
Incremental
profits, market share and wealth are difficult argue against.
Collectively, they promote “conviction” leaders.
There is often a noticeable desire to look for and contemplate
alternatives.
Here
is an antidote …….
IBM PHILOSOPHY:
There is a better way.
Find it.
No
leader profile or management group is immune. Younger entrepreneurs,
business owners, managers and executives are typically better
educated and more articulate than those in the preceding
generations.
Indeed,
at the time the Gough Whitlam led federal Labor government
was elected in 1972, just 3% of the workforce had a degree,
diploma or similar higher education certificate.
Today, in Australia and New Zealand the figure exceeds 22%.
An incidental consequence of the Global Financial
Crisis is the increase in registrations for university courses,
particularly among mature, often part-time students.
Clearly, most have the capacity and willingness to learn.
However, business is a lifelong learning experience
and an open mind is a supple mind, readily adapting to changing
circumstances and responding to a fluid marketplace.
Strongly held ideologies often stifle minds.
VALUE
EXPERIENCE
Effective
formal education is founded on sound case studies, research
and analyses. Graduates in management enter the workforce
not as managers, but as students of the management discipline.
The same principle applies to graduates of marketing,
public relations, media studies, psychology, engineering,
law, accountancy and finance.
The
missing variable and attributes of many younger people is
EXPERIENCE.
Experience
broadens perspectives, introduces hindsight and provides
the platform to ask the question WHY?
Sage
advice from older, more experienced people should not be
locked out by ideology.
NEW
BLOOD
New
blood should always be encouraged and welcomed by entities.
New
perspectives can and do reveal opportunities and generate
a refreshing sense of energy. They are a great antidote
for ideological inertia. However, biologically and
philosophically, new blood needs to be compatible, not necessarily
the same, to be effective and compatible.
Therefore,
appropriate disciplined recruitment procedures and staff
retention initiatives will be imperative as business sectors
and economies emerge from the depth of the fallout from
the Global Financial Crisis.
Remember:-
“Recruit for attitude
train for aptitude.”
IDEOLOGICALLY
DRIVEN
The
recent track record for ideologically driven sectors, businesses
and individual is hardly stellar.
Investment
banks, commonly referred to in the past as “millionaire
factories”, have found that their belief in and promotion
of high debt gearing can and should be applied to and limited
to certain short term marketplaces. Their self belief
remains, with the operation of “Private Wealth” financial
planning divisions, while their listed shares are less than
50% of previous share value. Humility
can be a virtue.
Many
property developers didn't listen and forgot the lessons
of the past. High gearing and large debt is no friend
in descending marketplaces and economies.
Reality
can, does and should override some ideologies.
Listed
property trusts confront a very subdued immediate future,
providing time to reflect on, value to and learn from the
lessons of the recent past.
Small
Cap (capitalised) mining entities will be constrained for
some time, as funding sources remain prudent and conservative.
The
subcontractor sector in particular, including those servicing
the needs and dictates of the mining industry, have the
need to acquire, operate, service and maintain capital items.
They too will find the immediate future challenging,
with the tight reigns being applied by financiers.
Each
of the above sectors abound with case studies which underscore
the importance of reviewing and refining long established
ideologues. It is good for staff morale, motivation
and team cohesion.
STRATEGIC
FUTURE
All
participants to strategic planning workshops and creative
development sessions bring to the table diverse ranges of
skills, training, perspectives, disciplines and experience.
Perhaps
the most important the most important thing that they should
bring to the table are blank sheets of paper.
Very
few things should be preordained or set in concrete.
Philosophies and core values should be recognised, respected,
but not immune to review, refinement, extension and development.
INSATIABLE
DEMAND
Demand
persists for finance, housing, property, investment, subcontracting
skills, technology, accounting skills and legal advice.
What
has altered most is the manner in which such products and
services need to be presented, paid for, maintained and
valued.
The
true nature and measure of demand is now determined and
quantified by currency and relevance. In short, creativity
in isolation is not enough. The support evidence
for such is stark. Creative securitisation, tax effective
investments and dividends paid from projected (future) profits
were the foundations of and reasons for the Financial Global
Crisis.
Creativity
was the catalyst and rationale for increased risk taking.
However, currency and relevance are essential for customer
satisfaction and value.
“I
COULD HAVE TOLD YOU SO”
Ideologues
are seldom distracted by statements like:-
“
I told you so.”
It's
usually a case of ‘I'm not listening and will,
not be influenced by contrary thoughts. Full
steam ahead.'
No,
ideologues suffer form the disadvantages inherent in the
statement:-
“ I could have told you so.”
Implicit
in such utterances is the sentiment that contributions were
not entered or offered because they would not have been
listened to, respected, contemplated or acted upon.
Strict
adherence to inflexible ideologues denies many, if not most
or all, the advantages of differing experiences.
Business coaches and mentors are seldom all knowing.
Full use should be made of wide spectrum of credible spheres
of influence and original thought. Those driven by
a common ideology tend to be selective in their points of
reference and as a consequence narrow their perspectives.
DIVERSIFY
Astute
investment and financial advisors consistently advocate
diversity in investment portfolios. It is sage advice
that has application to business operations and development.
So,
one should always seek out advice and input from a broad
spectrum of sources. Clients are generally a great
starting point. Some input will be invaluable.
Some may require refinement and some will need to be rejected.
That has the ring of a sound, exciting embryonic
ideology which is open, flexible, current and relevant.
Ask.
You will receive. Then it may be up to you
to determine the optimal actions in pursuit for the preferred
and appropriate outcomes, free from the shackles of a limiting,
inappropriate ideology.
THE
AUTHOR
Barry
Urquhart is Managing Director of Marketing Focus, Perth.
He
is a former lecturer in management, marketing and organisational
behaviour at the Curtin University of Technology.
Barry
consults to, facilitates interactive workshops with and
provides customer conference keynote addresses for big and
small entities in the public and private sector.
He
regularly visits and works in Britain, North America, South
Africa, Asia, New Zealand and Australia.
Email:
urquhart@marketingfocus.net.au
Web:
www.marketingfocus.net.au
Tel:
(08) 9257 1777
Mob:
041 983 5555
