For business to be effective, regardless of their industry, i think may of the potions within the company need to be Results Only, as described in this article from TechRepublic. Too may employees have the eight-to-five mindset, and spent most of their eight hours at work fiddling around waiting for quitting time, and nothing really gets accomplished. You are probably already familar with Parkinson’s Law – which states that work will expand to fill the time allowed – and changing to an environment that focuses in getting things done instead of scheduling staff for hours on the clock will come out ahead.
Rule #1: Results, first and foremost
Do whatever it takes to get your employees and teams entirely focused on getting the job done. That may mean throwing out old pay grades, promotional schedules, hiring and training programs. Consider moving to a ROWE (results only work environment) model like Best Buy did nearly two years ago. They’re not concerned with how long, or when, someone’s at the office – as long as they do the task. And Best Buy is thriving.
Rule # 2: Competition will only increase
That may be either obvious or “indirect” competition. With less money, many organizations are being forced to choose between non-similar purchases, for example, “Will it be office supplies – or shipping costs?” or “Do we spend on executive bonuses – or furniture?” Keep in mind that no economists are sure this fragile economy is going to stick, let alone grow.
Rule #3: Keep an eye on Elance. And the rest
I am constantly surprised by how few leaders in most industries, are aware of the impact of sites like Guru.com, Elance, or EGuru. These networks match jobs, projects and tasks up with freelancers or people who are “daylighting” while still employed. The “employer” gets her or his work completed quickly and at very competitive prices. The established company is left wondering why revenues are still not picking up.
Rule #4: Those “sure things” may not be
Two years ago, who would have bet that Ford would sell the most cars in the US in February of 2009? Or that Toyota, top ranked for quality for years, would be under pressure because of product deficiencies it couldn’t identify, let alone fix? Make good plans, execute well, and always anticipate the downside.
Rule #5: Everyone is in the marketing game
For many executives, the whole concept of marketing is a bit distasteful. I’ve had clients tell me that marketing is simply “BS, smoke and mirrors, or boondoggles.” Whether or not you agree, recognize that this new environment calls for new thinking. Andrea Jung, CEO of Avon, believes only 13% of people who are trading down will go back to their old spending levels. This applies equally to business purchases too. Act accordingly.