CEO Forum III member Scott Barrows introduced Daniel Pink to our CEO Forums a few months back. Daniel’s is a very interesting and noteworthy viewpoint. If you haven’t already, check out the classic TEDTalk by distinguished thought leader, speaker and writer. Pink presents TED Conference attendees with his talk on “the surprising science of motivation.”
Jim Myers, Founder of the CEO Forum, encourages us to develop a bench of Stellar Performing Co-workers. In fact, he goes as far as to say, consider the attributes of the stellar performers that have worked for you to-date and try to establish what the common attributes they hold and then hire against this for new hires. So we thought we would survey the CEO Forum members to see what we found. This is what we found among the CEO Forum members.
Top Five Positive Attributes of Stellar Performers
- Integrity & Character
- Willing to Learn
- Sees the Big Picture
- Ability to Build Strong Relationships
- Self Starters
- Positive Person
- Does what he / she says he / she says will do
- Works well with others
We’ve all come to realize that some old business models are becoming obsolete and some great new ones are being created. It seems appropriate and compelling for leaders to work every day to try to evolve your business model so that it stays toward the front of creating value for your marketplace.
Recently, we surveyed our CEO Forum members to rank what might be the Top Five Attributes of a Business Model that is positioned to create sustainable shareholder value. This is what we found among the CEO Forum members:
HIGH PERFORMING BUSINESS MODELS
Top Five Positive Attributes of Business Models Most Likely to Create Long-term Shareholder Value
- Recurring Revenues
- Proprietary Position in the Marketplace (intellectual property, patents, abilities others can’t easily duplicate)
- Strong Value Proposition (as defined by the customer; what does the customer say about the value you create compared to your competitor?)
- Within a Growth Industry (sometimes, we must move our business away from a stagnate sector or industry and toward a growth industry)
- Solves a Real Problem (this is especially true of earlier stage enterprises but is also a way to look at how to update an old business model; what new real problem is out there that an older business may want to attack and create new value for their customer)
It often takes years to evolve a business model, yet depending on the speed of change within your industry, it may take some careful and highly responsive strategic initiatives to accelerate your organization’s speed to significantly change your business model vs. slowly find your enterprise become obsolete.
In today’s rapidly changing markets, nothing is more important for a CEO than to work every week on updating and evolving your business model so that you remain in the front of market movements and you are able to maintain a strong value proposition as defined by your customers.
The prior decade certainly offered a target rich environment for CEO’s and organizational leaders to learn a great deal about free market behavior and how well our organizations were positioned for such large swings in the economy. Today, there are some tremendous case studies that were born from this decade of activities represented by growth and easy capital markets turning to the great recession and a retraction of markets and capital that hasn’t been as severe since the 1970′s. We thought we would stop and reflect on this learning opportunity and see what we find among the CEO Forum members. This is what we found.
Survey Results of our CEO Forum Members
Learning from the Prior Decade
How We Strategically Drive Our Organizations in the Coming Decade
28 Perspectives Nominated by the 37 members of three CEO Forums
Those receiving the most votes from our members are:
What might we have learned from the prior decade?
1. Some business models are becoming obsolete; great new ones are being created
2. Be humble / considerate
3. Quality even slower growth is likely better
4. Target our customers / prospects based on financial risk and ability to grow
5. Learn to say no
Have we fully comprehended what
adjustments must be made moving forward?
1. We must develop plans that address financial weaknesses, establish how and when, if not already, our organization can return to growth while also building more liquidity than what was thought to be necessary in the past
2. Risk of shorter cycles between downturns
3. Limited increase in real estate values
4. Ongoing uncertainty of global events
How will we strategically drive our
organization in the coming decade?
1. Stronger drive for greater efficiency (using technology and improved processes)
2. Work to try to give more meaning to the work that our co-workers perform; be reminded that as the economy heats up, others will come after our A Players
3. Enhanced / More dynamic strategic planning process
4. Drive to create a higher value proposition as viewed by our customers
Don’t take yourself too seriously.
Happiness = Reality – Expectations
Gratitude is the foundation of contentment.
There are always those who are smarter, stronger and faster than you, generally younger. Choose them for your team.
Things that get rewarded…get done.
Mistakes are opportunities.
All humans face the same issues, just in varying magnitudes and in different sequencing.
Hubris is the first sign of an impending train wreck.
Reality is not moral.
John M. Lewis