BusinessHABBusiness Management Talent:Talent management is the commitment to continuously nurture and align individual attitude and performance.
Job requirements and organisational culture through excellent performance management.
In my capacity as a business owner and venture capitalist.
One of the questions I get asked most often by entrepreneurs is, “how do I ensure my business succeeds?”
While there’s no straightforward answer, there are important elements that I believe every entrepreneur must consider to ensure the greatest probability of success.
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1. Business Management Talent:Unique pain point:
Firstly, no business will succeed if it doesn’t solve a unique pain point or problem for modern consumers or businesses.
However, even if a business is able to carve out that niche.
There’s no guarantee that growth will follow.
For that to happen an entrepreneur must distill the business’s reason for being and then doggedly pursue that vision.
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2. Business Management Talent:Be clear, concise
In the same way, every decision an entrepreneur makes should in some way take them a step closer to realizing their vision.
In this regard, it is also vital that your vision is crystal clear.
A murky or undefined vision will divert you off your path to success.
That’s because you’ll tend to focus on the wrong things, especially when scaling rapidly.
Or when running bigger organisations.
Business Management Talent
Because there are many tasks to complete every day.
A lack of clarity also leads to poor decision-making.
Or, worse, decision paralysis, and that’s business suicide.
I’d rather make a bad decision than no decision at all, because it prompts action.
However, with a clear vision, more often than not, those decisions will be correct.
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3.Business Management Talent:Defining your vision
So, how do you know if your vision is clear and, more importantly, relevant and consequential?
The way I stress test my vision is to evaluate it every day against the decisions I take.
And the direction of the business.
This daily process helps to sharpen my decisions over time.
The other step is to remain open-minded enough to accept and acknowledge criticism.
And take on board advice from trusted confidants and impartial experts.
Business Management Talent
This is important, because you need to craft your vision based on as much information as possible, including valid criticism.
Ultimately, though, your vision for the business should align with your purpose.
Forget about money and turnover as points of departure when defining your vision.
These are merely metrics that can determine the strength and effectiveness of your business strategy.
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4.Business Management Talent: Statistics and performance:
Any sports team needs to measure the vital statistics and performance of each member.
“Metrics” like cadence, heart rate, output ratios etc. are important, for the whole to eventually be greater than the sum of its parts.
Similarly, leaders need to measure (without micro managing) employee performance to get a better understanding of what makes the individual stand out.
Business Management Talent
Leaders need to understand how to adapt environments so that everyone can be exceptional.
Not creating a culture of unhealthy competition.
But one where every individual’s contribution is understood and valued.
And individual work experience is adjusted to accommodate uniqueness.
Will keep individuals performing at their peak.
While enjoying what they do and understanding the purpose of their work.
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5. Business Management Talent:Nurturing star performers
Employees should be given the best possible opportunity to serve in a work context that is optimal for their skillset and temperament.
Talent management is based on the organisation’s commitment to surround all employees with people, practices and processes that will grow them to their full potential.
From a deep understanding of the talent pool a business can distinguish between top, great, good and poor performers.
Having a suitable and fair measurement tool in place is critical in this regard.
This allows management to clearly understand why people are in different performance categories, and provides insights on what pro-active actions can be taken to develop people into their full capacity.
Business Management Talent
People are highly influenced by work-related relational contexts and environments.
Poor performers can become top performers when there are leadership changes or job changes that simply fit better, but also vice versa.
Top performers can become poor performers due to illness or other job related changes.
There have also been cases where top industry performers join a different organisation and then struggle to perform due to the individual not aligning with the new organisational culture.
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Excellent talent management considers all of these factors:
- Understand who the star performers are, and why they are viewed as top performers. (Know and acknowledge what they contribute in terms of both job deliverables and attitude).
- Understand the relationship between the top performer and their leader.
- Understand the culture of the department and why this fit works for this individual.
- Then, for the future of work: Consider adapting working conditions or terms of employment in order to keep the star performers (Eg. Flexible working hours, virtual offices, or shorter terms of employment to ensure growth opportunities.)
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Business Management Talent
The biggest contributing factor to ensure excellent talent management is to continuously understand and communicate what is expected from an individual.
To have measures in place to know if the individual achieves this.
To know what value this adds to the business.
And then making sure that they are compensated accordingly.
6. Business Management Talent:Spiritual intelligence :
People don’t want to work merely for personal gain.
They want to connect and contribute to a business.
That shares their values and contributes towards the development of a healthy world and better society.
Spiritual intelligence is becoming increasingly important.
This trumps mere personal self-actualization.
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Business Management Talent
And entails feeling connected to a business that has a bigger shared purpose than just making a profit.
People want to connect with businesses that have integrity, moral leaders.
And feel part of a network that are responsible stewards.
Who will value their total personal contribution.
And help them grow as star top performers within a star team.
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7. Business Management Talent:Star metric
This principle of having a clear business vision guides all my decisions.
Whenever I need to validate a choice or a change in strategic direction.
Or if I’m trying to determine what to focus on.
I always refer back to my vision.
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If the two are in congruent, then I know I need to change tack.
Elon Musk is a great example of a successful entrepreneur.
Who is guided by his grand vision.
Everything he does, from Tesla to SpaceX, pertains to sustainability.
Both for the planet and the human race.
It might be hard to make the connection when you consider his various businesses out of context.
But everything he creates fits into a broader ecosystem.
That in some way moves the needle towards his ultimate objective.
Developing Tesla cars that run on renewable energy is but a small, short-term plan.
That feeds into his grand vision, yet it’s also been the catalyst for the evolution of the motoring industry.
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