The More Things Change The More They Stay The Same with Paul McCarthy
There are certain aspects of business that have stayed constant for generation upon generation. Even as we are on the cusp of the third decade of the 21st century the factors that drive business success are the same as they have ever been. A focus on revenue, a focus on profit and expenses, a focus on human resources and other assets, beating the competition. This all seems self-evident this is what it takes to be judged a success – but is it?
There is an argument that the fundamental aim of the business has now changed. For years the point was to segment success into quarterly and annual results. In many cases to return value to shareholders and make them content by supplying results in the form of cold, hard accounting driven facts and figures.
Paul McCarthy Looks At the Cork Business Scene
However, there has been a change. Now the focus on the business must be to outthink and outlast the competition. If the Internet bubble of the ’80s taught business and investors one thing it is that longevity and sound strategy are the true measures of success.
Longevity seems a function of a specific mentality and strategic approach. A successful company must finely balance two strategic imperatives. the first is response time to market condition and consumer demand that can be measured in days, rather than quarters or 12-month cycles. The second is a laser-like focus on the long game – and its attendant strategic goal – growth. This has a variety of implications – all just as valid for small and medium enterprises as they are for larger organizations.
The focus must be on long term investments – both external and internal (in terms of ‘future proofing’ human resources, marketing and fixed assets). Marketing is a prime example. in the past, a company might spend enormously to position a specific product or service suing above and below the line tactics. All in order to report on sales growth and profit at the end of a specific reporting cycle.
Those companies that take the long term view of product and service positioning and pay attention to changing market conditions are more likely to survive the marathon that business is running. One of the ways to do this is to invest in people, according to Paul McCarthy Cork. Business must find the right people, who fit into the corporate mold and ethos, train them – and allow them the flexibility to grow and flourish. In essence, this new approach transforms the company into one that is people-centric, rather than profit-centric.
So what does this take – what does it take to ensure that a business will be around for another generation of employees to bask in its success? It takes nothing less than a complete sea change in the way that senior management views the business of business. Without that mindset change what may seem like success using historically valid metrics may prove to be nothing more than an illusion. Those businesses which embrace the new mindset will set themselves up to leave a legacy of success over the long term.