Do you have organisational oversight of your business?
Building a strong business foundation and having oversight of the whole organisation is going to be essential for rapidly growing companies.
A CEO’s job is to be on top of an organisation, responsible for developing big-picture strategies and also working with every department and senior executive to maintain the direction of their company.
This is something most CEOs will be well aware of – they will also know that maintaining this level of oversight is easier said than done.
Whether it’s because a business is growing fast in many directions or different departments working within silos, the potential for CEOs to lose oversight of the company and overlook the importance of a strong foundation is a major concern.
Even as organisations start investing in lean management structures that can adapt to unique economic conditions, CEOs cannot afford to lose sight of every aspect of their business. Not only does this harm the decision-making abilities of a leader, it also impacts every part of a business, including the customer experience.
This has been highlighted by research from the customer experience consulting firm Beyond Philosophy. The organisation’s research revealed that organisational silos and a ‘silo mentality’ are the biggest barriers to achieving effective customer service, in a study on telecommunications providers.
Faced with these obstacles, CEOs will need to be sure they have systems in place to truly understand the scope of their business and how well it is aligned with strategic goals. Often this will mean changing the way they think so they understand every aspect of the business and how these fit together in order to build a stronger enterprise.
According to TEC Speaker Nick Setchell, who will be conducting a number of TEC speaker events across the country in coming months, CEOs need to build a strong understanding of their company and the issues they face. He proposes a four-quadrant model, which leaders can use to build a strong organisational structure.
For a fast-growing business, this level of oversight is going to be essential for building a structured company that can scale with new opportunities. If there isn’t enough focus placed on building a strong foundation for your business, it can be easy for a business to become unbalanced and for leaders to lose oversight.
In a competitive market, the room for a lack of organisational oversight is now smaller than ever. For many leaders, this will pose a significant challenge. But, for those who can do it well, there are considerable opportunities for future growth and expansion.