5 Things You Can Learn From Fortune 500 Companies To Become a Market Leader

Oct 07, 2021
5 Things You Can Learn From Fortune 500 Companies To Become a Market Leader

As we start to emerge from the global pandemic leaders are ready to get past sustainment and get back to growth.  Businesses have spent the last 18 months, save a few key industries, sustaining their business in the face of inconsistent demand, employee turnover, supply chain challenges and more.

 

Growth during a pandemic was not in the cards.

 

Business leaders are ready to pick up where they left off with those growth plans, and many have much more aggressive growth in mind based on what they’ve learned in the last year and a half.  The overwhelming sense is “Let’s Go!”.  

 

While what you’ve always done has gotten you this far – it will not get you to the next level.  If you are looking to transform your business and become a Market Leader, you will have to change things up.   

 

After a career at both General Electric and The Walt Disney Company – I’ve seen commonalities that have made these businesses successful.  By putting the right focus on each of these priorities, you can accelerate the growth you’ve imagined.   

 

  1. Establish clear and common vision, mission and values

Everyone has to be marching to the beat of the same drummer.  While everyone should bring their unique background to the work, and they may get the work done differently – the oars have to be rowing in the same direction.  

Your vision is a look towards your future, it’s what you hope to accomplish.  It’s aspirational.  

The mission is focused on today and what you are doing to achieve your vision.  One is not more important than the other.  You will often hear people talk about “vision and mission”.  This is key – they belong together.  

Values are all about what you are and how you operate.  Keep these simple.  Everyone in the organization should know the vision, mission and values.  

 

  1. Ensure your leadership team has both visionaries and integrators

There has been a lot said and written lately about the importance of these 2 types of leaders.  Like vision and mission, one is not more important than the other.  These must co-exist.  

An organization heavy on integrators, without a visionary, would likely lack innovation, be less rooted in their culture and move forward without a big idea.  

Conversely, an organization heavy on visionaries, without an integrator, would likely not complete projects, run over budget and not stay on schedule.

 

  1. Recognize Customer Service as a subset of Customer Experience

Successful companies understand the difference between customer service and customer experience.  

Customer service is important, it’s the reactive process of turning around customers that had an interaction with your company that did not meet their expectations.  No matter how well your company handles customer service – it’s not customer experience.  

The customer experience spans the customer’s entire journey with your company and defines the customer’s expectation of your organization. 

 

  1. Focus on employees

At Disney a part of the culture is “Cast, Guest, Business Results”.   It’s a repeatable phrase that every Cast Member knows.  It’s a mantra learned on Day 1.  

The point being … if you take care of your employees, they will take care of the customers and the financial results will take care of themselves.  

You can’t underestimate hiring the right employees, training them well, taking care of them, understanding what makes you a competitive employer, promoting the things that make working for you a unique experience.  

There is such a thing as healthy turnover.  Not every employee will be a fit with your culture and your core values.

 

  1. Encourage a culture of calculated risk taking

Creating a culture where your employees can take risk is important.  I would not discourage calculated risk taking.  You need to put guardrails up, you need to understand the thresholds and levels of approvals. 

By overstructuring any process you can stifle creativity by giving the impression that risk taking is frowned upon.  By being open and transparent about what empowerment looks like you can encourage risk taking, support innovation and minimize possible negative impacts.

 

To be successful at scaling your business you need to FIRST get your arms around these 5 areas.  Without having a common language relative to vision, mission and core values, without having the right people in the right roles, without a clear understanding about the difference between customer experience and customer satisfaction, without a laser focus on your employee experience, and without a calculated approach to risk taking – you could sabotage all the effort you put into building your competitive advantage and positioning yourself as a market leader. 

 

This is not work you do once you become a market leader – this is work you do to become a market leader.

 

My next 5 blogs will go a little deeper into each of these topics and give you some quick wins in each of these 5 areas.  

 

If you are a visionary without an integrator OR if you are an integrator struggling to get traction with your visionary counterpart – I’d love to come along side you and co-create with you a plan to get you there. 

If you need help defining this work to aggressively grow; or you need help grooming an integrator for your organization – let me be a part of your solution.  

 

And if you just can’t wait and you’re already ready to get started – let’s jump on a call. Click here to schedule a free Level Up: Scale Your Business call so that we can co-create a customized plan to scale your business using lessons from Fortune 500 companies.

 

 

 

About Me:  I'm Heather Havey and my consulting business helps visionaries work with integrators to bring their big ideas to implemented reality.  I’m passionate about efficiency and transformation, and I will empower you to fix, build and grown your business to accelerate the achievement of your big goals.  I offer customized, no-nonsense, real-world solutions designed to position you as the hero in the reinvention of your business.    

 

Check out options for how we may be able to work together at https://www.heatherhaveyconsulting.com/services .  

 

And if you think you could benefit from having an expert partner with real-world, action-oriented change solutions that will absolutely work, let’s chat.  In your free strategy session, we’ll get those ideas out of the clouds and onto the road to results.  Schedule a complimentary strategy session to talk about bringing your vision to life.

 

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