Navigating Business Transformation in the Age of Disruption
17 August 2023 @ 8:30 am - 10:30 am
The Fullerton Hotel Singapore
Thanks to the continued generosity of NAIHE led by Tony Travaglione and our guest speaker Kyle Loades, members and friends had a masterclass this morning in strategy, risk management and culture change. The vibe in the room was very positive from the get go. Here are the key learning points:-
1. If it ain’t broke, break it yourself before someone does it for you. Always constructively challenge the status quo. It got you where you are today. It will not take you or your business further.
2. Leaders can help take away the fear of change among the employees through effective communication and education.
3. Risk is part and parcel of success. Take calculated risks. Don’t bet the bank but, equally, don’t be risk averse. Remember what Nelson Mandela said about experimentation: “I never lose: either I win or I learn.”
4. Chairmen and boards: don’t think for one moment you can abdicate strategy formulation to the CEO. It is the joint responsibility of the Board and the CEO to determine strategy.
5. Strategy cannot be decided on an offsite of a few days’ duration. Kyle’s extensive experience tells us strategy formulation takes at least 6 months’ hard work.
6. Leadership at the top that has drive and curiosity but is humble, selfless and secure (there’s nothing worse than executive insecurity!) is needed to enable teams to embrace change, to enable innovation and to ensure collective success. Always learn from the best in your sector.
7. Everyone is a leader and everyone should take that responsibility seriously irrespective of their job function. This is especially true for workplace culture.
8. Which brings us neatly to the most important factor of all: culture. If you don’t get this right, you will not achieve the right strategy nor will you achieve sustained strategy implementation. If you do not get culture right, you will not achieve the change you need and you will not retain the people you need to effect change let alone to innovate.
Lessons for everyone in business, don’t you think?
The Chamber thanks NAIHE, Kyle and a really energized audience, with plenty of good questions, for a masterclass to remember.