Learning is the key…

Last week I attended Verne Harnish’s Growth Summit here in Sydney. It was great to get a shot in the arm – ie inspirational learnings. We have implemented so much of Verne’s Rockefeller habits over time. In fact, Verne shot some video of how we have applied this to our business, which I share in future blogs

I went specifically to have two questions answered.

1. How do I continue to play a bigger game – without fear of the economic climate?
2. What if…? How do we ask the right questions to ensure that we stay nimble and responsive as we grow?

I share with you a few clear takeaways.

• Our job [as CEO] is to keep delivering ideas to the business – so we must keep learning – We must spend time learning especially in tough times.
• What is the right question to be asking? Fewer statements more questions will reveal the way forward.
• Talk less – Listen more
• If you can’t measure it you can’t manage it.
• Whoever has the best intelligence quickest wins – ie spotting trends quickly
• What is the number 1 thing we are focusing on for the trimester/quarter
• It must stay absolutely true and in alignment with the BHAG – is everyone playing for the same BHAG?
• What will block the competition from entering our marketplace – the x factor (What do we hate about this industry or the way business is done – what are we prepared to take on that no one else in the industry will?)
• How can we reduce the cost of acquisition of a customer ten fold?
• How can we reduce the cost to serve, but increase the customer experience?
• Marketing is the key to continued growth – marketing is about acquiring relationship
• You can’t have great customer relationships without highly engaged people
• Who is accountable in the business for customer advocacy?
• Whoever taps into the most brains wins
• Do we listen for our black swan moment? Where will the ‘big idea come from?
• How do we capture ideas from customers consistently – “I’m not smart enough alone!” – Michael Dell on Ideastorm.com
• How many outbound customers calls do senior leaders make spontaneously each week?

An insight into growth opportunities in a downturn:

• “I will not accept the explanation of a recession negatively affecting the [new] business. There are still people travelling. We just have to get them to stay in our hotels.”

Horst Schulze – Ritz Carlton.