The Rotary Club of Lucaya’s weekly meeting on Tuesday gave Rotarians present the opportunity to hear of the importance of creating an operating rhythm irrespective of business size.
Ormand Saunders, who was Chief Operating Officer at Conet Bahamas was the guest speaker at the Rotary Club of Lucaya’s meeting at Ruby Swiss Restaurant on Tuesday (April 25) and shared with the Rotar-ians the experience he gained when he worked with G.E. (General Electric) in the United States.
Saunders explained that although G.E. employs over 300,000 people and has representation in 170 countries, strategies they used can also, be used in small businesses on Grand Bahama.
The COO at Conet Bahamas spoke of the lessons learned by G.E. during the Financial Crisis and the strategies that company put in place to ensure growth.
Saunders emphasized the need to transform the company’s culture by reorganizing the business from one that was 50 percent industrial and 50 percent financial to 90 percent industrial and 10 percent financial after the Financial Crisis and the implementation of far stricter rules in that arena.
G.E., Saunders said, moved from a conventional model of doing business to disruptive services. “Disruptive services include companies like Airbnb and Uber, companies that do not follow the conventional. The strategies of 30, 20, 10 years ago just cannot work – someone will come with an ‘Uber’ and blow you out of the market,” Saunders pointed out.
Implementing an operating rhythm strategy, Saunders furthered is simply necessary to increase productivity. “The operating rhythm bridges the gap between strategy and execution,” the COO added.
This, Saunders shared can be done within the small business in the same way. “The business owners ask themselves what they want their business to look like, how they see their business growing – it’s the same conversation at the small business level as it is at G.E,” Saunders added.
The COO warned that entrepreneurs rarely take the time to think five years or 10 years on as they lack vision. “A culture change is essential, digital is everywhere – there is an app for everything. Companies big or small have to change culture to a digital one if you want to succeed,” Saunders warned.
Saunders then warned the entrepreneur that although it is the natural response to do everything within your company, it will choke you. “Train employees, you need a pipeline of leadership talent coming in, your hands are full. We are implementing this at Conet. Feedback is also important and it is free! Embrace what customers say, they can tell you if you just listen,” Saunders concluded.