TORONTO – There are five things the most successful businesses have in common, according to productivity expert Jason Jennings, who spoke at the opening general session of NAFCU's Annual Conference.
First, they have a cause, "a very reason for the existence of the organization," he said. It has to be big, it has to be bold, it has to be inclusive and provide meaning to people's lives. "Culture is the one competitive advantage that you as credit unions will ever have," Jennings, a 37-year credit union member, stated.
Second, they have mastered the art of letting go. In other words, Jennings said, they do not keep doing what they have always done because that is what they have always done.
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These successful businesses, defined as those with double digit revenue growth and double digit profit growth over 10 years' time, do not have satisfied customers-they have "completely satisfied customers." He explained that two-thirds of customers who stop using a company describe themselves as satisfied with the service they received.
Also, it is important that all employees think and act like owners. They need to be shown that the job that they perform creates value for the company. "When you connect the dots for people they make the connection," Jennings said. Companies need to compensate for value and everyone needs to be held accountable. Finally, the leaders of these companies do not see themselves as leaders and certainly do not want to be held up beside infamous business tycoons like Enron's Kenneth Lay or Tyco's Dennis Kozlowski. The most successful business leaders see themselves more as stewards. "Stewardship is service over self-interest," according to Jennings. They are successful because they are accessible, keep themselves in the trenches, stand for something, get rid of superficial distinctions, serve as coaches and mentors, and feel called to serve. Jennings said, they "have to be sure the same opportunities are there for the people who follow me."
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