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Leading For Strategic Business Success

Source: investment fiji Strategy, innovation and tenacity are at the Heart of the 2016 Westpac Prime Minister’s International Business Awards. Investment Fiji chief executive Godo Müller-Teut emphasised the need for
29 Dec 2016 11:00
Leading For Strategic Business Success
Winners of 2016 Westpac Prime Minister’s International Business Awards with the Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum.. Photo: INVESTMENT FIJI

Source: investment fiji

Strategy, innovation and tenacity are at the Heart of the 2016 Westpac Prime Minister’s International Business Awards.

Investment Fiji chief executive Godo Müller-Teut emphasised the need for companies to think strategically and develop concise and clear business plans, which help seasoned executives and young entrepreneurs to think through issues and understand problems.

“You need a destination and you need a map depicting how to get where you want to be,” Mr Müller-Teut said.

The drive for success and effective leadership is equally important, people who are successful are generally never satisfied with the status quo; they need to keep creating, innovating and reinvesting their organisations.

He adds it is not just about product and service innovation but market innovation too where companies with fresh ideas are able to penetrate not only local but regional and international markets.

“It’s about creating something that is unique and special,” he said.

Corporate social responsibility, Mr Müller-Teut said is also an important component of businesses where they undertake selfless acts and give something back to the community.

This, he said, is all about inclusiveness where forward-thinking companies embed sustainability into core of their business operations to create shared value for business and society.

As consumers’ awareness about global social issues and environmental concerns continues to grow, so does the importance these customers place on social responsibility when choosing a supplier or decide where to shop.

“It’s about being an organisation that cares not only for itself but for a wider audience. I believe that all companies in Fiji need to have some form of social inclusiveness,” he added.

Mr Müller-Teut said importance of creating customer value in any business model cannot be emphasised enough and it is the core of containing business success.

Delivering a superior level of customer value requires uninterrupted flow across the organisation.

Eliminating barriers to flow – breaking down departmental silos- is a necessary first step to building an organisation’s strategic capabilities, regardless of the specific capability.

Branding and marketing is an essential part of business especially given Fiji’s distant location from major commercial hubs such as Europe, Asia and the Americas, Mr Müller-Teut emphasised that e-commerce is equally important for any successful business.

“Most companies in Fiji are unable to afford traditional multimillion dollar marketing campaigns required to launch and maintain sales across America, Europe and Asia,” he said.

“The only avenue we have are e-channels and social media campaigns. In today’s connected world, companies are now able for relatively small investments to penetrate multinational markets.

“The digital world enables businesses to track results and see customers’ behavior and how they are reacting. E-Commerce and Social Media has become the norm on how the world views a particular business.

“Social media can be a tremendous asset to any business by building a network of followers and loyal customers if value is provided in the relationship.”

The flip side of social media of course are immediate reactions to both negative and positive experiences and these must be addressed in real time.

It is therefore imperative for Fijian businesses to not only adopt e-commerce and social media strategies but to embrace them, to dedicate time and resources to the effective and efficient management of their electronic gateways.

According for Forbes, it’s anticipated that there will be an estimated 2.97 billion mobile internet users globally accessing sites via smart phones and tables by 2017.

As such a clever and well-designed e-commerce and social media strategy can allow Fijian companies to access distant and remote markets and directly communicate their messages to end-users.

This will not only enhance the sales potently but allow businesses to upsell their products.

 

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