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Let’s pick-up where we left off from last week’s newsletter by diving back in to lessons on entrepreneurship and business success gleaned from:
Customer Magic is available in ebook and audiobook format and can be pre-ordered NOWfor print release on May 28th.
Here are a few additional priorities to consider along your journey to business growth and sustained success.
1. Build Trust and Leverage Shared Values: The founders of Macquarie Technology Group, David and Aidan Tudehope’s longstanding trust and shared values played a crucial role in establishing their industry-changing, customer-centric culture.
Lesson: Business Trust is a pragmatic and actionable asset that impacts the quality of every relationship in business. Building and maintaining trust is essential for successful interactions with customers, partners, and all stakeholders. Trust involves keeping promises, being transparent, and acting consistently.
2. Focus on Diversity and Complementary Strengths: David and Aidan’s complementary skills allowed them to work independently while focusing on their strengths. Their division of labor enabled them to efficiently run the business and drive growth.
Lesson: Strive to overcome unconscious biases and attract a diverse team. Leverage that diversity and welcome constructive disagreements when discussing strategy. Foster an environment of collaboration where complimentary skills produce transcendent results.
3. Provide Freedom Within Boundaries: Macquarie’s management concept of “freedom within boundaries” decentralizes support functions and leadership to the division level while requiring those leaders to be measured against shared mission-centric metrics.
Lesson: Empowering leaders and frontline team members within clear boundaries leads to creative solutions and growth. It involves striking a balance between freedom and structure in your organization.
4. Emphasize Lifelong Learning and a Growth Mindset: David and Aidan’s commitment to learning from mentors, coaches, and reading has been a driving force behind Macquarie’s success. Their curiosity and open mindset have allowed them to integrate new ideas and approaches into the business. The founders’ mindset, characterized by developing talents through hard work, fosters Macquarie’s continuous improvement and resilience.
Lesson: Continual learning and mentorship are essential for personal and organizational growth. Demonstrate and encourage knowledge expansion and the application of insights to business. Emphasize the importance of continually learning new skills to stay relevant in a rapidly changing business landscape.
5. Take Care of People: While running a technology company, David and Aidan view themselves as running a “people business.”
Lesson: Success in business comes from caring for people and enabling them to succeed. Prioritizing the well-being of employees, customers, and stakeholders creates lasting impact and builds loyalty.
In next week’s Customer Magic installment we will dive more deeply into the creation of a customer-centric culture.