14 July 2014

Sustainable change leadership

We are confronted with change every day. What we knew yesterday is not what we need to know today, and what we know today will be out of date tomorrow. Continually evolving your business is so challenging today with the constant changing of markets and customer needs, ever-increasing competitive pressure both here and abroad, shortened product life cycles, and new innovative technologies.

Understanding change

NHaving innovative ideas and understanding the change process is not the same thing. The change process has a start, a middle and end, but normally starts with the end first.

To develop and support change, we must consider sustainability – the likelihood that the overall change will achieve improvement. Key components of sustainable change are to understand the reasons for the change and to make planned changes not reactive ones.

The following is a summary from a presentation that Michelle Bannister, Senior Manager Client Partnership delivered at the recent MFAA WIMBN Conference held in Queensland earlier this year. It identifies some insights that may help you drive sustainable change.

Top 6 tips you can implement to drive sustainable change

  1. Be yourself – Never lose sight of who you are, as that is likely to be the very essence of what drives people to deal with you in the first place. If you try to be anything but yourself you will not appear genuine which will only result in less trust and certainly less business.

  2. Be YOUR BEST self – being yourself is the most important tip, but are you being YOUR BEST self? Careful now, being YOUR best is distinctly different from being THE best. You don’t have to be THE best, but you do have to satisfy “the man (or woman) in the mirror”.

    The Man In The Mirror

    When you get all you want and you struggle for pelf*, and the world makes you king for a day, then go to the mirror and look at yourself and see what that man has to say. For it isn’t your mother, your father or wife whose judgment upon you must pass, but the man, whose verdict counts most in your life is the one staring back from the glass. He’s the fellow to please, never mind all the rest. For he’s with you right to the end, and you’ve passed your most difficult test if the man in the glass is your friend.

    You may be like Jack Horner and “chisel” a plum, And think you’re a wonderful guy, But the man in the glass says you’re only a bum if you can’t look him straight in the eye. You can fool the whole world, down the highway of years, and take pats on the back as you pass. But your final reward will be heartache and tears if you’ve cheated the man in the glass.
    - Dale Wimbrow, The Guy in the Glass 1934

    Being YOUR best isn’t measured by awards, statistics, leaderboards or money in the bank. Only you will truly know if you are producing your best every day. This means continual evolution through training, mentoring and adapting, know your market, your industry and your clients.

  3. Be unique – find your niche and nail it. You do not have to compete head to head with everyone in the market, differentiate yourself, cater to a segment of the market you know most about or can relate to – are you known for your personal service? For balancing your work-life and family responsibilities? Maybe women in business, the self-employed etc. Understand your point of difference and promote it.

  4. Be passionate – you have to love what you are doing. If you don’t, people will know, and it will result in less satisfied customers. When you operate with passion you draw people in with your energy. Things such as diversifying, uniqueness, better technology etc. will all take care of themselves if you pursue something with passion – you will do all of the other necessary components automatically if you are expressing yourself with passion.

  5. Set goals and deliver them – it is so easy in this industry to get caught focusing on the next client, the next meeting, the next result, but often we forget to take some time to ensure we are achieving the goals and resolutions we set for ourselves.

    Many of us invest time into setting goals and plans we hope will make ourselves, our businesses and families the very best they can be, only to fall into the trap of actioning only what is presented in front of us on a daily basis, losing sight of the grand plan we set to achieve long term sustainable success.

    Make sure you set both personal and professional goals. It isn’t all business and unfortunately it’s not all leisure either. Family, work, health & leisure, personal development and a “Bucket List” are all important areas that need attention.

    Have someone review your goals with you quarterly to ensure you remain on track. Appoint a trusted friend/loved one who will give you an honest appraisal of your progress, and make sure you dream big. Goals often act as a subconscious guide that leads you on the path to achieving them. You may just find you achieve them quicker than you first thought once you document them and revisit them regularly.

  6. Stay balanced – enjoy a healthy work/life balance. Simple, right? This is probably the most important but most difficult of all to implement. Most people commonly struggle with balancing the demands and want to succeed at work as well as at home.

Some suggestions may be to block-out times in your calendar that are sacrosanct, leaving your phone in the car when you get home, simply switching it off whilst with your family and only turning it on once your kids are in bed.

These are all good options for when you are struggling to find the balance, but you will find once you have it right, it will happen automatically as you learn to set expectations for your clients and work colleagues around what you need to do for you and your family.

* Pelf = wealth, especially when regarded with contempt or acquired by reprehensible means.

... That's Lending

Best regards,
Paul Wells, Chief Investment Officer
La Trobe Financial Asset Management Limited

La Trobe Financial is one of Australia's leading independent credit specialist Fund Managers. Its business includes residential mortgages, commercial mortgages, and investment services operating one of Australia's largest Mortgage Funds under AFSL 222213. It employs over 123 staff and has managed over AUD$10Billion covering over 100,000 investment grade assets since inception in 1952.

Copyright 2013 La Trobe Financial. All rights reserved. No portion of this may be reproduced, copied, or in any way reused without written permission from La Trobe Financial. Disclaimer

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