The Magnificent Seven Of Business Investments, Part 2
When talking about the best ways to invest in your business with time, capital and resources, you might hear the term "The Magnificent Seven." We're not talking westerns here. This refers to a focus on the tangible and intangible areas of your business, from financial and physical investments to investments in people and more.
Yesterday, Promotional Consultant Today shared management consultant Baldwin Tom's list of the seven types of investments. Today, we'll share his recommendations on how to leverage the intangible investments.
As Tom points out, the success or failure of a merger or acquisition is largely dependent on the alignment or misalignment of the two company cultures—and that is established within the collective investments of human, relationship and spiritual capitals. These people-side intangible investments reinforce the notion that soft-side investments have significant impact in generating success or failure in a business.
How do you discover and leverage these soft-side investments in your organization? Tom recommends these key steps:
1. Inventory your investments: Identify the investment areas you are focused on.
2. Pair investments: Match any task side investment with a people-side investment. Thus, if you invest in new technology, be sure to invest in training for personnel.
3. Set goals for each investment: Determine goals and completion dates for each.
4. Determine where you are now: Track the success of reaching investment goals.
5. Monitor progress toward goals: Evaluate the investments and how you are doing in achieving goals. Make corrections or change course as needed.
6. Celebrate success: Reinforce success to encourage new efforts.
Leveraging the intangibles accentuates creativity and innovation which leads to new products and services, and thus increases the value generation within an organization.
Source: Baldwin Tom is a management consultant, professional speaker and author of 1+1=7: How Smart Leaders Make 7 Investments to Maximize Value. A medical school scientist, professor, leadership program developer and founder of an award-winning science and technology firm, he leverages his experiences in those fields to provide insight and strategies to fit client needs. Tom is a Certified Management Consultant and served as the National Board Chair of the Institute of Management Consultants USA.