LOS ANGELES —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Charan, a highly acclaimed business advisor, speaker and author, said American executives, in particular, must embrace the shift to a global economy and strengthen their creative muscles. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“You are the people who build this country, create new brands, create innovations,” he said. “You are the energizers of this country.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Charan has coached some of the world’s most successful chief executives. For 35 years he has worked behind the scenes at companies such as GE, KLM, Bank of America, DuPont, Novartis, EMC, 3M and Verizon. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
He started his business career as a teenager working in his family’s shoe shop in India. He later earned an engineering degree and then a master’s degree in business administration and doctorate degrees from Harvard Business School, where he later served on the faculty. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Charan is also an author of several books, including “Execution,” co-authored with Larry Bossidy, the former chief executive of Honeywell. His newest book, “Know-How: The 8 Skills That Separate People Who Perform From Those Who Don’t,” was released in January. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Charan, who is known for his practical, real-world perspective, spoke of several trends that will affect the future, and he shared five principles that will help restaurant leaders fire up their brands in light of global change. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
The first trend, he said, is that U.S. and global markets will have good economic growth over the next 20 years. Admittedly, there will be some bumps because of the subprime-mortgage crisis and the energy crisis, he said, but the building blocks of 3-percent to 4-percent GDP growth are in place. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“The long-term trend is there, so don’t be discouraged,” he said. “The entrepreneurs and business-people have been making the investments, setting up the growth.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Charan also projected that in the next five to 10 years there would be an imbalance of supply and demand because global demand is huge. That imbalance will translate into upward pressures on prices, he said. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“So ask questions,” he said. “What does it mean for your business? How can I be ready?” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
In addition, Charan expects there will be a shortage of talent, despite widespread outsourcing. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“Again, ask yourself the questions,” he said. “What talent do you need two, five, six years out, and how will you get it? Figure out now the most productive IT systems for your business and the people you will need to make it work. Don’t be left behind.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Another extremely important trend, he said, is observing and understanding younger generations who tend to be tech-savvy and want to express themselves in short sentences. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“How do they like the brand, how do they talk about the experience in the restaurants?” he asked. “That generation is going to create the growth and has developed a psychological affinity to be inclusive, so don’t ignore them as consumers or employees. The digital generation will create brands or will kill brands, so pay attention.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
He predicted that people are expecting more upscale products in many areas and healthier offerings. He asked attendees if they, as leaders, are shifting what is being offered, looking at the health pressures and creating innovative products. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“Look from the outside in, not the inside out,” he said. “That is a huge thing for leadership. You must see how the consumer is changing.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
To meet the coming challenges, Charan outlined five principles that he encouraged attendees to regularly practice themselves and to share with employees. “Practicing these and teaching them will allow you to capitalize on and be ahead of these trends,” he said. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
First, look over the horizon to see what change is happening. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“Are you investing your personal energy to see what is happening over the horizon?” he asked. “If you create that orientation, monthly, weekly, daily, it will give you the framework for causing change. Remember, athletes never win without mastering the execution. They build habits, they practice, and they take time off.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Employee engagement can help leaders look over the horizon, Charan said. He advised that staff be encouraged to “think outside the box.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“Discuss what is happening in their community, and with suppliers and customers,” he said. “Once a month get your people, fire them up, ask them what trends they are seeing, what they saw in the last 30 days.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
The second principle involves educating employees on how the business they work for actually makes money. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“Don’t confuse degrees and business acumen,” he said. “Go to the real people to do a field visit. Business is common sense, but common sense is very uncommon, so you have to bring that together.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Leaders must ask themselves and their employees what the margin and same-store sales goals are, and what the velocity is, because return on investment equals margin times velocity, he said. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“Velocity is investment over revenues, and if employees are not fired up about the brand, what do you think that will do for the brand?” he asked. “Get your people engaged and help them set goals and action items for the future. Practice this regularly.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Principle three is having “laser-sharp dominant priorities,” he said. To set these priorities, it is important to talk to and listen to people and ask why. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“A leader is not a good leader unless you produce other leaders, so each month observe and positively evaluate employees, hang around the younger generation and observe consumers,” he said. “Ask often if the brand is engaged, energized.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
The fourth principle is having the right people in the right jobs, because people want joy and success from their jobs, he noted. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“This is 10,000 years old, and most people violate it,” Charan said. “I worked in a shoe shop supporting a family of 13, and I realized there is no such thing as an incompetent person but an incompetent fit for a job. Leaders master that. A leader is not a good leader unless you produce other leaders, so don’t block those who could do a good job.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Finally, leaders need to make sure their personal habits are positive because “bad habits become role models” for employees, he said. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“They observe you as a leader,” he said. “Show them leadership by personally observing the consumer. Sam Walton did it three times a week. Your business is the consumer. You can do all the research you want, but in the end there is nothing like observation of the consumer.” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
Charan said execution is common sense, not a theory. —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
“America has organized a free market where money chases ideas,” he said. “It is important to remember that the idea, the brand, is experience, not advertising alone. So ask yourselves, how are you changing the experience of the user?” —As globalization makes the world a smaller place, business leaders are under more pressure to fine-tune their operations and come up with cutting-edge innovations to keep their companies competitive, said management consultant Ram Charan in a keynote address that kicked off the 48th annual Multi-Unit Foodservice Operators conference held here recently.
