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Across industries, the organizations of today are facing all manner of unprecedented challenges that threaten the viability of their business models. In Part I of this sit-down with Sylvia, business development expert Russell Teter discussed facing these new and unpredictable challenges with proven methods. In the conclusion of this compelling conversation, Teter goes into detail about how to devise a system for all seasons.
[1:05] From Carnegie to COVID
Napoleon Hill’s seminal “Think and Grow Rich” is a formative influence in Russell Teter’s life. Inspired by a prompt from 19th Century industrialist Andrew Carnegie, the book was the first of its kind. In these pages are generations of knowledge on building and maintaining wealth committed to a single source for the first time in modern history. The book was composed in the depths of the Great Depression, giving its lessons new relevance in today´s marketplace. In Teter’s view, times change but the principles of success are timeless.
[2:38] Three Master Keys
For this organizational specialist, the pillars of progress stand through the ages. Teter’s takeaway from “Grow Rich” can be distilled to three central principles. The first essential for anyone in the decision making process of an organization is to understand who is spending money at the moment. The second step is to find a way to solve their problem faster, more inexpensively, or in an objectively superior fashion. Finally, it is essential to communicate clearly with your clientele, so they understand that you can meet their needs most effectively.
[5:04] Shoot for the Moon
When identifying benchmarks for success, it is important to distinguish ideal outcomes from positive outcomes. Teter illustrated this point using the saga of Apollo 13, the NASA mission that nearly left 3 astronauts stranded in space. At first glance, the mission may seem like a failure, falling short of the ideal outcome of landing on the lunar surface. However, the program met its goal as outlined by President Kennedy: returning the astronauts safely to Earth. This is a positive outcome, as the methods may have changed but the goal did not.
[7:07] What Have You Done for Me Lately?
In business, Russell Teter has never been one to rest on his laurels. This master of adaptation emphasizes that what a system was designed to do is irrelevant; it is what it can deliver under its current circumstances that matters. This idea is self-evident in a post-COVID world, as only those businesses who devise workable answers to the new questions they face will survive and thrive. While plans fail, and conditions constantly change, your general goals should remain constant and clearly identifiable.
11:43 Enumerating Evolution
As a keen analyst, Teter applies a number of mathematical concepts to quantifying the success of organizations at all levels. In summation, these various metrics measure the refinement of a system. These meticulous methods are aimed at creating companies built to become steadily better, faster, and less costly to operate over time. The overall process, the unique viewpoint that defines a business, remains constant…it falls to us to fill in the blanks.
About Russell Teter:
LinkedIn: https://www.linkedin.com/in/russellteter
Connect with MindTeam Solutions:
Website: https://ca.linkedin.com/company/mindteamsolutions
Email: Info@MindTeamSolutions.com
LinkedIn: https://ca.linkedin.com/company/mindteamsolutions