EY Strategic Growth Forum™ session highlight
Five steps to sustainable growth
In his keynote speech, Jiang Jianqing, Chairman of the Board of Directors, Industrial and Commercial Bank of China Limited, shared his recipe for a long-lasting business:
- Develop and implement a clearly defined strategy
Balance short-term interest against long-term gains. Be backward-looking, test your strategy and look closely at the balance between risk and reward.
- Seek opportunities even during challenging times
Take steps to curb the economic cycle and respond to the peaks and troughs. During booms, companies are often overly confident and focused on past triumphs. During tough times, this can turn into major turmoil.
- Adapt to new situations
Organizations that succeed change in response to market conditions and turn challenges into opportunities. Those that fail often have radical strategies or are eliminated due to excessive conservatism.
- Dare to transform and keep innovating
Successful businesses are always looking at innovation and reform. Keep innovating to transform all parts of your business including management systems and corporate governance.
- Build cultural heritage and enterprises that last
Long-lasting companies are built on a strong culture. Don’t focus on structure alone; build a culture that is shared with employees. Integrity leads to prosperity.