In this episode we explore why good communication is so powerful for organizations to build long term durability. We highlight the devastating impact poor communication has on teams and long term financial value.
We are excited to discover, with you, the key commonalities and best practices that allow both public and private organizations from capital intensive industries to become stronger at managing their assets over time.
Learn more at: www.durablecapitalindex.com.
Ben Parker:
Improved communication and coordination can drastically improve your long-term durability. Welcome to The Durability Podcast. This is for those that are passionate about helping their organizations plan and prepare for the inevitable future. My name is Ben Parker. Management consultant, chemist, creator, entrepreneur, co-founder and member of The Durable Capital Group. I'm excited for you to join me as we discover what successful organizations do to build long-term durability. We explore the tactics and strategies that allow great organizations to combine the financial wisdom of asset management, the practical street smarts of the maintenance subculture with the real world paranoia of managing risk to ensure their organizations' blast. We uncover what great leaders are doing from all types of capital intensive industries to make good decisions, build strong management teams and prepare to meet the future in whatever form it comes. This is The Durability Podcast.
Hello, and welcome back to The Durability Podcast. Today we're going to talk about why good communication is so powerful and it really is powerful. And here's why, because when you have a group or an organization that understands the priorities and objectives and the things that are most important, the things that need to be vetted out, coordinated with and aligned, then you get some very powerful synergies. And there is a tremendous amount of examples of this. And in many organizations, when you look at different deficiencies, things that don't go well, what you find is there are a number of key communication struggles, whether that's personality types, whether that's partial or incomplete information or other variables, that really impact the way a team can align what they need to do.
And this goes for short term day to day type of activities, but it also goes for longterm year over year activities that aren't always discussed or coordinated, which increases the gaps in communication and knowledge flow. The misaligned priorities that allow organizations to siphon resources into areas that may not be in their best long-term interests, as well as into things that will not provide the greatest return long-term.
And if you really look at some of the best leaders, what we find is they are exceptional communicators and they do that in two significant ways. One is that they provide guidance and direction. So in terms of overall leadership focus, they're the ones that can help people understand the why behind what they need to do. They can help them understand the what is important and what is not. And this allows their management teams, their subordinates, and other people working in their group to be able to act autonomously to some degree in terms of what they need to do.
And the second thing is that they communicate what's important and why things need to be done and the longterm vision and goal. And that helps people orient themselves on a daily basis toward the mission that they're trying to accomplish, the things that they're trying to do. And in every case where we have seen significant improvements in a short period of time, a lot of that has to do with how things are communicated. Priorities, activities, that kind of thing, and also the vision or mission of what you're trying to do.
Everybody, I just wanted to share with you something that has been super effective at helping organizations to really kickstart the conversation around how they're going to build a longterm durability into their management practices. And if you stop what you're doing right now, and go to ww.durablecapitalindex.com, that's durablecapitalindex.com, you can sign up to take a very special assessment. This is the Durable Capital Index assessment. It's a baseline assessment and it'll show you exactly where you're at currently with fundamental best practices for building durability. And it will give you a very detailed feedback report that you can take and share with your team. So if you go to ww.durablecapitalindex.com, sign up, take the assessment and share with your team and really start that conversation around building long-term durability into your organization.