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'Just keep it simple and hammer on the basics'
Awakening of suppresseed talent in organisations can help better utilise opportunities for growth, says Peters at Dubai forum.
- By Cleofe Maceda, Staff Reporter
- Published: 23:29 November 17, 2008
- Mohammad Al Baradei, director general of the International Atomic Energy Agency, on the second day of the Leaders in Dubai Business Forum on Monday.
- Image Credit: AP
Dubai Dubai's business leaders were encouraged yesterday to invest in good talent to keep their businesses moving forward amid the global financial crisis.
On the second day of the 'Leaders in Dubai Business Forum', Tom Peters - considered by many to be the world's greatest modern-day business thinker - said the rules to survival in ugly times includes keeping things simple, focusing on the basics, striving for excellence and staying calm, among others.
"A lot of people are scared right now. Just keep it simple. Hammer on the basics. Keep customers coming to your shop.
"Re-emphasise your company values and philosophy. Increase your customer service training," Peters said in his speech, which dealt with the challenges facing the business world today and how awakening suppressed talent in organisations can help create new opportunities for growth.
Peters also highlighted the importance of investing in good talent and treating employees well, saying that the success of organisations is built on human development.
"Treat your employees like customers. The most important decisions businesspeople make are not 'what decisions,' but 'who decisions'," Peters pointed out.
People 'best resource'
David Taylor, a leading global authority on leadership and business success, echoed Peters' view, saying that people are a company's best resource or asset.
"Treat people with respect the way you want them to treat you. They are your only asset."
Sir Win Bischoff, chairman of Citi, the world's largest bank, explored the topic of crisis management and suggested that businesses should think about investing in emerging economies such as Brazil, Russia, China and India. Leaders in Dubai are however, optimistic that the region is in a good position to turn the crisis into an opportunity.
"The region is well placed to turn the crisis into an opportunity, like attracting talent and focusing on mergers and acquisitions. I predict the GCC to witness a 4.3 per cent growth in 2009," said John Sfakianakis, chief econ-omist of Saudi Arabia British Bank.
He, however, admitted that the tremors of the financial quake in the US has affected the GCC in terms of reduced oil prices, financial liquidity and decline in share values of firms listed on the GCC stock markets.
Sameer Al Ansari, executive chairman and chief executive officer of Dubai International Capital, said the UAE is also able to turn the current financial crisis to its advantage, adding that the effects so far are manageable.
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