Alan O’Neill, Managing Director of Kara, a specialist in strategy, culture, and employee engagement, delivered an insightful speech at the Arabian Business Leadership Summit 2023, held at Armani Hotel on Wednesday.
O’Neill, a seasoned professional known for his expertise in driving organisational growth, shared his extensive knowledge on the topic of profit maximisation.
Drawing from his vast experience, including his notable achievements with renowned companies such as Selfridges, Toyota, Intel, Harrods, and Dubai Duty Free, O’Neill unveiled a comprehensive framework consisting of seven practical steps to enhance profitability.
O’Neill, known as the “change maker guru,” played a pivotal role in transforming well-known department store Selfridges, leading it from a $55 million valuation to a remarkable growth of $250 million.
This expert also unveiled the “7 steps to profit” during the Arabian Business Leadership Summit.
The seven steps to profit are:
- Ambition – where companies must find their “North Star”
- Culture – where companies must build their “culture,” which is the “golden thread” of executing strategy
- Strategy – plotting the right strategy
- People – developing the right team
- Customer – find the right connection to bridge the gap between the organisation and the customer
- Proposition – building a “three-legged stool”
- Execution – putting all of this into action and reviewing it
Speaking at the summit, O’Neill said: “Let’s not forget that at the end of the day, you need to make a profit. Every one of us in this room needs to make a profit in order to grow our businesses, sustain our businesses.”
He explained that each individual, whether representing a country striving for financial stability or a business, is aiming for increased sales and profitability, measures success in different ways.
“Profit is a common metric, encompassing financial gains, societal impact, and environmental sustainability. By delivering exceptional customer experiences and developing a strong proposition encompassing product, people, and place, businesses can drive success.
“However, to ensure a robust proposition, it is crucial to establish an effective and integrated business system that fosters collaboration, optimises the supply chain, and enables seamless communication. Understanding customer needs and adapting to evolving perceptions is also vital. Additionally, having a well-defined vision, a clear mission, and purpose, along with a strong organisational culture, is instrumental in executing strategies effectively and achieving long-term success,” O’Neill added.
The Arabian Business Leadership Summit saw some of the most influential business leaders in the region in attendance.
UAE Deputy Minister of Cabinet Affairs for Strategic Affairs Huda AlHashmi, former UK Prime Minister David Cameron, Diriyah Company chief executive officer Jerry Inzerillo, former Etihad boss and Knighthood Global chief executive officer James Hogan, Etoile Group president Ingie Chalhoub, GMG deputy chairman and chief executive officer Mohammad A Baker, ROSHN group chief executive officer David Grover, Amazon MENA vice president Ronaldo Mouchawar – to name a few – were present at the summit, held at Armani Hotel, Dubai.
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