By Oremade Oyedeji
Recently, at an event organized by one of the top three banks in Nigeria held at a stadium in Lagos, after burning some calories, my wife invited me to meet one of the top executive directors; simply call him Yemi (not real name).
This dude is, however, not one to brook any nonsense from any quarters. He is blessed with this unique feature that decorates a man with the title of gentleman. He is a chartered account and a former MD of a Nigerian bank in the diaspora, where I believe his employer poached him from.
I have been an auditor/accountant myself and in fact, auditing financial institutions, including one of the Big Four in the country.
During one of our usual routine audits, one of my senior managers had then predicted that “Yemi will become a bank Chairman.” In his opinion, the banking system had better identify such a powerful talent and make use of him as a tool in building a world class Nigerian bank. So, for me, it should be humbling to have a conversation with him. I quickly threw some questions at him.
Me: I saw your profile on the internet.
Yemi: “Ha ha ha,” he laughed, saying, “that profile is just big, this is just the small me you are meeting here.”
I couldn’t hold back myself (in my mind). I didn’t intend to dazzle the mighty. Ay, anyways, I have got his attention.
Only an Accountant has the capacity to do great things really. Every great leader has great expectations from his followers.
The paradigm shift in the business world is fast and many things are changing, but what exactly is changing?
The banking industry in Nigeria, for example, in the last decade, has gone through several transitions, alongside the change from Financial Standards to IFRS. Why did Nigeria adopt the IFRS as against the SAS (The Nigerian Accounting Standard)? What does Nigeria stand to gain by adopting a foreign standard over its own standard, or why do regulators keep changing the capital requirement for banks, same as the insurance sector?
I personally had an experience with a panel of interviewers at one of the quoted mortgage banks with a premier status, where I politely explained to my interviewers what change in the standard means, relative to what the different quarters perceived it to mean. One of the panellists (an aged management staff) was so physically upset that he didn’t fail to express it.
Meanwhile, the executive director present at this function was so impressed that in the middle of the hot debate, pronounced that “you are hired for the Head of ‘so, so’ Department.”
Business is a war manoeuvre for promotion, battle for market, mergers and takeovers, campaign to upgrade productivity and customer service are a conducted by men whose energy come from a strong desire to win.
Indeed, education makes people easy to lead, difficult to drive; easy to govern, but difficult to enslave. The corporate environment and business place are generally changing.
We can point to several regulatory examples of changes for banks, insurance or even oil & gas, but the big question is still, ‘what exactly is changing?’
Denis Waitley, in his book, Empires of Mind, pointed to the fact that what worked yesterday may not work today.
Yesterday, natural resources defined power. Today, knowledge is power.
Yesterday, hierarchy was the model. Today, synergy is the mandate.
Yesterday, leaders commanded and controlled. Today, leaders empower and coach.
Yesterday, leaders were warriors. Today, leaders are facilitators.
Yesterday, leaders demand respect. Today, leaders encourage self-respect.
Yesterday, shareholder came first. Today, customers come first.
Yesterday, managers directed. Today, managers delegate.
Yesterday, supervisor flourished. Today, supervisors vanish.
Yesterday, employees took orders. Today, teams make decisions
Yesterday, seniority signified status. Today, creative drives process
Yesterday, productions determine availability. Today, quality determines demand.
Yesterday, a value was extra. Today, value is everything.
Yesterday, everyone was competitor. Today, everyone is a customer
Yesterday, profits were earned through expediency. Today, profits are earned with integrity.
Alvin Toffer, author of Powershift, also predicted that, with knowledge now the key raw material for creating all economic wealth, the new power struggles would reach deep into our mind and our personal lives. I personally believe that the only empire that will survive in the 21st century will be the empire you build within your mind.
According to Waitley, there’s a new power train on the information superhighway; admonishing that if you run a business, lead a team, or are otherwise trying to remain competitive in the changing world, you will be stranded if you miss it.
He averred that global competition is powered by information access. Information access is powered by technology. Technology is powered by capital investment. Capital investment is powered by profit.
Profits power revenues. Revenues are powered by volume and repeated sales. Volume and repeated sales are powered by customer loyalty, customer loyalty is powered by customers satisfaction.
Customer satisfaction is powered by value. Value is powered by employee productivity. Employee productivity is powered by employee loyalty. Employee loyalty is powered by management stewardship. Management stewardship is powered by invisible leadership and invisible leadership is exercising the vision to change the traditional role from commander to coach, from manager to mentor, from director to delegator, from one who demands respect to one who facilitates self-respect.
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