We have never lived in a more competitive or saturated marketplace. The internet and its digital reach worldwide have made it easier than ever for businesses to enter the marketplace, but they still need to stand out in the best ways possible.
Kevin Modany is an experienced executive consultant and the Managing Director at Bluerock Partners. Specializing in working with data and developing better outcomes for high-level executives, Modany outlined his best practices for the field.
What are the Best Practices of a Company?
A company’s best practices envelop the business’s ethics, work standards, guidelines, and strategy for the future. Operational executives and government regulators will work together to develop specific guidelines, while entities such as businesses will further solidify them. An executive consultant is charged with helping the client as they attune their best practices to the industry that they exist within.
Best Practices by Kevin Modany
Kevin Modany is a firm believer in the importance of preparation and data’s role in decision-making processes. While much of what he discusses revolves around data, there are also conversations to be had on the topic of softer skills.
Don’t Forget the Importance of Data
Modany says, “There’s a plethora of data. People are collecting more and more of it. I think it requires that we prioritize and make sure that we’re focused on the right set of data, and we don’t get overwhelmed by it.”
Modany utilizes data to help inform his decisions. Assessing and identifying industry trends can go a long way toward helping an executive consultant develop a tailored strategy for their client.
Perform a Competitive Analysis
Understanding the landscape that a client operates in is enormously essential for the prolonged success of the business itself. Consultants should perform a detailed analysis of a client’s local and national market, looking at products, technologies, and facilities. With this knowledge in hand, businesses can effectively position themselves to compete.
Integrate Clear Communication Methods
Communication is the cornerstone of collaboration; two-way talks set the stage for the most favorable outcomes. Consultants and clients should develop a process that works for both individuals wherein they can resolve problems and issues as they arise.
Modany says of his method of communication, “If you ask me a question, you’ve got to be careful because I will give you an answer. And I don’t believe in anything other than being honest and forthright.”
Modany said, “Sometimes it is painful, but you have got to be truthful.”