Dubai is a fascinating city- a true oasis in the
middle of Middle Eastern desert. It hosts all nationalities and the local UAE
nationals are always ready with a smile and hospitality - unlike what you may
experience in Saudi Arabia.
In today's blog, we will speak about Dubai Metro
and how it shares some common features with yet another successful business story of GE.
Today at 9.30 pm I was sitting at Dubai metro,
Burjuman station and it was crowded, which tells about the success story of the
only metro in the Middle East. Copying Dubai, some of the GCC countries are
trying to implement the metro, however it is slow and time consuming process.
Nobody can repeat the speed and efficiency of Dubai.
My thoughts fly back to the days when the metro project
was announced. It was the first such project in the Middle East. Many doubted its viability.
Typical to UAE style, (Dubai in particular) it was built quickly and launched
at the middle of the 2008 crisis. Even the promoters stated at the time of
launch on 09-09-2009 that it may take more than a decade to see the metro
profitable. However, the number of travellers in 2014 was around 160 million
per year. Assuming average revenue of AED 10 person, it is whopping revenue of
AED 1.6 billion per annum. Surely, the venture might have achieved the
break-even levels already. No doubt, Dubai Metro is a thumping success and a
winner. How has it achieved this? Amongst several other factors, let us focus on
the ‘Vision and Mission’ that was set by RTA, under whose umbrella, Dubai Metro
falls in.
Vision
& Mission
What is Vision and Mission? Is it so important?
This was the question asked to me by some of the senior executives of a
Singapore listed company on behalf of whom we conducted an internal strategic review of
their operations in the UAE. Yes – they are now convinced based on our advice
and they have moved ahead on this. We have not only provided them with a Vision that will take the company to fulfil its aspirations, but also prescribed mission, values and behaviours as well as an evaluation platform for senior management, who are in charge of implementing them.
Who is the best person who can describe the Vision and Mission? The best advocate of this is Jack Welch, who has
been given the title “Manager of the Century” by Fortune Magazine. For those
who do not know Jack Welch, he was the longest serving CEO of GE from 1981-2000. During his
tenure the market capitalization of GE grew by USD 400 billion, making it the
world’s most valuable corporation. How he did it? He changed the Vision and
Mission after he became the CEO of GE.
A strong mission statement is not a mere announcement
– it is a powerful tool for companies to make choices about people,
investments, and other resources, and prevents them from falling into the trap of
committing their resources into less fruitful ventures.
So let us see the
Vision of GE put forth by Jack in early 1980s.
“The
most competitive enterprise in the world”
This was an inspirational vision put forth by Jack
in 1980s, when its market value was 1/30th of the value in early
2000 when he retired.
So, how this vision was going to be attained? He
defined the Mission
“By
being No. 1 or No. 2 in every market— fixing, selling, or closing every
underperforming business that couldn’t get there”
And both worked for Jack – and he created the most
valuable company on earth when he walked out as the CEO in the year 2000.
That should silence the critics who may criticize
the Vision and Mission is high sounding hollow words.
Vision
& Mission of Dubai Metro
Another best example is the Vision and Mission set
forth by RTA for Dubai Metro. Let us see the Vision & Mission Statement of Dubai Metro.
Dubai metro is a proof of Jack Welch’s belief in
Vision and Mission statement.
You can also see the vision and mission displayed at almost all metro stations.
Spend 30 mts at 9 pm at Burjuman on any day to see
the Vision and Mission of Dubai Metro in action.
Transcend Consulting, helps its clients to
set our clear vision, mission, values, behaviours and strategies to become
winners in the chosen field. To know more please contact at cj@consulttranscend.com or admin@consulttranscend.com or call us on 00971-56-4805552
