Focus on consumer needs is key to success, says management guru Ram Charan

Converting complexity into simplicity and keeping focus on the customer are the keys to success, well-known global management consultant Ram Charan said on Saturday.

The peripatetic Charan, who was speaking at the second edition of Business Today's MindRush conclave of business leaders in New Delhi, has consulted for some of the biggest corporate houses in the world including the likes of GE and Microsoft. In India, business houses including the Aditya Birla Group and Wipro have consulted him.

Distilling decades of his management wisdom and expertise, Charan said that companies need to "keep their eye on the prize" by continuously asking themselves what can they do better for the customer.

Stating that good leaders don't blame external factors including government, he said: "Leaders don't commiserate or ask for it. Rather in adversity they seek / search for information. There is power in simple questions. Good leaders may face difficulties and roadblocks but they never suffer from fog (of vision and how to get there)."

Pointing out that people talk but don't practice, Charan said, "Value is in practising".

Asserting that growth comes in waves, he said that what sets apart successful leaders and companies is excellence in execution. Respecting people, learning the frame of reference and figuring a way out to jointly solve issues, were key to achieving goals, he added.

Praising the Narendra Modi government, he said it was off to a good start but more needs to be done. "India needs to build credibility and that comes from action. Economic strength comes not merely from GDP growth but having healthy forex reserves. The government needs to plan to have a $1 trillion forex reserve over the next decade or more."