While last week felt like an apt moment to reflect on the sentiments of respect and service, the mood this week is very much focused on action and delivery. The King’s Speech means that parliament is back in session, marking the beginning of the first Labour legislative programme in 15 years.
Growth was, once again, the headline. But as I read through the 40 Bills that were unveiled on Wednesday, I was struck by the breadth of this new government’s proposal to the nation. The resumption of parliament serves as a timely reminder that there are real ‘windows of opportunity’ to drive significant change, innovation and increased productivity. Hopefully, this means greater pace and appetite for change – not just in politics but in business, too.
And as the government looks to embark on a wholesale policy programme set to shake up the business landscape, organisations should be assessing how they can best prepare and influence this. To me, adopting a long-term, service-led approach will be a cornerstone.
Where should organisations be focusing?
While there is no one route to adopting a genuine service-led approach, there are some key areas that organisations should be focusing on, to deliver long-term benefit to consumers, their employees, and the bottom line. This will also help the UK economy and of course wider society – all areas we have and will continue to highlight in the four pillars of our Service Nation.
Shifting consumer preferences
In recent years, preferences and expectations have become more informed and diverse. Customers are increasingly conscious of the impact an organisation has beyond themselves – for wider society or the environment. And there is a growing sense that business isn’t just about ‘making money’ – that is an outcome. It’s about the purpose, the brand, and the positioning, as well as the longer-term impact and the broader improvements we are striving for, not just the transactional elements of service.
As factors such as climate change, social issues, and workers’ rights continue to attract attention, organisations need to sharpen their focus on the reputational risks of falling short in these areas. This matters not just from a transactional service point of view, but the impact that this has on the perception of the organisation.
Of course, this is not always easy. As leaders, we need to keep abreast of customer trends, which is something we support our members with through our research, thought leadership, and surveys.
Similarly, we need to keep a sharp focus on reporting and governance requirements. In today’s business and social landscape, the performance of organisations in every sector – not just those that are regulated – is increasingly coming under scrutiny from multiple stakeholders.
With the government pledging its commitment to implement necessary governance reform, we need to ensure reporting requirements and governance structures are reviewed with the needs of businesses, customers, employees, suppliers and wider society properly considered. Sustainable growth will not be possible unless that delicate balance is maintained.
And lastly, we need to see a more considered use of data. Organisations possess a wealth of information about their customers, owing to the growth of technology and digital touchpoints deployed in the service offering. This data, with suitable safeguards in place, can be an essential tool for businesses in delivering a personalised service.
As AI becomes more integrated into different aspects of our lives, this data goldmine will sink deeper. And, as the government focuses on empowering organisations to use this data through updated safety standards, its value will become evident.
Service that serves all stakeholders
The role of businesses is changing, as have the expectations placed on them. Crucially, they should serve all their stakeholders – from shareholders and employees to regulators and consumers.
This is why giving service a seat at the table when it comes to defining a commercial strategy is essential. Doing so provides you with the tools and culture to resonate with the needs and expectations of your stakeholders. If we do right by our customers and employees and leverage the tools available to enhance our service offering, we will lay the foundations for success.
Embedding service within strategy serves as a step toward service excellence – a key ingredient in boosting customer satisfaction and, therefore, driving business performance and contributing to long-term economic growth.
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