If you’ve ever had a Big Mac at McDonald's, you’ve probably noticed it tastes the same whether you’re in Atlanta or Anchorage. The layout of your local Walmart is probably the same whether you live in New York or New Mexico.
You could call that “standardization,” but it’s actually a laser-like focus on processes.
In fact, industry leaders use core processes as their strongest competitive differentiator.
Just like those industry leaders, if your organization supports the design and maintenance of efficient and effective business processes, then you have a “Process Culture.”
A Process Culture is the day to day demonstration of employee behavior, attitude, and practices that drive you closer your strategic objectives.
Translating your strategic intent into day-to-day execution is the key objective of developing a process culture. When you have a process culture you’ll see consistent quality and predictable results throughout your organization.
Here are 5 ways you can develop a process culture:
Have the end in sight
This goes back to the 7 Habits of Highly Effective People: “begin with the end in mind”.
The end objectives will define the actions needed to achieve them, and that will form the basis of day-to-day behavior.
Link process objectives to individual metrics
Have you ever heard the phrase “What gets rewarded gets repeated”?
Establishing a process culture requires creating productive habits, this means leveraging the right rewards, actions, and recognition mechanisms.
Create a process repository
A repository is a central “place” to host and publish processes so they are living and breathing–easy to access, and easy to update.
In addition, your entire organization needs to have a common understanding of the process language. Have a common language and so that everyone understands the definition of the terms and words you use to build your processes.
Support innovation through process management
Innovation is usually referred to as ‘Out of Box’ thinking, but it’s important to define that box—in this case, the “process,” and then determine if small, incremental process improvements are sufficient to meet the business needs, or if a radical shift is required.
It’s equally important to have a process for innovation especially when innovation is the key to remain competitive. Process management should provide well-defined processes for selecting ideas, funding them etc. to support ongoing innovation.
You must be willing to try new ideas and approaches that have some risk of failure in order to make changes leading to perfection. Just make sure that you learn from your mistakes that you will make on the way. If you cannot extract a teaching from a failure, you better stop trying. No failure is a failure, if you learn something from it; it is just a way not to do that thing.
Continue to support your process culture
As a leader, it’s important to understand that your culture is influenced by your leadership style. It’s been proven that the personality, philosophy, and experience of leaders get embodied in its group’s culture. You’ll facilitate the development of the process culture by aligning your culture with your organization’s common goal and strategy.
Although foreigners may now invest in A-shares, there is a monthly 20 percent limit on repatriation of funds to foreign countries.
Performance of A-shares.
Since its inception in 1990, including a major reform in 2002, the index has seen great fluctuations. Overall, however, it has grown along with the Chinese economy. The years 2015 to 2016 were a particularly difficult period, with a 52-week performance of -21.55 percent as of July 20, 2016.
As China grows from an emerging market to an advanced economy, there is substantial demand for Chinese equity. Stock exchange regulators continue efforts to make A-shares more broadly available to foreign investors and have them recognized by the global investing community.
In June 2017, the MSCI Emerging Markets Index announced a long-awaited decision it would add stocks to its index. According to CNBC, MSCI will add 222 China A Large Cap stocks to its benchmark emerging markets index gradually beginning in 2018. The MSCI website reveals the stocks it will list include the Bank of China, China Merchants Bank, Guotai Junan, Ping An Insurance, according to a document on Tsingtao Brewery, SAIC Motor, Suning Commerce and Spring Airlines.
Current Dividend Preference.
Participating Preferred Stock.
Convertible Preferred Stock.
Cumulative preferred stock includes a provision that requires the company to pay preferred shareholders all dividends, including those that were omitted in the past, before the common shareholders are able to receive their dividend payments.
Non-cumulative preferred stock does not issue any omitted or unpaid dividends. If the company chooses not to pay dividends in any given year, the shareholders of the non-cumulative preferred stock have no right or power to claim such forgone dividends at any time in the future.
Participating preferred stock provides its shareholders with the right to be paid dividends in an amount equal to the generally specified rate of preferred dividends, plus an additional dividend based on a predetermined condition. This additional dividend is typically designed to be paid out only if the amount of dividends received by common shareholders is greater than a predetermined per-share amount. If the company is liquidated, participating preferred shareholders may also have the right to be paid back the purchasing price of the stock as well as a pro-rata share of remaining proceeds received by common shareholders.
Significance to Investors.