The Clifton Review
The Clifton Review is a tri-weekly column that examines the question of the Clifton project along with the evolution of the war between two billionaires. We covered the start of this war with articles describing the battle over easement rights, the mysterious burning of a home, the blocks to rebuilding, and countless questionable court filings.
While the 2018 series salutes fashion mogul Peter Nygård’s Golden Jubilee detailing his rags to riches story, his incredible business success over these past fifty years and an inside look at how he did it, The Clifton Review will also continue to address current affairs as they relate to the good of The Bahamas.
- Use A Multi-Prong Approach
By P.J. Malone
How can one achieve mega business success with their company? One way is to follow in the footsteps of those who have done it before.
Turning an eight-hundred-thousand-dollar company into a mega-million-dollar empire is no easy feat. Yet, an inexperienced, but brilliant twenty-six-year-old, managed to do it.
It shouldn’t be surprising that a perfectionist, who always wants to be the best, who is extremely detail oriented, and who believes that nothing is impossible, will seek to develop every aspect of his organisation to be able to function in a way that achieves all of his business objectives.
At the time fashion mogul Peter Nygard started out, the idea of organisational alignment as a business theory was not an en-vogue discussion point and wasn’t to be for years to come. Yet, when you look at the steps he took and the strategies he employed in his business, that’s exactly what he set out to do—align every part of his organisation with the business goals.
Nygard used a multi-prong approach: he consistently developed strategies over the years centered on four core areas that took his company to the heights it is today.
First core focus was the organisation: Within his organisation, Nygard set up structures and processes that are not just aligned with each other from an administrative perspective but that are also aligned with and supporting product development and all of its components.
He worked to ensure that all structures and processes that he sought to implement, including workspace design, communication systems, and continuous improvement processes, were geared toward achieving overall business objectives.
Next was the product itself: Walking into a field he had never worked in before and without the knowledge of industry practices, the needs of the customer became the focal point. The question Nygard always asked himself was ‘how do we determine the customers wants and continuously satisfy their needs?’
In order to achieve this objective, Nygard got to work implementing systems to be able to discover customers’desires, and he studied all areas of product development to be able to fully address their needs. He targeted style, functionality, practicality, fabric choices, and sourcing, andthen implemented his discoveries.
One thing Nygard realized early on was that none of his business objectives would be achievable without the right tools. Being the forward thinker that he is, he knew the key was a technological path. The fact that nobody else in the industry had such a focus made it the perfect opportunity for him.
However, in true Nygard form, he didn’t just incorporate it; it became the company’s foundation that put it on the leading edge and helped it achieve many firsts in the industry.
The fourth area of focus was product delivery. What good is a stellar product without the right delivery systems to get the product to the market? What good is an exceptional product if nobody knows about its existence? What good is an incredible product if the individuals who wish to purchase it cannot access it?
Product delivery was also an important focus for Peter Nygard. He put just as much emphasis on ensuring this area received the attention it needed by developing action plans to align with the other core areas.
In each of these core areas, he put time and attention into perfecting them. After all, for Peter Nygard, being the best in everything was the name of the game.
This multi-prong approach that Nygard took is one of the ways one can achieve mega business success with their company.
