Organizational success in the 21st century depends on the manager’s ability to do the right thing at the right time, Professor Pikay Richardson, Visiting Senior Fellow at Manchester Business School, United Kingdom, has said.

“Successful companies are customer focus, flexible, have good internal communication, operational excellence and strong leadership skills” he said.

Prof Richardson was speaking at an Executive leadership Summit in Accra for Chief Executive Officers and Corporate Executives of companies in the country on the theme: "Doing Things Right and Doing the Right Thing”.

The Summit organized by Lockwood Institute of Business Education in collaboration with Association of Chartered Certified Accountants was to train the participants in effective leadership and managerial skills.

He said research revealed that most leaders failed to be successful because of the inability to effect change within their organizations, adding that being a good manager is not enough but more importantly is to be an effective leader.

Prof said due to competition in the market spectrum, for companies to survive, there is the need to develop competitive advantage over their competitors by finding out the needs of customers and responding accordingly.

“Companies must know their competitors and find out how they operate and strategies a winning proposal to outwit their competitors”.

He said business success is never permanent due to competitors and that companies should not rest on their past success but be innovative in their scope of business.

Prof Richardson said companies like Eastman Kodak, Hoover, Compaq, Pan American Airways, IBM Personal Computer and Nokia mobile had experienced setbacks because of strong competition and the inability to innovate.

“Successful leaders are people with the ability to scan the environment and develop appropriate visions and strategies, align relevant people behind those strategies and empower individuals to achieve their visions”

The Professor outlined some of the attributes of effective leadership as setting direction through mission and vision; formulate strategies of achieving those visions, problem solvers and exhibiting ethical and moral compass.

He said great companies were those that produce goods and services to meet customer’s needs, have clear corporate goals and an enduring value.