Rarely in the annals of business history have companies been forced to be more nimble than in today's fast-changing world. That was the message management consultant John Spence had for more than 770 attendees at the 10th annual Financial Services Institute OneVoice conference in Washingtson, D.C. yesterday.

"Now is not the time to think outside the box,' Spence said. "Think about what's in the box that you want to keep. What must stay in the box." The times demand that companies be nimble, he added.

Spence, a consultant to Apple, GE and Microsoft, among others, cited four characteristics of world-class businesses, and labelled them the four P's. The first is passion, without which companies will never realize their potential. The second is persistence, a methodical plan to achieve full potential. The third is practice, deliberate steps designed to push the business harder and test its strengths and weaknesses. And the fourth, perhaps the most important, is pattern recognition. Whether it is chess, finance, technology or managing people, those who are best at what they do invariably possess the ability to spot certain patterns emerging before the crowd does.

Talent, culture and extreme customer focus combined with disciplined execution are key determinants of success, Spence said. The quality of any company's people plays a major role in how far it will go. "Make your company a talent magnet," Spence advised.

The sad truth is that only 10 percent to 15 percent of companies consistently execute well, he said. That's what requires persistent discipline.

It all starts with people. "You have to have talent to recruit talent," he noted.

What do the most talented people look for in the their leaders? There are five factors, starting with honesty, followed by the ability to look forward, a high degree of competence, the ability to inspire and, finally, fairness.

"It's the employee first, not the customer first," Spence said. Hire great talent and they will take care of your customers.

Making your business a fun place to work isn't about money; it's about creating a fun family atmosphere. If you have a bad culture, lousy pay and unhappy employees, the only ones who will stay are those who can't get a job elsewhere, he said.

Accountability is critical. Sharing knowledge lets you hold people accountable. Create a culture of catching people doing things right and let them know when they do it every seven to 10 days. This can involve reaching mutual agreement on what a particular project requires, and then tracking progress towards reaching the goal, Spence said.