The Transition - Essential for Businesses Who Wish to Survive.

 

In a world that is changing in every way – businesses and the way we work, must too. Here are some of the mindset shifts that are essential for organisational transformation and survival.

From Profit to Purpose: Businesses with a strong purpose at the heart of it will benefit far greater than those who simply exist to profit. This is evident in the rise of social enterprises who are now outperforming regular businesses. According to a survey, 38% of social enterprises surveyed saw an increase in their turnover in the last twelve months with 29% of SMEs surveyed by the Department for Business. More than half of social enterprises (56%) developed a new product or service, compared with 43% of SMEs. Two-thirds (63%) of social enterprises expect their turnover to increase in the next two to three years, almost double the number of SMEs (37%). Not only this, but new statistics from the World Economic Forum also show that millennials will only stay in their job and be fulfilled if they feel connected to the purpose of that company. And finally, another reason for a justified move to focus on purpose is, that is what your consumers want! More than ever, we’re voting with our money to buy something with a narrative and caring about where our products come from.

From Hierarchies to Networks: This is where we have probably seen the greatest successes being manifested in companies who can master the model of a shared network over hierarchies. This is seen in Uber, Airbnb and Alibaba who have become some of the most successful startups due to a shared network model.

From Controlling to Empowering: They say that successful people are successful because they work with the best people. How you motivate and build your team defines your level of outcome. Leaders who can empower their network and team succeed over those who control. But it doesn’t stop at the team, but also your position in the market and your customers. Empower them. This connects to the network structure above.

From Planning to Experimentation: There was a time when launching a new product or service took a lot of time, but due to technological advancements, everything we do takes less time and we’re able to experiment more. But not only this, social media allows us to get instant feedback, replacing old extended planning time with getting things out there and improving based on instant but strategic feedback- that way ensuring we’re building products and services based on actual needs rather than presumed needs. And finally, allowing experimentation and ‘failures’ to occur in business is something which is becoming more accepted.

From Privacy to Transparency: We were in Bahrain recently delivering our Business Masterclasses for SMEs, where we saw such a fear of sharing ideas due to risk of someone stealing them. This is a great barrier holding many back from fulfilling the potential of their ideas. We are moving away from a ‘private’ world in so many ways – this is of course evident most greatly in social media and how we ‘share’ so much of our lives, ourselves and our work instantly across so many platforms. We literally ‘share’ things we see and things we are thinking about. The culture is shifting and opening possibilities for people to hear or see something and want to connect relevant people to it- whether through a ‘@mention’ on social media or saying in person ‘Oh sounds great – you should speak to this person or that person’. If we continue to keep things to ourselves out of fear, the only thing we will be left with, will be untapped potential.

 

All of the above and more covered in our Business Masterclass aimed at SMEs and Corporates. The Business Masterclass is tailored to suit each company and includes thought-provoking insight, practical activities and actionable tools to maximise purpose, impact and outcome of teams. Email: info@inspirEngage.com for all enquiries or melody@inspirEngage.com directly. Happy to chat!

 

@melody_hossaini / @inspirEngage.com