Category Archives: Leadership

Three Maps to Innovation Success

3 Maps to Innovation Success

GUEST POST from Robyn Bolton

Several years ago, my now-husband and I were in London. It was his first time in the city but my 4^th or 5^th so, naturally, I talked a big game about how well I knew the city and how I would be, with the help of our handy tourist map, our tour guide.

Things were going fine until I took the wrong road leading away from Buckingham Palace. I thought we were heading straight to Parliament. We were not.

After a walk that lasted far longer than it should have, he nervously asked,” We’re lost, aren’t we?”

With wounded pride and astounding stubbornness, I declared, “We’re not lost. I know exactly where we are. It’s just not where we want to be.”

Maps are incredibly useful. Until they’re not.

Innovation literature has more maps than a Rick Steves’ guidebook, and most are quite useful. If they’re used at the right time for the right purposes in the right way by the right people (which is a lot of rights that have to be right).

Here are three of my favorites – 2 classics and a new one that blew my mind

Stakeholder Map:

Stakeholder Map

Avoid getting blind-sided, buttering up the wrong people, or ignoring potential champions

What it is: A visual representation of the people, roles, and groups who (1) are involved in and affected by a challenge or system and (2) have the power to affect or are likely to be affected by the proposed solution. Stakeholders can be internal and/or external to the organization
Why you need one: To prioritize where and how you spend your time understanding, influencing, communicating, collaborating, persuading, and selling
When to create it: At the very beginning of a project and then updating as you learn more
How to use it: Interaction Design Foundation explains it simply and concretely:
- Brainstorm who your internal AND external stakeholders are
- Prioritize them using an Influence x Interest two-by-two matrix
- Engage and communicate based on their place in the chart

Journey Map

Customer Journey Map

Spot opportunities to create radical value through incremental innovations

What it is: A visual representation of what your customer/consumer/user does, thinks, and feels as they move from awareness of a need/want/JTBD to loyalty to a solution. Journey maps should dig deep into moments where customers currently interact with your organization and highlight opportunities where interaction can and should occur
Why you need one: To identify opportunities for innovation by surfacing customer current pain points between your customer and your business (or competitors if your business isn’t there and can/should be)
When to create it:
- Create the basic structure (start and end point) or a hypothesized journey before primary research.
- During research, work with individual stakeholders to develop their maps using (and adapting) your initial structure.
- At the end of research and before ideation, synthesize insights into the smallest possible number of maps to use as inspiration for solution brainstorming
How to use it: IDEO offers simple instructions and tips based on practical use:
- Brainstorm who your internal AND external stakeholders are
- Prioritize them using an Influence x Interest two-by-two matrix
- Engage and communicate based on their place in the chart

Service Map:

Service Design Blueprint

Make journey maps actionable (and see how your innovation affects your operations)

What it is: A visual representation of the people, touchpoints, processes, and technology required/desired both frontstage (what customers see) and backstage (what happens behind the scenes). Similar to process documentation with a special focus on the customer
Why you need one: Doing something new (i.e., innovating) often requires changes to internal operations, organizations, and processes, but these changes are often ignored or unexplored until late in the process, potentially slowing or stopping the development and launch of a new solution.
When to create it: Draft a baseline current state once you have 50% confidence in the general area or type of solution to be created (e.g., we want to improve the use of digital tools in classrooms, so let’s create a service map for our current digital offerings and operations). Then continually revise and update it as the solution/service develops.
How to use it: Interaction Design Foundation offers practical instructions and advice.
- Identify the service to be blueprinted
- Identify the customers to be service
- Examine the customers’ experience of the process (customer journey map)
- Identify the role and impact of employees, processes, technology, and other operational and organizational factors on the service
- Link activities together to show a natural flow between frontstage and backstage

What’s your favorite map (innovation or otherwise)?

Image credits: Pixabay, Interaction Design Foundation

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Why Communication Skills Trump Coding for Our Kids’ Future

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Why Communication Skills Trump Coding for Our Kids' Future

GUEST POST from Greg Satell

Many say that coding is the new literacy. Kids are encouraged to learn programming in school and take coding courses online. In that famous scene in The Graduate Dustin Hoffman’s character was encouraged by a family friend to go into plastics. If it were shot today, it would have probably been computer code.

This isn’t actually that new. I remember first being taught how to code in middle school in the early 80s in BASIC (a mostly defunct language now). Yet even today, coding is far from an essential skill. In fact, with the rise of no-code platforms, there is a strong argument to be made that code is becoming less important.

Don’t get me wrong, there’s still plenty of coding to be done on the back end and programming is certainly a perfectly reasonable thing to learn. However, there’s no reason people need to learn it to have a successful, productive career. On the other hand writing, as well as other communication skills, will only become more important in the decades to com.

The Future Is Not Digital

During the past few decades, digital technology has become largely synonymous with innovation. Every 18 months or so, a new generation of processors has come out that was faster, more powerful and cheaper than its predecessors. Entrepreneurs would leverage these new capabilities to create exciting new products and disrupt entire industries.

Yet now that’s all coming to an end. Every technology eventually hits theoretical limits and that’s where we are now with regard to digital processors. We have maybe one or two generations of advancement and then, with some clever workarounds, we may be able to stretch the technology for a decade or so, but it’s highly unlikely that it’ll last any longer than that.

That’s not so horrible. There’s no 11th Commandment that says, “Thou shalt compute in ones and zeroes,” and there are nascent architectures that are potentially far more powerful than digital computers, such as quantum and neuromorphic computing. Neither of these, however are digital technologies. They operate on fundamentally different logic and will use different code.

So instead of learning to code, maybe our kids would be better served by learning about quantum mechanics or neurology. Those would seem to be far more relevant to their future.

The Shift From Bits To Atoms

Digital technology is largely virtual. Transistors on silicon wafers compute ones and zeroes so that images can flash across our screens. That can be very useful, because we can simulate things on a screen much more cheaply than in the physical world, but it’s also limited. We can’t eat, wear or live in a virtual world.

The important technologies of the next generation, however, will be based on atoms rather than bits. Advances in genomics have led to the new field of synthetic biology and a revolution in materials science is transforming our ability to develop advance materials for manufacturing, clean energy and space exploration. So maybe instead of learning how to code, kids should be studying genetics and chemistry.

As we develop new technologies, we will also need to design experiences so that we can use them more effectively. For example, we need linguists and conversational analysts to design better voice interfaces. Kids who study those things may be able to build great careers.

The rapid pace of technological advancement over the next generation will surely put stress on society. Digital technology has helped produce massive income inequality and a rise in extremism. We will need sociologists and political scientists to help us figure out how to cope with these new, much more powerful technologies.

Collaboration Is The New Competitive Advantage

When my generation was in school, we were preparing for a future that seemed pretty clear cut. We assumed we would become doctors, lawyers, executives and engineers and spend our entire lives working in our chosen fields. It didn’t turn out that way. These days a business model is unlikely to last a decade, much less a lifetime.

Kids today need to prepare to become lifelong learners because the pace of change will not slow down. In fact, it is likely to accelerate beyond anything we can imagine today. The one thing we can predict about the future is that collaboration will be critical for success. People like geneticists and quantum scientists will need to work closely with chemists, designers sociologists and specialists in fields that haven’t even been invented yet.

These are, in fact, longstanding trends. The journal Nature recently noted that the average scientific paper today has four times as many authors as one did in 1950 and the work they are doing is far more interdisciplinary and done at greater distances than in the past. We can only expect these trends to become more prominent in the future.

In order to collaborate effectively, you need to communicate effectively and that’s where writing comes in. Being able to express thoughts and ideas clearly and cogently is absolutely essential to collaboration and innovation.

Writing Well Is Thinking Well

Probably the most overlooked aspect of writing is that it does more than communicate thoughts, but helps form them. As Fareed Zakaria has put it. “Thinking and writing are inextricably intertwined. When I begin to write, I realize that my ‘thoughts’ are usually a jumble of half-baked, incoherent impulses strung together with gaping logical holes between them.”

“Whether you’re a novelist, a businessman, a marketing consultant or a historian,” he continues, “writing forces you to make choices and it brings clarity and order to your ideas.” Zakaria also points to Jeff Bezos’ emphasis on memo writing as an example of how clarity of expression leads to innovation.

In fact, Amazon considers writing so essential to its ability to innovate that it has become a key part of its culture. It’s hard to make much of a career at Amazon if you cannot write well, because to create products and services that are technically sound, easy to use and efficiently executed, a diverse group of highly skilled people need to tightly coordinate their efforts.

Today, as the digital revolution comes to an end and we enter a new era of innovation, it’s easy to get overwhelmed by the rapid advancement of breakthrough technologies. However, the key to success in our uncertain future will be humans collaborating with other humans to design work for machines. That starts with writing effectively.

— Article courtesy of the Digital Tonto blog
— Image credit: Pixabay

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3 Secrets To Good Teamwork

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3 Secrets To Good Teamwork

GUEST POST from David Burkus

Teams are how work gets done most of the time. In a knowledge work economy, up to 85% of an average employee’s time is spent in collaboration with other people—on one team or on multiple teams. And that makes effective collaboration and good teamwork a top tier skill. Whether you’re currently a leader or looking to become a leader, focusing on developing your teamwork skills—and the level of teamwork on your team—is one of the highest returns on effort you can experience.

In this article, we’ll outline three keys to good teamwork and offer a few practical ways to improve on each one.

1. Clarity

The first key to good teamwork is clarity. Teammates need a clear set of tasks and objectives, and also to be clear on the tasks others are focused on. They need to be able to depend on the team to deliver on commitments and be clear about how their deliverables fit into the larger whole. In addition, teams need clarity on each others knowledge, skills, abilities, strengths and weaknesses. They need to know who the subject matter expert is for any given task and who is still developing that skill in order to properly assign tasks…and to ask the right person for help from time to time.

There are a number of ways to establish clarity when beginning a project, but teams also need to be deliberate about maintaining clarity as the project rolls out and the fog of work sets in. One effective way to do that is through a “huddle”—a regular, and fast paced meeting where teammates gather and report on what they’ve completed, where their focus is now, and where they might need help. Overtime, this routine will help everyone know what’s happening, but also who is excelling at what tasks and how they can help each other.

2. Empathy

The second key to good teamwork is empathy. If clarity is about understanding the tasks, empathy is about understanding the people on the team. Teammates need to know about each other’s different work preferences, personalities, and routines. Without empathy, we tend to assume our teammates will think and act like us—and when they don’t it can create conflict and confusion. And the more diverse a team, the more important empathy becomes on the team.

There are a variety of ways to build empathy but one of the most effective is through crafting and revising a team charter—or ways of working, group norms, rules of the road, and a host of other names. The idea behind a team charter is to facilitate a conversation about all the taken-for-granted assumptions about collaboration the team may have—like proper email response time, reasons to call meetings, ways to make decisions, etc. As they discuss, the team arrives at a set of norms they can agree to and then they abide by those norms for a few months before revisiting and revising based on what was learned. Empathy isn’t created by having the document, but rather in the process of having all those discussions.

3. Safety

The third key to good teamwork is safety—as in psychological safety. The level of mutual trust and respect felt on a team has a massive effect on the team’s ability to perform. If teammates feel safe to speak up, share ideas, or admit failures than the quality of their conversations and collaboration improves dramatically. Without psychological safety teams struggle to achieve a growth mindset and to learn and grow—and that puts a ceiling on the performance they’ll experience.

One fast way to start building psychological safety on a team is to signal vulnerability by asking for feedback. This is especially effective for leaders who can send individual emails out to each teammate asking just two simple questions:

What’s something I do well I should do more of?
What’s something you wish I would stop doing?

Because every teammate will have different answers, leaders will need to synthesize all the answers before they can apply anything learned. But the very action of asking for such honest feedback will signal to the team that their leader wants transparency. Over time that transparency will grow the feeling of psychological safety—especially once the team sees their feedback being applied.

And once psychological safety on the team grows, it will be easier to grow empathy as well. And when safety and empathy are high, teammates give more honest status updates in their huddles and clarity grows as well. As all three of these keys to good teamwork grow, the team’s performance will grow, because the team will become a place where everyone feels like they can do their best work ever.

Image credit: Pexels

Originally published at https://davidburkus.com on April 3, 2023.

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Leaders Avoid Doing This One Thing

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GUEST POST from Robyn Bolton

Being a leader isn’t easy. You must BE accountable, compassionate, confident, curious, empathetic, focused, service-driven, and many other things. You must DO many things, including build relationships, communicate clearly, constantly learn, create accountability, develop people, inspire hope and trust, provide stability, and think critically. But if you’re not doing this one thing, none of the other things matter.

Show up.

It seems obvious, but you’ll be surprised how many “leaders” struggle with this.

Especially when they’re tasked with managing both operations and innovation.

It’s easy to show up to lead operations.

When you have experience and confidence, know likely cause and effect, and can predict with relative certainty what will happen next, it’s easy to show up. You’re less likely to be wrong, which means you face less risk to your reputation, current role, and career prospects.

When it’s time to be a leader in the core business, you don’t think twice about showing up. It’s your job. If you don’t, the business, your career, and your reputation suffer. So, you show up, make decisions, and lead the team out of the unexpected.

It’s hard to show up to lead innovation.

When you are doing something new, facing more unknowns than knowns, and can’t guarantee an outcome, let alone success, showing up is scary. No one will blame you if you’re not there because you’re focused on the core business and its known risks and rewards. If you “lead from the back” (i.e., abdicate your responsibility to lead), you can claim that the team, your peers, or the company are not ready to do what it takes.

When it’s time to be a leader in innovation, there is always something in the core business that is more urgent, more important, and more demanding of your time and attention. Innovation may be your job, but the company rewards you for delivering the core business, so of course, you think twice.

Show up anyway

There’s a reason people use the term “incubation” to describe the early days of the innovation process. To incubate means to “cause or aid the development of” but that’s the 2^nd definition. The 1^st definition is “to sit on so as to hatch by the warmth of the body.”

You can’t incubate if you don’t show up.

Show up to the meeting or call, even if something else feels more urgent. Nine times out of ten, it can wait half an hour. If it can’t, reschedule the meeting to the next day (or the first day after the crisis) and tell your team why. Don’t say, “I don’t have time,” own your choice and explain, “This isn’t a priority at the moment because….”

Show up when the team is actively learning and learn along with them. Attend a customer interview, join the read-out at the end of an ideation session, and observe people using your (or competitive) solutions. Ask questions, engage in experiments, and welcome the experiences that will inform your decisions.

Show up when people question what the innovation team is doing and why. Especially when they complain that those resources could be put to better use in the core business. Explain that the innovation resources are investments in the company’s future, paving the way for success in an industry and market that is changing faster than ever.

You can’t lead if you don’t show up.

Early in my career, a boss said, “A leader without followers is just a person wandering lost.” Your followers can’t follow you if they can’t find you.

After all, “80% of success is showing up.”

Image credit: Pixabay

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Productive Disagreement Requires Trust

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Productive Disagreement Requires Trust

GUEST POST from Mike Shipulski

When there’s disagreement between words and behavior, believe the behavior. This is especially true when the words deny the behavior.

When there’s disagreement between the data and the decision, the data is innocent.

When there’s agreement that there’s insufficient data but a decision must be made, there should be no disagreement that the decision is judgment-based.

When there’s disagreement on the fact that there’s no data to support the decision, that’s a problem.

When there’s disagreement on the path forward, it’s helpful to have agreement on the process to decide.

When there’s disagreement among professionals, there is no place for argument.

When there’s disagreement, there is respect for the individual and a healthy disrespect for the ideas.

When there’s disagreement, the decisions are better.

When there’s disagreement, there’s independent thinking.

When there’s disagreement, there is learning.

When there’s disagreement, there is vulnerability.

When there’s disagreement, there is courage.

When there’s disagreement, there is trust.

Image credit: Pixabay

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Turn Cynics into Believers in Three Simple Steps

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Turn Cynics into Believers in Three Simple Steps

GUEST POST from Robyn Bolton

You are a leader, an innovator, and an optimist. You see what’s possible, and you sell people on your vision, encouraging them to come on the journey of discovery with you. You’re making progress, getting things done until *WHAM* you run right into that one person. You know who I’m talking about.

Dr. No.

Sometimes you see them coming because they’re from Legal, Regulatory, Finance, or another function that has the reputation of being a perpetual killjoy.

Sometimes you hear them coming:

“Why are we doing this? Don’t we have enough to do?”
“We tried this in 19XX. It didn’t work then, and it won’t work now.”
“I don’t have time for this. I have real work to do.”

Sometimes they sneak up on you, privately supporting your efforts only to undermine your efforts publicly.

But they’re always there. Waiting for the opportunity to not just rain on your parade but to unleash a category 5 Hurricane of obstacles, barriers, and flat-out refusals on your innovation efforts.

This is precisely why Dr. No is among the first people to invite to the parade.

Why You Need to Say Yes to Dr. No

Let’s be honest, no one wants to do this. At best, Dr. No’s negativity and smug predictions of inevitable failure are downers, dampening and discouraging the culture of questioning, experimentation, and learning you’re trying to create. At worst, it can feel like working with a saboteur hell-bent on doing the “I told You So” dance atop the ruins of your innovation team.

But just like eating your vegetables, you need to do it because it will make you and your innovation efforts healthier, stronger, and more likely to live longer.

How to Say Yes to Dr. No

Step 1: Be Human. Together.

As with many things in life, the first step is changing how you think and behave. Naturally, you have feelings, perceptions, and even predictions about Dr. No and their likely behavior. Set them aside. Not because they’re incorrect but because you can’t move forward if you’re standing in a hole.

So, start with what you have in common – Dr. No is a human being, just like you.

Like other human beings, Dr. No needs to feel connected and accepted. When they don’t feel connected and accepted, they will feel defensive and under attack and respond by taking steps to protect themselves and their jobs. But when they connect and feel accepted, you have the foundation for psychological safety.

To establish a connection and foster a feeling of acceptance, try:

Acknowledging the importance of the job they’re doing and its impact on the business
Asking questions to understand better how they think and what they prioritize
Building a rapport by sharing some of your aspirations and concerns and asking about theirs

Step 2: Invite Them on the Journey

People love what they create. It’s the only way to explain why people have outsized attachments to IKEA furniture, distorted art projects, and failed products.

Invite Dr. No to be part of the creation process. Don’t tell them they’re part of it, that’s the business version of kidnapping, and no one likes being kidnapped.

Instead, express your desire for them to be involved because you value their perspective. Ask them how and when they want to be involved. Share how you want them to be involved. Then work together to find a solution that works for both of you. Stay open to experimenting and changing how and when involvement happens. Make this a learning process for both of you as you work to do what’s best for the business.

Step 3: Stay curious

One of the most valuable lessons from Ted Lasso (and not Walt Whitman) is the importance of being curious, not judgmental.

As you do the work of innovation, there will be times when Dr. No lives up (or down) to their name. No matter how much time you invested in your relationship, how much psychological safety you built, or how involved they were in the process, they will still say No.

If you are judgmental, that No is the end of the conversation. If you’re curious, it’s the start.

So, get curious and ask,

What causes you to say that? (probe on what they see, think, and feel)
Have you seen something like this before? What was the context? What happened?
What do you need to see to say Yes?

Engage them in solving the problem with you rather than defending themselves against you.

Can Dr. No become Dr. Yes?

Maybe.

I’ve seen it happen, even to the point that Dr. No became the team’s loudest champion.

I’ve also seen it not happen. But even then, the No is less harsh, devastating, and final.

You won’t know until you try. Certainly, you won’t say no to that.

Image credit: Pexels

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Navigating the Unpredictable Terrain of Modern Business

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Shifting Sands

Navigating the Unpredictable Terrain of Modern Business

GUEST POST from Teresa Spangler

If you ask me, ‘So what is your business model?’ Our business model’s always about shifting to higher value opportunities. Ginni Rometty

Navigating the Unpredictable Terrain of Modern Business

The adage “a rolling stone gathers no moss” takes on a new dimension in an ever-evolving world. In the corporate jungle, we can’t afford the luxury of simply rolling ahead aimlessly. We’re not just stones; captains steering ships through stormy seas, constantly adjusting our sails amidst changing winds and turbulent waters. Balancing short-term urgencies with long-term visions is an art and science in itself. How do I transition from an overwhelmed executive to a masterful strategist? Dive in with me, and let’s chart this exhilarating course together.

Welcome to the Quicksand!

Business landscapes today are as unpredictable as they are dynamic. With swift technological leaps, fluctuating consumer appetites, and relentless competition, it often feels like you’re playing chess on a board that’s constantly reshaping itself. Yet, that sinking sensation can transform into a firm foothold with the right strategies and mindset. Let’s unravel the secrets:

1. Turn into Business Chameleons

Agility is the still the new cool. Embrace it. An agile organization is like a well-oiled transformer, ready to change form and function with market trends. Bill Gates is known for being a long time agile leader. “Success today requires the agility and drive to rethink, reinvigorate, react, and reinvent.” In the face of regenerative AI and so many technological advances this quote has never been truer! Transforming your organization into business chameleon leaders could have significant benefits. You’re rarely left behind and always ready to grab new opportunities.

How to:

Promote a culture of flexibility: Encourage the “Yes, we can!” spirit.
Make innovation your best friend: Regular brainstorming sessions, innovation labs, or ‘Shark Tank’ style pitches can be fantastic.
Flex your strategies: Don’t stick to one path like a GPS with a weak signal. Adapt, change, and grow.

2. Balancing Act with Objectives

Picture this: You’re walking a tightrope, balancing a feather in one hand (short-term goal) and a bowling ball (long-term goal) in the other. Sounds tough? This scenario may be! So let’s come down to steadier grounds. Balancing short and long-term goals is an art and a science.

Strategic Planning and Prioritization

o Planning is at the core of balancing short and long-term goals. It involves setting clear, measurable goals and creating a roadmap.

o Begin with your long-term goals (3-5 years), and then break them down into shorter-term goals (1 year, quarterly, monthly). This way, you create a clear path towards your long-term vision.

o Prioritize your goals based on their impact on your long-term objectives. This ensures you’re always working towards your big picture goals, even while tackling immediate tasks.

Flexible Resource Allocation

o A flexible resource allocation strategy is key to balancing short and long-term goals.

o Allocate resources (time, money, staff) to both short-term projects and long-term initiatives.

o However, remain flexible and ready to reallocate resources as needed. For instance, you may temporarily divert more resources if a short-term opportunity arises that could greatly benefit the business.

Regular Progress Reviews

o Regularly reviewing progress towards your goals is crucial.

o Set specific milestones for both short-term and long-term goals. This will allow you to track progress and make necessary adjustments.

o If you find you’re consistently missing short-term goals due to focusing too much on the long-term (or vice versa), it’s a sign that you need to reassess your balance and possibly adjust your strategy.

Balancing short-term and long-term goals is an ongoing process. It requires strategic planning, flexible resource allocation, and regular progress reviews. By employing these strategies, you can ensure your business stays focused on the present while keeping an eye on the future.

Benefits:

Ensures survival today (short-term) and success tomorrow (long-term).
Enhances value for stakeholders.
Builds resilience in the organization.

Arm Yourself with Tools and Techniques

Like a Swiss army knife, these tools can get you out of any sticky situation:

Scenario Planning: Picture yourself as a fortune teller. Create different future scenarios based on market trends. Plan your strategies accordingly.
Key Performance Indicators (KPIs): These are your compasses in the business wilderness. They help you stay on track with both short and long-term goals.
Regular Strategy Reviews: Like annual medical check-ups, regular strategy reviews ensure your business is in good health and shape.
Stakeholder Engagement: This is not just a buzzword. Engage employees, customers, shareholders, etc. They provide valuable insights and help align business objectives.

3. Embracing Technological Disruption

In the business world, technology is the game-changer, the grand maestro orchestrating a symphony of innovation. For executives, it’s not just about staying up-to-date with the latest tech; it’s about anticipating the next ‘big thing’ and leveraging it to get an edge.

How to:

Build an innovation-focused IT team: Encourage them to explore emerging tech trends that can revolutionize your business.
Invest in training: Ensure your team has the skills to handle new technology.

Benefits:

Improved operational efficiency.
Greater customer satisfaction through personalized experiences.
Competitive advantage in the market.

4. Expansion into New Markets

Growing businesses often look to expand into new markets – it’s like exploring uncharted territories. It’s challenging but can be incredibly rewarding.

How to:

Research extensively: Understand the new market’s dynamics, customer behaviors, and potential competitors.
Adapt your product/service: Modify your offerings to cater to the needs of the new market.

Benefits:

Diversification of revenue streams.
Increased brand recognition and business growth.

5. Building Strategic Partnerships

Think of it as having a dance partner to help you waltz through the shifting sands. Strategic partnerships can provide resources, technology, or market access you don’t currently have.

How to:

Identify potential partners: Look for companies that complement your business and share your values.
Clearly define roles and objectives: Make sure both parties understand what they’re bringing to the table and what they expect in return.

Benefits:

Access to new resources, technology, or markets.
Shared risks and costs.

6. Customer-centric Approach

In a world where the customer is king, ignoring their needs is like shooting yourself in the foot. With every market shift, customer preferences change. It’s important to listen, learn, and adapt accordingly.

How to:

Gather feedback: Use surveys, interviews, or focus groups to understand your customer’s needs.
Incorporate feedback: Modify your products or services based on the insights gathered.

Benefits:

Increased customer loyalty and satisfaction.
Greater market share and profitability.

7. Sustainable Business Practices

The world is waking up to the importance of sustainability. And businesses are no different. Incorporating sustainable practices can help businesses stand out and thrive amidst market shifts.

How to:

Go green: Implement eco-friendly practices in your business operations.
Promote sustainability: Ensure that your business partners, suppliers, and customers know about your commitment to sustainability.

Benefits:

Enhanced brand image and reputation.
Attracting conscious consumers and, thus, increasing market share.

8. Effective Change Management

Change is scary. It’s the boogeyman under the business bed. But as the market shifts, change is inevitable. The key is managing it effectively so your business can adapt and your team is on board.

How to:

Communicate: Let your team know about upcoming changes and how it impacts them.
Train and support: Provide the necessary training and support to help your team adapt to the changes.

Benefits:

Smooth transition during periods of change.
Maintaining high morale and productivity levels in your team.

REFRESHER ON A FEW KNOWN CASE STUDIES:

Case Study: The Phoenix Rises

Remember Blockbuster? They were the big kid on the block in video rentals. Then, along came a little-known company called Netflix. Blockbuster didn’t adapt quickly, and we know how that story ends. Netflix, on the other hand, has continually adapted. They went from mailing DVDs to streaming, licensing content, and creating their own. It’s been quite the journey from the ‘little engine that could’ to the ‘big engine that did.’

Case Study: The Rise, Fall, and Rise Again of LEGO

LEGO, a beloved brand for many of us growing up, hit a wall in the early 2000s. Competition from video games and a lack of product focus almost led to their downfall. But they didn’t give up. LEGO turned things around by aligning their short-term and long-term goals, returning to their core product, and expanding into new ventures like movies and video games. It’s a testament to the fact that even when the sands shift beneath your feet, you can build a castle with the right strategies!

Case Study: The Digital Transformation of Domino’s Pizza

Once upon a time, Domino’s Pizza was just another pizza delivery company. But when online ordering began to gain traction, they seized the opportunity. They invested in their online ordering system and mobile app and embraced social media marketing. Today, Domino’s is seen as a tech-savvy pizza company. Their share price skyrocketed, and they’re now stiffly competing with Pizza Hut.

Case Study: Starbucks’ Embrace of Sustainability

Starbucks, one of the world’s largest coffee chains, took notice of the growing trend toward sustainability and decided to make a change. They’ve committed to reducing their environmental impact, from sustainable sourcing of their coffee to reducing waste. This commitment has helped Starbucks enhance its brand image and cater to environmentally conscious consumers.

Plazabridge Group Case Studies

The journey through the shifting sands of market change is daunting yet exciting. The real magic happens when we, as executives, adapt to these changes and ensure that our objectives align.

So, as you put on your boots to trudge through the sands, remember to keep your compass (goals) in hand, your team by your side, and your eyes on the horizon. And remember, the journey through the shifting sands is always easier when you’re not dragging your feet. So, let’s adapt, align, and conquer!

EMPLOYEES THE ENGINE TO YOUR BUSINESS

Let’s not forget, EMPLOYEES are not just cogs in the wheel. They’re the engine of your business. Engaging them in the efforts is like adding rocket fuel to your engine. They understand the ground realities, customer pain points, and operational hurdles. By involving them in decision-making, you benefit from their insights and build a more committed workforce. As the saying goes, “Alone we can do so little; together we can do so much.”

Staff engagement is like a secret weapon for businesses. It’s about creating an environment where employees feel valued, heard, and motivated to contribute their best. Here’s how you can tap into this powerful resource:

How to:

Encourage feedback: Let your team know their opinions matter. Whether through suggestion boxes, regular team meetings, or anonymous surveys, create channels for them to share their thoughts.
Involve them in decision-making: When making decisions that affect your team, include them. It could be through brainstorming sessions or by assigning them to task forces.
Recognize and reward: Appreciate the hard work and celebrate the wins. It could be a simple ‘thank you’ note or an employee of the month award. Recognition goes a long way in boosting morale and motivation.

Benefits:

Increased productivity: Employees who feel engaged and valued will likely be more productive.
Reduced turnover: Engaged employees are likelier to stick around, reducing the costs and disruptions associated with high staff turnover.
Better decision-making: By tapping into your team’s insights, you can make better-informed decisions.
Enhanced customer service: Happy employees often lead to happy customers. When your team is engaged, they’re more likely to deliver superior customer service.

So, there you have it, visionary leaders! An eight-step playbook to help you navigate the shifting sands of market changes. From being agile to aligning your goals, embracing technology to involving your team – it’s all about staying adaptable. As we journey through the shifting sands together, remember – it’s not just about surviving the change. It’s about thriving amidst it and becoming stronger on the other side. Now, let’s get out there and conquer those sands!

Navigating through the ever-shifting business sands can feel like being in constant flux. But as we’ve seen, by becoming agile, balancing objectives, embracing technological disruption, expanding into new markets, and building strategic partnerships, businesses don’t just survive but thrive. Yes, we all know, in the world of business, change is the only constant. With greater adaptability and alignment of goals, you can ride the waves of change to success. So, roll up your sleeves and get ready to dive into the dunes!

Image credit: Unsplash

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Do you ever admit you don’t know?

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Do you ever admit you don't know?

GUEST POST from Mike Shipulski

When you are asked a question and you don’t know the answer, what do you say? What does that say about you?

What happens to people in your organization who say “I don’t know.”? Are they lauded or laughed at? Are they promoted, overlooked, or demoted? How many people do you know that have said: “I don’t know.”? And what does that say about your company?

When you know someone doesn’t know, what do you do? Do you ask them a pointed question in public to make everyone aware that the person doesn’t know? Do you ask oblique questions to raise doubt about the person’s knowing? Do you ask them a question in private to help them know they don’t know? Do you engage in an informal discussion where you plant the seeds of knowing? And how do you feel about your actions?

When you say “I don’t know.” you make it safe for others to say it. So, do you say it? And how do you feel about that?

When you don’t know and you say otherwise, decision quality suffers and so does the company. Yet, some companies make it difficult for people to say “I don’t know.” Why is that? Do you know?

I think it’s unreasonable to expect people to know the answer to know the answers to all questions at all times. And when you say “I don’t know.” it doesn’t mean you’ll never know; it means you don’t know at this moment. And, yet, it’s difficult to say it. Why is that? Do you know?

Just because someone asks a question doesn’t mean the answer must be known right now. It’s often premature to know the answer, and progress is not hindered by the not knowing. Why not make progress and figure out the answer when it’s time for the answer to be known? And sometimes the answer is unknowable at the moment. And that says nothing about the person that doesn’t know the answer and everything about the moment.

It’s okay if you don’t know the answer. What’s not okay is saying you know when you don’t. And it’s not okay if your company makes it difficult for you to say you don’t know. Not only does that create a demoralized workforce, but it’s also bad for business.

Why do companies make it so difficult to say “I don’t know.”? You guessed it – I don’t know.

Image credit: Pixabay

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3 Ways to Make Smarter Decisions – Confidently

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3 Ways to Make Smarter Decisions - Confidently

GUEST POST from Robyn Bolton

When my niece was 4 years old, she looked at her mom (my sister) and said, “I can’t wait until I’m an adult so I can be in charge and make all the decisions.” My sister laughed and laughed.

Being in charge looks glamorous from the outside, but it is challenging, painful, and sometimes soul-wrenching. Never is this truer than when you must make a tough decision and don’t have all the data you want or need.

But lately, I’ve noticed more and more executives defer making decisions. They’ll say they want more data, to hear what another executive thinks, or are nervous that we’re rushing to decide.

This deferral is a HUGE problem because making decisions is literally their job! After all, as Norman Schwarzkopf wrote in his autobiography, “When placed in command, take charge.”

When you decide, you lose

A decision is “a choice that you make about something after thinking about several possibilities.” Seems innocent enough, right? Coke or Pepsi. Paper or plastic. Ariana Madix or Raquel Leviss (if you don’t know about this one, consider yourself lucky. If you choose to know about it, click here).

The problem with making decisions is that loss is unavoidable. Heck, the word “decide” comes from the Latin roots “de,” meaning off, and “caedre,” meaning cut. When you choose Coke, paper bags, or Ariana, you are cutting off the opportunity to drink Pepsi with that meal, use a plastic bag to carry your purchases or support Rachel in a pointless pop culture debate.

Decisions get more challenging as the stakes get higher because the fear of loss skyrockets. Loss aversion, a cognitive bias describing why the psychological pain of loss is twice as acute as the pleasure of gain, is common in cognitive psychology, decision theory, and behavioral economics. You see this bias in action when someone refuses to ask questions or challenge the status quo, to take a good deal because it’s below their initial baseline, or to sell an asset (like a house) for less than they paid for it.

No decision is the worst decision

Deciding not to decide is often the worst decision of all. Because it feels like you’re avoiding loss and increasing your odds of making the right decision by gathering more data and input, it’s easy to forget that you’re losing time, employee engagement and morale, and potential revenue and profit.

When you decide not to decide, progress slows or even stops. No decision gives your competition time to catch up or even pass you. Your team gets frustrated, morale drops, and people search for other opportunities to progress and have an impact. The date of the first revenue slips further into the future, slowly becoming just a theoretical number in a spreadsheet.

Decide how to decide

In a VUCA world, a perfect, risk-free decision that offers only upside does not exist. If it did, the business wouldn’t need an executive with your experience, intellect, and courage. Yet here you are.

It’s your job to make decisions.

Make that job easier by deciding how to decide

1. Tell people what you need to see to say Yes. “I’ll know it when I see it” is one of the biggest management cop-outs ever. If you don’t know what you want, don’t waste money and time requiring your team to become mind readers. But you probably know what you want. You’re just afraid of being wrong. Instead of allowing your fear to fuel inefficiency, tell the team what you need or want to see and that, as they make progress, that request might change. Then set regular check-ins so that if/when it happens, it happens quickly and is communicated clearly.

2. Break big decisions down into little decisions. I once worked with a team that had an idea for a new product. They planned to pitch to the executive committee and request 3 million dollars to develop and launch the idea. After some coaxing, we decided to avoid that disaster and brainstormed everything that needed to be true to make the idea work. We devised a plan to test the three assumptions that, if we were wrong, would instantly kill the idea. When we pitched to the executive committee, we received an immediate Yes.

3. Present options and implications. As anyone with a toddler knows, you don’t ask yes or no questions. You give them options – do you want to wear the yellow or pink shirt? If they pick something else, like their Batman costume, you explain the implications of that decision and why the options previously presented are better. Sometimes they pick the yellow shirt. Sometimes they pick the Batman costume. You could force them to make the right decision, but no one wins. (Yes, I just compared managers to toddlers. Prove me wrong).

It’s your decision

Being in charge requires making decisions. When you decide, you lose the option (maybe temporarily, maybe forever) to pursue a different path. But you can’t be afraid to do it.

After all, “Sometimes you win, sometimes you lose, sometimes it rains.”

Image credit: Pixabay

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Four Major Shifts Driving the 21st Century

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Four Major Shifts Driving the 21st Century

GUEST POST from Greg Satell

In 1900, most people lived much like their ancestors had for millennia. They lived and worked on farms, using animal power and hand tools to augment their own abilities. They inhabited small communities and rarely, if ever, traveled far from home. They engaged in small scale violence and lived short, hard lives.

That would all change over the next century as we learned to harness the power of internal combustion, electricity and atoms. These advancements allowed us to automate physical labor on a large scale, engage in mass production, travel globally and wage violence that could level entire cities.

Today, at the beginning of a new century, we are seeing similar shifts that are far more powerful and are moving far more quickly. Disruption is no longer seen as merely an event, but a way of life and the fissures are there for all to see. Our future will depend on our determination to solve problems faster than our proclivity to continually create them.

1. Technology Shifts

At the turn of the 20th century, electricity and internal combustion were over a decade old, but hadn’t made much of an impact yet. That would change in the 1920s, as roads got built and new appliances that harnessed the power of electricity were invented. As ecosystems formed around new technologies, productivity growth soared and quality of life increased markedly.

There would be two more major technology shifts over the course of the century. The Green Revolution and the golden age of antibiotics in the 50s and 60s saved an untold number of lives. The digital revolution in the 90s created a new era of communication and media that still reverberates today.

These technological shifts worked for both good and ill in that they revealed the best and worst parts of human nature. Increased mobility helped to bring about violence on a massive scale during two world wars. The digital revolution made war seem almost antiseptic, enabling precision strikes to kill people half a world away at the press of a button.

Today, we are on the brink of a new set of technological shifts that will be more powerful and more pervasive than any we have seen before. The digital revolution is ending, yet new technologies, such as novel computing architectures, artificial intelligence, as well as rapid advancements in genomics and materials science promise to reshape the world as we know it.

2. Resource Shifts

As new technologies reshaped the 20th century, they also reshaped our use of resources. Some of these shifts were subtle, such as how the invention of synthetic indigo dye in Germany affected farmers in India. Yet the biggest resource shift, of course, was the increase in the demand for oil.

The most obvious impact from the rise of oil was how it affected the Middle East. Previously nomadic societies were suddenly awash in money. Within just a single generation, countries like Saudi Arabia, Iraq and Iran became global centers of power. The Arab Oil Embargo of the 1970s nearly brought western societies to their knees and prolonged the existence of the Soviet Union.

So I was more than surprised last year to find when I was at a conference in Bahrain that nearly every official talked openly about he need to “get off oil.” With the rise of renewable energy, depending on a single commodity is no longer a viable way to run a society. Today, solar power is soaring in the Middle East.

Still, resource availability remains a powerful force. As the demand for electric vehicles increases, the supply of lithium could become a serious issue. Already China is threatening to leverage its dominance in rare earth elements in the trade war with the United States. Climate change and population growth is also making water a scarce resource in many places.

3. Migrational Shifts

One of the most notable shifts in the 20th century was how the improvement in mobility enabled people to “vote with their feet.” Those who faced persecution or impoverishment could, if they dared, sail off to some other place where the prospects were better. These migrational shifts also helped shape the 20th century and will likely do the same in the 21st.

Perhaps the most notable migration in the 20th century was from Europe to the United States. Before World War I, immigrants from Southern and Eastern Europe flooded American shores and the backlash led to the Immigration Act of 1924. Later, the rise of fascism led to another exodus from Europe that included many of its greatest scientists.

It was largely through the efforts of immigrant scientists that the United States was able to develop technologies like the atomic bomb and radar during World War II. Less obvious though is the contributions of second and third generation citizens, who make up a large proportion of the economic and political elite in the US.

Today, the most noteworthy shift is the migration of largely Muslim people from war-torn countries into Europe. Much like America in the 1920s, the strains of taking in so many people so quickly has led to a backlash, with nationalist parties making significant gains in many countries.

4. Demographic Shifts

While the first three shifts played strong roles throughout the 20th century, demographic shifts, in many ways, shaped the second half of the century. The post war generation of Baby Boomers repeatedly challenged traditional values and led the charge in political movements such as the struggle for civil rights in the US, the Prague Spring in Czechoslovakia and the March 1968 protests in Poland.

The main drivers of the Baby Boomer’s influence have been its size and economic prosperity. In America alone, 76 million people were born in between 1946 and 1964, and they came of age in the prosperous years of the 1960s. These factors gave them unprecedented political and economic clout that continues to this day.

Yet now, Millennials, who are more diverse and focused on issues such as the environment and tolerance, are beginning to outnumber Baby Boomers. Much like in the 1960s, their increasing influence is driving trends in politics, the economy and the workplace and their values often put them in conflict with the baby boomers.

However, unlike the Baby Boomers, Millennials are coming of age in an era where prosperity seems to be waning. With Baby Boomers retiring and putting further strains on the economy, especially with regard to healthcare costs, tensions are on the rise.

Building On Progress

As Mark Twain is reputed to have said, “History doesn’t repeat itself, but it does rhyme.” While shifts in technology, resources, migration and demographics were spread throughout the 20th century, today we’re experiencing shifts in all four areas at once. Given that the 20th century was rife with massive wars and genocide, that is somewhat worrying.

Many of the disturbing trends around the world, such as the rise of authoritarian and populist movements, global terrorism and cyber warfare, can be attributed to the four shifts. Yet the 20th century was also a time of great progress. Wars became less frequent, life expectancy doubled and poverty fell while quality of life improved dramatically.

So today, while we face seemingly insurmountable challenges, we should also remember that many of the shifts that cause tensions, also give us the power to solve our problems. Advances in genomics and materials science can address climate change and rising healthcare costs. A rising, multicultural generation can unlock creativity and innovation. Migration can move workers to places where they are sorely needed.

The truth is that every disruptive era is not only fraught with danger, but also opportunity. Every generation faces unique challenges and must find the will to solve them. My hope is that we will do the same. The alternative is unthinkable.

— Article courtesy of the Digital Tonto blog
— Image credit: Pixabay

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