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The 7 Most Expensive Words in Business You're in a meeting, bursting with fresh ideas, when someone drops the innovation-killing bomb: "But we've always done it this way." Sounds familiar? You're not alone. This mindset isn't just stagnant – it's a fast track to irrelevance in today's rapidly evolving business landscape. Here's the shocking truth: Companies clinging to outdated methods are 34% more likely to fall behind competitors. It's not just about missed opportunities; it's about talent drain, market irrelevance, and a culture that stifles creativity. Remember Blockbuster? They had the chance to buy Netflix for a mere $50 million but couldn't see past their traditional model. We all know how that story ended. But there's hope. Every industry disruptor started by questioning the status quo. Amazon could've stuck to books, Uber could've left taxi services alone, but they dared to ask, "What if?" The antidote to the "always done" mindset? Challenge traditions, encourage curiosity, embrace calculated risks, and bring in diverse perspectives. Your next big innovation might be just one "Why not?" away. So, here's your challenge: Identify that ONE "we've always done it this way" practice in your industry that's long overdue for a shakeup. Let's ignite a #DisruptionRevolution and reshape the future of business together. #InnovationMindset #BusinessGrowth #ChangeManagement #FutureOfWork #DisruptiveThinking

💡 Innovate or die ☠ As a former innovation manager, I've come to learn the power of innovation to transform businesses. I've also seen the dangers of complacency or risk aversion. Businesses that don't innovate are destined to fail. That's why it's so important for leaders to make innovation a top priority. ✅ Innovation drives growth. Companies that innovate are more likely to grow their revenue and profits than those that don't. According to a study by McKinsey & Company, the most innovative companies grew their revenue at 11% per year over a five-year period, compared to just 3% for the least innovative companies. ✅ Innovation creates new opportunities. Innovation can help you to identify new markets, develop new products and services, and improve your customer experience. For example, Netflix innovated by creating a streaming service that made it easy and affordable for people to watch movies and TV shows online. This innovation has completely transformed the entertainment industry. ✅ Innovation helps you to stay ahead of the competition. It's every time more important than ever to differentiate yourself from your competitors. Innovation is a great way to do that. For example, Amazon innovated by creating a customer-obsessed culture and by investing heavily in technology. This innovation has helped Amazon to become one of the most successful companies in the world. Innovation is not optional. It's essential for success in today's world. If you want to be well-positioned and to lead their businesses into the future, you what to do! #innovateordie #innovation #marketing #digitaltransformation #sharingiscaring P.S. Check out the Global Innovation Index, (thanks Visual Capitalist for the infographics) which ranks countries based on their innovation performance. Is your country represented? What are you doing to make that happen?

Conceptually, we are taught that the mission of an organization is more focused on what the organization does for its clients. While this is a very important outward view, but at the end of the day, the mission of any company is to make the lives of people better in some shape or form. Often, executives forget to ask the question.   ⭐ Why are we in existence? ⭐ What would the world miss if we cease to exist? ❄ Usually, the answer to the first question through a board with a myopic view might get a very tactical answer. It might be something like, ‘We help people use technology better, or we make mattresses so people can sleep better, or we help doctors find a disease faster’. Some will cut to the chase and laugh to say we are here to improve the share price for our shareholders. The outcome of the company and its mission often get confused with each other.   😢 Sometimes, company executives are not able to articulate the reason for the existence of the organization. This has a profound impact on the operations of the organization. If the executives cannot articulate the mission, this leaves an average employee uninspired, and he/she won’t know why he/she is coming to work, and he/she ends up watching the clock.  😥 Pre-COVID, teams would meet physically and be organically engaged, even if they did not completely understand the mission. In the Post- COVID world, with a reduced human-to-human physical connection, explaining the company's mission to the employees is even more critical.    👍 The company's mission also helps companies deliver total value to their clients by adding new products or creating partnerships to meet unmet needs. The reason why the railway industry is struggling is that they thought they were in the business of transporting goods from one place to another, a very tactical mission indeed. 👀   👌 Additionally, without a guiding mission, the executive team would not know how to make a decision in every critical situation.  You have to live your mission.   🎇 The mission of the company has to be idealistic, not to sound good on a website or billboards.    🎇 A perfect example is the Zappos Family of Companies  'At Zappos.com, our purpose is simple: to live and deliver WOW ', and they live by it. I have been fortunate to be part of companies that lived their mission.   Your thoughts?

Unlocking the potential of Blue Ocean Strategy can transform your approach to business. Here’s how you can implement its key principles to create uncontested market spaces and drive growth. 1. Reconstruct Market Boundaries Think beyond traditional industry limits. For instance, Cirque du Soleil combined elements of circus and theater, creating a new entertainment category that attracted a diverse audience. 2. Focus on the Big Picture Instead of getting lost in numbers, set a visionary goal. Apple didn’t just sell computers; they aimed to revolutionize personal technology. 3. Reach Beyond Existing Demand Identify and tap into new customer segments. Netflix transitioned from DVD rentals to streaming, capturing a global audience. Who are the untapped customers in your market? 4. Get the Strategic Sequence Right Align your strategy with buyer utility, price, and cost. Ford did this with the Model T, making it affordable while maintaining quality. 5. Overcome Organizational Hurdles Foster a culture that embraces change. DoCoMo faced internal resistance but succeeded by empowering teams to innovate. What hurdles do you need to overcome to execute your strategy? 6. Build Execution into Strategy Execution should be part of your strategic planning. Amazon integrates customer feedback into product development, ensuring alignment with market needs. Share your insights and experiences with Blue Ocean Strategy. How will you apply these principles in your own business? Let’s create a conversation around innovation and growth! #BlueOceanStrategy #Innovation #BusinessGrowth

Change is a constant in the business world. But it's not something we merely adapt to. Because change, with the right mindset, becomes a profitable opportunity. Here's how to make it count: 1. Be the Change: Ever think about Amazon's $2 billion pledge for a greener future? 🌎 2. Raise the Stakes: Blackrock is leading the green initiative drive. Join the movement. 🌱 3. People First: Starbucks invests in team happiness with great success. Time to follow suit. ☕️ 4. Face the Change: Tesla isn't dreaming of a greener future, they're driving us to it. 🚗 This isn't about dreaming of a better tomorrow—it's about creating it. Let's make money and make a difference. 🚀 P.S. Have you made a recent green initiative in your business? #Leadership #Sales #Marketing

How might these lessons apply to most small and medium-sized enterprises (SMEs)?

CEOS TAPS THE ESSENCE OF THE HUMAN SPIRIT Get inspired by Wes Carter, President of Atlantic Packaging, the largest, privately held industrial packaging company in North America. 💡 He reveals the defining moment that sparked a revolutionary shift towards environmental impact and sustainability. Leading a transformative movement, Wes propelled this third-generation family business to change the world, with a groundbreaking 8-part documentary on Amazon Prime capturing their journey. 🌎 He is also Founder of A New Earth Project, a strategic collaboration between the packaging supply chain and the outdoor industry to rid the world's oceans, lakes and rivers of plastic pollution. You'll also discover ... ✅ How He Discovered his Unique Leadership Style. ✅ Using Work to Express Your Strengths and Passion. ✅ Why They Became a Major Catalyst for Revolutionizing the Supply Chain. ✅ How Wes is Making the Surfboard Industry Sustainable. ✅ What Inspired His New Amazon Prime Series and How it's Changing the World. 👉🏼 Listen on Apple: https://lnkd.in/ejYGtjYK 👉🏼 Listen on Spotify: https://lnkd.in/e3VTekew

Innovation gone wrong? ❌ Let’s fix that! Large companies are scrambling to innovate in the digital age, but many efforts fizzle out. Some of you have been to a company hackathon and got frustrated that it went nowhere. The culprit? A disconnect between strategy and innovation! Let’s fix that: 🔅 Define Your Priorities Before diving in, ask yourself: What problems are we solving for our customers and ourselves? What are our growth goals? Walmart, for example, identified online grocery shopping as a key area for improvement. 🔅 Leverage Your Strengths Every company has unique advantages. Disney leverages its iconic characters across movies, theme parks, and merchandise. What sets YOUR business apart? For Walmart, it's their massive network of physical stores. 🔅 The 5-Step Innovation Roadmap 1️⃣ Set multi-level strategy: Align leadership and departments on clear goals that leverage your strengths. 2️⃣ Communicate, communicate, communicate! Share your strategy with everyone so the whole team is on the same page. 3️⃣ Approve ideas based on strategic fit: Does the innovation solve a priority problem and leverage your advantages? 4️⃣ Test fast, fail faster: Conduct low-cost experiments to validate your ideas before going all-in. 5️⃣ Scale the winners, ditch the losers: Invest in successful pilots and quickly shut down what doesn't work. Innovation doesn't have to be a guessing game! By following these steps, you can turn innovative ideas into real growth for your business. **Comment below:** What's the biggest challenge you face in linking strategy and innovation? #innovation #strategy #businesstransformation #growthmindset #corporatelearning #ProfessionalDevelopment #PersonalDevelopment Adapted from article by David L. Rogers on HBR.

FROM VALUES TO PRINCIPLES: DECISION MAKING THAT HELPS SHAPE CULTURE 🎯 In my opinion, there is a hierarchy between: 1st) VALUES (what we are) 2nd) PRINCIPLES (rules to follow; guidelines) 3rd) PRACTICES / BEHAVIORS (what we do) Jack Fuchs, Scott Sandell and Vikram Shanker wrote "It’s Time to Define Your Company’s Principles. Mission, vision, and values are not enough." in Harvard Business review Magazine, (Nov–Dec 2023) They differentiate: ✅ VALUES - communicate aspirations, not strategies - inspire Principles ✅ PRINCIPLES - guide individual decisions within an organization, particularly when choices involve important trade-offs or competing priorities - provide guideposts, and sometimes even memorable rules, for how an organization should pursue its strategy - empower employees to make decisions independently while staying aligned with the organization’s mission and strategy - shape company culture - in this era of complexity and uncertainty, well-defined principles can provide much-needed clarity and direction ✅ “Product excellence” is a value “We won’t release a product until we would use it ourselves” is a principle. ✅ THEY PROVIDE SEVERAL EXAMPLES OF PRINCIPLES: ▶ Apple: "Privacy is a fundamental human right" ▶ Facebook: "Move fast and break things" "Maximize user engagement" ▶ Alphabet: "We maintain a long-term focus" ▶ Google: "Focus on the user and else will follow" ▶ Amazon: "Disagree and commit" ▶ Patagonia: "Protect our home planet" ▶ Tableau Software "We won't release a product until we would use it ourselves" "Abandon sales leads that want a different product" "Don't hire talent from old-school companies" ▶ Robinhood: "Safety first" "Participation is power" "Radical customer focus" Which are the guiding PRINCIPLES at your company? Do they really help in decision making at critical moments? #principles #values #leadershipdevelopment #leadership #organizationaldevelopment #culture