What’s better, saving or investing? Optimizing or Transforming?
At first glance, savings seems to be the obvious choice. You cannot go wrong by saving on ongoing operating expenses. I am with you… the ultimate goal should be to save on recurring expenses, but it should not be the driver.
Having a culture of innovation and fail fast approach will enable smart investments that will drive savings. You would be surprised to find out what initiatives can come out from your creative team. People are smart but they need a safe place to think outside the box without the day to day buzz.
Such an approach will create a pull strategy with the entire team which will in turn promote engagement. People will have a sense of co-creating solutions that will be part of the organization strategic goals. Awareness and empathy of the company’s vision will trickle towards other groups which will then translate to a more defined context/intent for better decision-making.
When managed properly, silos will break down and teams will start sharing progressively more. We are now approaching the acceptance behavioral state where groups are openly collaborating. This is where the investment starts to get powerful.
By investing in your culture, your people will start producing better results, which will then transfer on to significant savings. This culture will organically grow to become almost second nature, which will bring even more savings.
As a CEO/President/business owner, you can continue to swim against the current and fight or you can join in and help increase the flow.
It’s hard as a decision maker to push certain innovative initiatives and having traditional hierarchical blockers. During the process, companies will get knocked out by the disruptive wave in from of them. People’s brains are thinking linear, but disruption comes in an exponential force. All I am saying is: Be ready and proactively set the stage or die and take accountability.
- What will happen to car dealerships when traditional cars are replaced with electrical computers on wheels? Dealership services department is a huge part of the profit, but electrical computers on wheels don’t require as much of the mechanical aspect.
- What will happen to insurance companies and brokers when autonomous driving vehicles are regulating the industry by itself?
Banking, legal, government
- What will happen when Blockchain technology has reached mature deployment state? Technology will regulate itself with humans in the process and impact the traditional governance agencies.
It’s hard to process and no it will not magically all appear tomorrow. Being aware and acting now is not something to think about, but rather a must do.
To conclude, saving as a strategy will optimize the short term and probably will be short lived. Investing as a strategy will transform the stage for long term continuous benefits. You might still fail, but it was probably just a matter of time.
By Charles Gervais, President
Missing Link Technologies Ltd.
Find Nicole’s Original Article Here