Although I orginally wrote this article for small business owners on the Whale Hunters blog, the ideas explored here can empower companies of all sizes. If you are aiming to grow your business, consider how you can hitch your star to the trends that are taking business by storm:
#1. Business Innovation Is Transforming Some Businesses, Making Others Unique
I am not referring to the kind of costly innovation that requires a scientific degree. Business innovation is just as exciting - which means doing business differently, creating new business models or updated processes, landing new customers by re-packaging or enhancing a current offering.
Think about what could be different about your business that would make it truly different. What can you do to advance your mission? What are you seeing that the mass markets are missing? Are you driving the right behaviors internally to capture new business?
In medicine – health care is a business too – non-technical innovation drives effectiveness and “market position.” Dr. Fred Sklar, President of Neurosurgeons for Children in Dallas, worked solo for 11 years as he built an extremely high level of activity. In business terms, he was building a new market in the Southwest. He then figured out how to scale the practice and structure it to provide the same quality of care to both paying and indigent patents. The dream came true. His group became a leader in its field, and Sklar, with a multi-specialty team, separated the conjoined Egyptian twins at Dallas’ Children’s Hospital in 2005.
Dr. Sklar says that their innovative business model makes them unique. Every surgical partner at Neurosurgeons for Children is equal. There are no super-stars, no room for less than exceptional. “Our group is unique in many ways,” he told me. “We pay our expenses and divide the earnings evenly. That’s not how it usually works in a surgical group. I don’t want one patient to be more or less desirable than another.” Clearly unwieldy egos can’t tolerate this culture. What about yours?
#2. Digital Leadership Creates New Avenues for Growth
Digital is leveling the playing field, empowering small business to do more, know more and grow faster. Technology will continue to transform industries and blur the boundaries between them. All businesses are advised to operate in real time, which is what the consumer is expecting. Continue reading…
The pace of change in the labor market is accelerating. The content and nature of jobs are rapidly evolving, reflecting 21st century world dynamics. Many positions that people will hold in 25 years have not been created yet. Today’s employment market looks radically different than it did 20 years ago. To thrive, managers and individuals must anticipate, and respond to, developments as they unfold.
From the individual perspective, people must constantly maintain their “employability” – growing their skill sets and maintaining their contacts. A robust network is essential for finding future employment Continue reading…
The recession jolted our nation at its very core. Like a tidal wave crashing to shore, it cast a dirty cloud of fear and gloom on the American persona. Ask anybody, “What concerns you most about your career and the state of business today?” The responses I hear reflect worry, anger and disapproval – with only a glimmer of optimism.
“In this economy, everything is a concern,” said a young professional about to launch his career. Others reply: “I’m concerned about negative attitudes, a lack of consumer credit, and the severe shortage of jobs.” Continue reading…
A recent survey conducted by the Pew Research Center’s Social and Demographic Trends shows that 93% of the growth in the US work force from 2006 to 2016 will be among older workers, ages 55 and older. While these “older adults” are working longer, younger adults are staying out of the work force longer. These trends have intensified during the recession and are expected to continue.
Interestingly, older workers are more satisfied with their jobs: 54% of those age 65 and older say they are completely satisfied, compared to 29% of workers age 16 to 64. And 68% of older workers say are working because they want to feel useful and productive, not because they need to.
What are the implications of this unexpected trend? Continue reading…
