For the social entrepreneurs, the future of work has arrived! And everything has changed! We now work, produce, collaborate and buy differently than before. The quicker social entrepreneurs grasps this and adapts, the better they will be able to maximise their impact with limited resources.
What can a social enterprise learn from the for profit sector?
Main reasons for business failures
Business failures are at an all-time high despite the amazing opportunities of the 21st century. Let’s look at the common causes of failures and how to prevent the same.
Key traits of the most successful
Most successful businesses have a few fundamentals in common. Let’s try to understand what they do exceptionally well to continuously succeed and stay profitable.
We want to help you increase your impact!
The next five years will radically transform the global landscape; with multiple human-centric innovations converging, there will be an exponential increase in business activities, delivery channels and extreme competition for limited resources. It is critical that social enterprise leaders prepare themselves to best leverage from the exciting opportunities ahead or risk being left behind.
We want to empower Social Enterprises and Non Profit organisations to have access to the best of the latest management thinking, cutting edge business practices, leadership toolkit and technology solutions.
Sign up for a free 45 mins joint assessment session to review your operations context, your preparedness for the changes ahead and identify areas that you can best leverage to succeed.
For the most impactful social enterprises, we will be offering up to 6 hours of free management consulting for deep dive support with a Fortune 500 business coach.
Advisory and Consulting
Our approach is simple – every social enterprise and non profit can reach its full potential by a fundamental three step process
- Understand and manage weakness
- Identify and prioritise key focus areas
- Learn and operationalise the skill set and mindset to succeed
We help you reach your potential by
- reviewing your operations fundamentals for areas of weakness or oversight
- map out the top industry trends that can be leveraged in your ecosystem
- risk assessment on potential disruptors and recommendations
- action planning, glide-path and technology consulting
- offering personalised leadership coaching, business advisory and consulting
- having intensive workshops on focus areas – weakness, opportunities, leadership
- publishing original content on emerging topics and recommended content
Everything you need to learn in business, you can learn from the success and failures of others.
Why does a business fail?
Business failures cause world economy in trillions every year in addition to the human and social cost. Over 90% of businesses in the world never reach a million US$ annual revenue and the top 1% of businesses have a combined revenue in excess of the remaining 99%. The wealth gap in businesses and propagated by businesses is one of the biggest challenges in the world today. This is a field very well researched by Universities and Governments around the world and the key findings are as below.
GENERAL MANAGEMENT expertise – Running a business in modern times is a complex venture. Usually, the family or the business owner is very good in a few aspects of business and lacks expertise in many other facets. Over time, these catch up and bring failures too big to overcome.
PACE OF CHANGE vs industry – customers demand the best value in the market. In these times of fast-paced changes in the industry, innovating ahead of the market and continuously improving the value proposition is essential. Those who fail to master the pace of change, are bound to fail.
LEADERSHIP skills to lead in the business in an increasingly complex and fast-evolving industry landscape. With changing labour models, increasing technology trends and evolving buying behaviours, it is critical to invest in ongoing management development by learning and experimenting.
How do the biggest organisations succeed
a) Relentless focus on the business fundamentals
VALUE – delivers superior value at a price point appealing to customers
CASH FLOW- Ongoing positive cash flow for sustenance and reinvestment
RELATIONSHIPS – A true partnership with end users, suppliers, employees and society at large
b) State of Continuous Transformation
One thing common across all the largest companies is the constant state of transformation which they are in. These businesses want to always surprise their customers with higher value offerings. It is no surprise that the top six of the most valuable companies in the world today are Apple, Amazon, Alibaba, Alphabet, Facebook and Microsoft. In fact, four of these companies were launched in the last 25 years (remaining two in the mid-1970’s) shows the amounts of reinvention and transformation they did to beat the traditional businesses of the past to reach the top.
c) Focus on learning and talent development
To be the best in your business, you have to know a lot more than your competition and your customers. Successful companies ensure they remain at the top by building a strong learning and people development DNA within their culture. A significant part of their income is invested every year to ensure that the most relevant training programs are deployed and that the leadership team spends adequate time upgrading their competence. Leadership development focus also ensures a strong succession pipeline and the ability to pursue new market opportunities with internal talent.
How you can ensure your organisation success
a) Holistic management - ensure regular focus on the nine fundamentals
Design every aspect of operations for superior holistic impact
Cost-effective and robust no surprise delivery model
Focus on converting customers to promoters by delighting them
Well defined processes fully aligned to the organisational objectives
Fully aligned with stakeholders ensuring on-going growth to potential
Partner to optimise go-to-market ability and to innovate faster
A culture striving to improve continuously across all aspects.
Discipline and expertise to actively implement the approved strategy
Fully engaged for success and growing together to potential
Ensure regular review of these areas to ensure your business fundamentals are strong
- Design – every aspect of operations for superior holistic impact
- Processes – well defined and fully aligned to the organisational objectives
- Innovation – a culture striving to improve continuously across all aspects
- Operations – cost-effective and robust no surprise delivery model
- Strategy – fully aligned with stakeholders ensuring on-going growth to potential
- Project management – discipline and expertise to actively implement the approved strategy
- Customers/ Beneficiaries – focus converting customers to promoters by delighting them
- Suppliers/ Sponsors – partner to optimise go-to-market ability and to innovate
- Employees – fully engaged for success and growing together to potential
b) Focus on growth - Identify one or two areas to actively scale
Choose one or two areas among the nine fundamentals to actively build expertise on and grow. For example, the top six companies in the world have clear areas of focus which helped them scale tremendously.
Examples of focus on fundamental strengths – Apple focus on design, Amazon on customers, Alibaba on Suppliers, Alphabet on Innovation, Microsoft on Strategy, and Facebook on Customers
Would be ideal for you to do a self-assessment to identify areas of the best opportunities based on your customer preferences, business strengths and industry trends. Once focus areas are established, it will be critical to build a technology road-map to ensure maximum impact and results.
c) Leadership scaling and learning
High-quality content for learning is available easily today. Courses from Harvard, Wharton, Stanford and other top universities are available on-demand online. It is critical that leaders spend more time building their leadership skills and grow their business competencies. The same approach should be taken with the employees so that they are regularly up-skilling themselves for the demands of the new ways of doing business. Its good to have successful mentors from the industry or business ecosystem to help expand on the theoretical knowledge with practical insights.
Investing in a business advisory service or a business coach is highly recommended given that large businesses spend millions of dollars on getting specialists to advise on their growth and scaling up.