When we think about the bottom line in business, the immediate jump is fiscal performance – how much value do we have in terms of cold hard cash? What sort of reserves do we currently hold; what sort of profit margin do we have in place? Are we in the red, or the black?
In a business environment that is only growing more and more unstable, fast-paced and demanding, there is more we need to consider when measuring success. The reality is this – the consumer can have what they want, when they want it, with a constant stream of new products, new apps, new concepts, and new information, that are downloadable, deliverable and easily digestible 24/7. Just because you were the best five minutes ago, doesn’t guarantee that you will be five minutes into the future.
In fact, if you are serious about future-proofing your business, then you need to be ready to think outside the box of traditional success measures.
Collective or collaborative intelligence on a commercial level is the new currency. Appreciating the value of an ‘intellectual bank’ and what it brings to your business is not just forward-thinking on a theoretical level, it’s bottom-line positive as well.
As leaders, as colleagues, the opportunity to engage on a team level brings strategic power to an organisation or enterprise that is simply not possible with people working in silos – in the ‘me’ space. There is no sharing of thoughts, or discussion that leads to development.
Move into the ‘we’ space, however – that space of collaborative team engagement – and the thought space opens up.
Take the example of Apple. Steve Jobs was the visionary; but was he the only big thinker within the company? His death led many to predict that it would take a nosedive in market share and profitability. But Jobs was the first to say that the reason for Apple’s success was the strength of the team.
This year, Apple CEO Tim Cook announced record first-quarter profits, and said: “The execution by our teams to achieve these results was simply phenomenal”.
The value of team thought means improvement and innovation. Put a team of big thinkers on a project or challenge and you have:
The isolation of working alone is endemic in making that bottom line look less a healthy. Take your own performance structure as an example. If you are constantly focusing inwards, seeing only what you need to do to achieve your own KPIs and bonuses, you miss out on banking others’ knowledge.
It’s rapidly becoming apparent that skills are an increasingly valuable commodity for business. You could, for example, suggest to a teammate that you ‘swap’ a skill for a skill – teach each other something you previously had no knowledge of. It will stand you in good stead.
Collaborative thinking, togetherness, really does drive the momentum of change. If you think that an idea could be bettered then as a group you have the ability to use your collective voice. Yes, this may mean collaboration rather than isolation and it may be uncomfortable in the short term, but the long-term rewards benefit the team rather than the individual.
Team or collaborative thinking is all about invention. It’s the rationale behind Google, Microsoft, AirbNb. It is fast becoming part of the measure of a company’s emotional intelligence. Luckily, it is also becoming part of the measure of that ever-present spectre – the bottom of the P&L statement.
As our customers exhibit growing desire to be recognised for their preferences and passion points, ...
In the third and final episode of our 3-part CMO50 video series exploring modern marketing and why it’s become a matter of trust, we’re delighted to be joined by Telstra’s former CMO and now digital services and sales executive, Jeremy Nicholas, and Adobe VP Marketing Asia-Pacific and Japan, Duncan Egan.
Flash back to the classic film, Willy Wonka and the Chocolate Factory. Television-obsessed Mike insists on becoming the first person to be ‘sent by Wonkavision’, dematerialising on one end, pixel by pixel, and materialising in another space. His cinematic dreams are realised thanks to rash decisions as he is shrunken down to fit the digital universe, followed by a trip to the taffy puller to return to normal size.
Why is it there is no shortage of leadership development materials, yet outstanding leadership is so rare? Despite having access to so many leadership principles, tools, systems and processes, why is it so hard to develop and improve as a leader?
As a nation united by sport, brands are beginning to learn money alone won’t talk without aligned values and action. If recent events with major leagues and their players have shown us anything, it’s the next generation of athletes are standing by what they believe in – and they won’t let their values be superseded by money.
