Resilient organizations are positioned to perpetually grow and evolve. They have the ability to bounce back in uncertain and exponential times and are more likely to achieve business results, attract investors, and retain top talent. Organizational resilience covers a number of things: a strong balance sheet; secure supply chains; and a digital-first approach, but the most important element is having the right mindset.
Mindsets play a significant role in building individual and organizational resilience, and developing a growth mindset is vital to achieving your highest level of leadership presence. It’s by far the most critical factor in being an effective leader in “normal” times, but in the new normal we live in, shifting your mindset can be the difference between your company surviving or thriving.
It’s important to think beyond what you know about pace, modern company culture, and innovation. Too often we default to comparing ourselves to our own past behaviors, or of those closest to us. When you open your mind to a broader set of inspiring companies and regions, you’ll realize that your relative definition of what pace, innovation, and agility are will likely need to be adjusted.
Most companies don’t really innovate. Those that do tend to focus on innovating their current products and services. While that is important, I coach my clients to use McKinsey’s three horizons of growth and concurrently invest resources in each horizon. Wait-and-see is a terrible strategy. Instead, look at opportunities in multiple horizons, socialize them throughout your organization, and take greater control of your future.
– Horizon 1: Maintain and defend core business with 70% innovation resources
– Horizon 2: Nurture emerging business with 20% innovation resources
– Horizon 3: Generate new business with 10% innovation resources
Creativity lives in all areas of your business and the more you bring diverse people and teams together, the more powerful the ideas become. The same holds true in your external ecosystem. Collaborating with other actors trying to solve a similar problem is more productive and impactful than trying to do so with only your company’s talents.
Building minimum viable products that are measured against key indicators and customer feedback can be much more valuable than overthought business cases. You learn (and fail) faster and can get closer to what your customer actually wants quicker. Progress over perfection reduces procrastination, elevates team confidence through microwins, and encourages risk taking on truly creative ideas.
Understanding your customer’s journey with your company and the experiences they seek can keep you focused on improving what truly matters. Build a customer advisory board that isn’t afraid to challenge you; find those employees that point out ways your organization could be more customer friendly; and make sure you have metrics to reflect your customers’ feelings.
Resilient organizations might appear to be today’s buzzwords, but the importance of building an agile workforce that can bounce back in today’s unprecedented times is undeniable.
In my next post, I’ll share tips for maximizing efficiency in your organization. Click here to keep reading.
Rocky Ozaki is the Founder and CEO of the NoW of Work, a business transformation firm thats primary focus is inspiring executive leaders and helping them build truly resilient organizations. He’s obsessed with creating frameworks that empower companies to master the art of innovation and agility.