Starting & Growing a Business? The New Rules!

In the current climate where change, instability and uncertainty are the new norm the rules for starting and growing a successful business have changed also. The needs and desires of the stakeholders in any business are changing rapidly and whatever the size or type of business the rules have been rewritten on how to get up and going and then sustain or grow the business successfully.

The New Rules of EMPLOYEE ENGAGEMENT
Brainpower is what is going to drive the 21st century organisation, it will increasingly be an ideas based business. Whether it is acknowledged or not, employees will own most of the assets because they are most of the assets. This was obvious to many law firms a long time ago, their assets were almost entirely based around human capital. That is only going to grow! Employee engagement is going to be more critical than ever:

1. Be transparent to engage employees - communicate consistently about what is going on at your company and have mechanisms for getting feedback - especially for millennials.
   
2. Create career paths - team member turnover is one of the greatest threats to growth. Provide your employees with opportunities to learn. If you do it right, your top performers won't be so quick to leave.
   
3. Culture matters - align around a set of core values and a shared vision that get everyone focused on the same mission. And remember, happy team members make happy customers.
   

The New Rules of LEADERSHIP
Peter Drucker said that "effective leadership is not about making speeches or being liked, leadership is defined by results not attributes", in this new era of constant change and disruption being a leader who can bring the business forward to consistently grow and be successful is going to require results. These results will be gained by:

1. Articulate a higher purpose - work should be more than just improving yourself, it should be about improving the lives of others also.
   
2. Don't lead by consensus in a crisis - in a crisis you must make a clear decision, go left or right, but everyone wants to go down the middle! And the middle is the storm.
   
3. We live in a social media age - transparency in leadership is key.
   

The New Rules of RESEARCH & DEVELOPMENT
You might say my company or organisation is not a tech business, it is not developing the latest gadget or gizmo but the fact is that whether in the public, private or 3rd sector of the economy you are. If you are growing or starting there is some element of research and development involved. A new process for handling orders, an improvement to call handling, that critical continuous improvement activity all have an element of R&D. Success will require:

1. Do it fast - all innovation has been become short cycle; long cycle is a luxury business cannot afford. Speed is survival.
   
2. Get out of the lab - it is essential to link your lab bench to the factory floor, or your ideas to the human capital in the organisation.
   
3. Know the end customer - you cannot be just a B2B company. Earn a seat at your customers design table.
   

The New Rules of MANUFACTURING
Manufacturing must start using big data, data analytics is going to be a key element of having an edge on your competitor. Everyone recognises the need to invest in the human capital and provide the skills, apprenticeships are the currency everyone in the United Kingdom is talking about. But once those skills are in place and the technology investment has been made manufacturing must use data to improve productivity and gain an edge.

1. Digital prototyping is critical - 3D models close the gap between engineering and manufacturing allowing rapid iteration of products.
   
2. Listen to your machines - sensors can monitor operating conditions to improve performance and keep downtime to a minimum.
   
3. Arm your team with data to make smart decisions - real time dashboards give managers the information they need to consistently increase productivity.
   

The opportunities are greater than ever and more widely available to everyone than at any point of time. In growing your business be open to new ideas, ingenuity and imagination, then see where it takes you.