Thoughts
A TRANSFORMATION IS NOT A CRISIS!
Dear Growth Partners,
For some, the world has gone mad, others only see dangers in the changes occurring around them…
And, YES, the world is in a crisis, a major one in many aspects, whether political, economic, social, environmental and more.
Also a big yes for the growing complexity of value chains, of cross-border business frameworks, of currency volatility, of lasting product relevance, of customer expectations and more. Another big yes for the impact of technology which dramatically increased the velocity of change, of the way media exposes and distributes information.
There are no blind spots left, and that forces us as humans but also as businesses to let go of complacency and seek excellence in all we do.
AND YET: 'A TRANSFORMATION IS NOT A CRISIS!'
While working at UBS the bank went through a profound crisis; the 2007 financial one. The crisis was the trigger moment/period, specifically the announcement of a 52 bn net loss. What happened afterwards was dramatic and a difficult period to manage and lead through, but it was not a crisis, it was a transformation. We may not like what the new reality becomes as the outcome of a crisis or market evolution, but we are not to blame it for our inability or unwillingness to adapt and or change. Too many excuses, too many stories, too many contexts to blame, too much complacency.
A different perspective: a famous study shows that about 80% of companies believe their core product or service is differentiated or unique.
8% of consumers agree!
Can you imagine the waste of energy, time and capital that businesses spend on elements that do not really contribute to the customer’s value perception, and thus can’t really be priced for? Can you imagine how much room there is left for improvement?
We are easily blaming the context for our lack of performance whereas the answer often lies within, within our businesses and thus within ourselves first.
WHAT ARE WE GOING TO DO ABOUT IT? HOW ARE WE GOING TO STEP IN?
Let’s embrace change, let’s stand for something, let’s deliver goods, services, experiences or a combination of thereof, let’s deliver experiences in a way that make things matter, and win, for our stakeholders, and or society as a whole…
Let’s listen to the market! Let’s align our capital, time and energy to our objectives! Let’s iterate and learn! Let’s unlearn! Let’s forgive honest mistakes! Let’s have opinions! Let’s aim at being the best version of ourselves, at all times!
Successful strategic moves are most often proactive. If not there is a fair chance you can call it ‘luck’, which we want to minimise the reliance on, and maximise the impact of. Drawing a parallel with the M&A environment, when a leading player (by technology, by position, by perception, brand value…) is acquired it triggers consolidation and price inflation waves. While I know statistics always lie, they nevertheless tell us that as of the second mover there is almost always an unjustified premium to be paid… Call it non-first-mover-disadvantage, the first choice theoretically being off the market… Proactivity gives you a strategic edge!
Let’s stop living our lives as if there was going to be a second chance, let’s stop running our businesses as if we were going to have a second chance.
How do we step in?
With bravery! With consciousness; of our objectives, of the means we need to deploy for our objective to be achievable, of how we employ our capital, time and energy, of the people and tools we invest in, of the value we bring, of the way we serve, of the moral compass we lead by when light can’t be seen and even when the sun is shining, with curiosity and confidence, and finally with proactivity and determination!
I wish you positive power for the week to come, I wish you bravery and inspiration, I wish you insights and aligned committed actions. Abundance is there for us to grasp, no excuses!
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