After nearly two years of living in a challenging and unpredictable environment, businesses have learnt the value of innovation. Many have had to make strategic changes such as moving online, meeting virtually or downsizing. But moving forward, how do business owners continue to future proof their entities through uncertainty?
A recent American Express masterclass brought together a futurist, a global business entrepreneur, and a mental health advocate to offer insights and lessons on how to achieve long-term business growth.
American Express’ Business Class masterclass, hosted by author and businessman Mark Bouris, provided the knowledge and resources to help businesses be future ready.
Our three speakers, Anders Sorman-Nilsson, Emma Isaacs and Jane Martino, all agree that the business community has a unique opportunity to reimagine leadership, embrace change and move towards an era of positive impact.
What lies ahead: How to plan for 2025 and beyond
While COVID-19 has shaken the business world, it hasn’t been the only driver of change. Anders Sorman-Nilsson, a Futurist and Innovation Strategist, shares the trends impacting the entrepreneurial and SME community in Australia.
The typical Aussie consumer is now more conscious about how their actions impact the world. Anders says that nine out of 10 want to buy from sustainable brands. And 66% of Aussie consumers would pay a premium from an SME that is a sustainable business. “We have to all evolve into being purpose-led brands,” he notes.
An exercise that Anders often advises his clients to try is to envision their business’ demise. Now, identify what went wrong, including the missed trends and signals. “This is known as a premortem,” he explains. It helps businesses to forward plan and address the missing points.
The pandemic has accelerated the rise of non-traditional employment models, the use of technology and it has increased business resilience. It has also boosted innovation, creating a need for better storytelling and conscious business decisions.
“The greatest predictor of the future is when you start designing and creating it,” Anders says. Using the iPhone as an example, he says that it is largely made from recycled goods because Apple is part of the circular economy.
“They take back the cobalt, lithium and gold in our old iPhones when we recycle them at the store. Apple is now one of the largest gold miners in the world. They’re enabling us to be more productive while treading more lightly on the planet.”
Technology now enables humans to do less of the mundane while liberating entrepreneurs to do more meaningful work. The pandemic has encouraged many of us to tune into our core purpose. Anders sees this as a call to arms. It is time to start focusing on strengths and passions and figuring out how to make a profit while making the world a better place.
Businesses that haven’t yet answered the call of sustainability need to do it now. They need to think about stepping into “conscious capitalism” and meeting the conscious consumer halfway.
He concludes by leaving the audience with five questions to ponder on:
- How can you get twice as many results with half the planetary input and effort?
- Which old analogue methods in your business don’t offer you any immediate data insights and need upgrading?
- What’s the compound effect of your competition adopting the right exponential technologies by 2030?
- What part of your businesses’ DNA needs to be enhanced and augmented due to new technologies?
- What would your competition not want you to do?
“Start preparing for a sustainable future today because it is where you and your kids will spend the rest of your lives,” Anders notes.
Grow your business through operational resilience
Founder and Global CEO of Business Chicks, international keynote speaker and author, Emma Isaacs shares how brands can reduce risk by focusing on operational resilience.
The pace and volatility of business due to technology, climate change and the pandemic reinforce the need for business owners to be agile and not front-footed.
“I truly believe that flexibility and agility are the greatest superpowers that a business owner or an entrepreneur can have,” Emma notes, while adding that the days of planning far into the future are gone.
It’s not to say that businesses don’t need goals. Instead, it’s about ensuring professionals remain flexible enough to see an opportunity when other plans begin to fail.
“A mistake I see many businesses make is to have one revenue stream or one channel. It can all quickly disappear if the algorithm changes or if they don’t have alternative ways to dial-up revenue,” Emma explains.
When the pandemic hit and Business Chicks could no longer run their live events, the business survived because of its diversification model. As some of the income came from corporate partners, their paid subscription memberships, offering a range of content and educational material, and hybrid events.
Emma presents a question to the audience: “If one part of your business fails or the algorithm changes, could you survive?”
Businesses that want to achieve operational resilience need to operate in a smart, lean and profitable way. They can’t just focus on huge revenues. Emma shares one of her favourite business mantras: “Revenue is for vanity, and profit is for sanity.”
Agreeing with Anders, Emma says that innovation is pivotal to business success. But it’s not a one-time job. It’s an ongoing investment in the people and brand.
Business challenges will never disappear. But operational resilience is bred through facing tough questions and making survival plans.
“Let’s build smart businesses with a solid foundation that don’t rely on perfect market conditions and blue sky and rainbows. Let’s also focus on profits over revenue and look for ways to innovate while always remembering our values,” Emma concludes.
Mental health in the workplace
How can businesses look after their employees’ mental health and wellbeing in these difficult times?
Jane Martino, serial entrepreneur and Co-Founder of Australia’s number one meditation app Smiling Mind, shares why professionals need to shift mental health to the forefront of business strategy.
“Mental health is one of our biggest issues both personally and professionally,” Jane says. “And workplaces need to start focusing on it.”
Jane says the problem is only getting bigger. Between the Australians already living with mental illness and the ones at risk, 40% of the population will experience a mental health challenge over the next 12-months. Yet only 1% of the government and the workplace’s budgets are devoted to prevention.
“We need to put more energy and resources into preventing things from happening or helping people as they move up the risk continuum,” she says. “The most important data point that resonates with businesses is the economic impact of people feeling unwell or experiencing a mental health challenge. It is costing the economy nearly $70 billion a year.”
Jane says organisations need to have preventative measures in place and teach people skills in recognising poor mental health. That’s where apps like Smiling Mind come in. It’s already educating and offering support in schools and businesses all across Australia.
“Nearly half of senior managers surveyed in a research study believe that none of their workers will experience a mental health problem at work,” Jane shares. This ambivalence adds another challenge to the already much-discussed ‘great resignation’.
Workplaces need to figure out how to become more purposeful and support the mental health of their people. This step forward begins with communication. Workplaces need to start having conversations with people that they’ve never had before.
“Firstly, businesses should observe and look at their team and individuals through a wellbeing lens. Look for signs of burnout or distress, usually reflected in a change of behaviour. Are they becoming more cynical or critical, irritable or feeling like they’re lacking energy and motivation?” Jane suggests.
The other piece of advice is to take a broad view of your organisation. Look at the context and systemic challenges that people may feel within the team. A company-wide anonymous survey can be useful in helping to understand people’s needs.
“If we spend more time and energy on mental health, businesses will see an improvement in performance and productivity. Employees will be less burnout. They’ll be able to add more value because they feel balanced and engaged, helping increase job satisfaction and retention levels,” Jane says.
“Make sure that you’re encouraging your teams to take some downtime. As leaders of businesses, how do you live your life? Set a good example,” she adds.
Leaders who achieve long term success think differently about their businesses, their goals, and their people. These businesses don’t just think about the numbers. They understand and adapt to change. They lead with transparency, optimism and care to create an environment of sustainability, resilience and positive wellbeing.
To watch the full Business Class webinar about Innovating through uncertainty, click here
The data included in this article was sourced by third parties from research not conducted by American Express. The views expressed in this article are those of third parties and are not necessarily the views of American Express.