Growth: People are the singular key.
Every company today has the same access to the same technology, the same systems, the same global stage, the same supply chain, and, yes, even the same AI.
Only three interrelated things separate you from competitors in the future. 1) Talent. 2) How talent works together. And 3) Brand.
A study by McKinsey found that the average lifespan of companies listed in Standard & Poor's 500 was 61 years in 1958. Today, it is less than 18 years. McKinsey believes that, in 2027, 75% of the companies currently quoted on the S&P 500 will have disappeared.
Standard company, new businesses.
Whether your company is small (past start-up) or big, you need to think: 'Standard company, new businesses:" This pairing can ensure the survival of the existing company and guard against new competitors and stagnant thinking.
How it works is easy. You keep the existing business running, but invest and launch little internal start-ups - and give them start-up freedom.
1: People. And only people.
People, and only people, can think and act toward the future. Not technology or AI. And if you want to grow, Human Intelligence needs to be you #1 investment.
When I was at Amazon, Jeff used to say: "What we need to do is always lean into the future; when the world changes around you and when it changes against you - what used to be a tailwind is now a headwind - you have to lean into that and figure out what to do because complaining isn't a strategy."
In my words: if your business is standing still and others are progressing, you're going backward.
People are the singular key to growth. However, every company is touting the same: "We care for our people and help them find happiness and enjoyment." And while this promise is critical, the promises are soft and standard, and only account for about 25% of what teams and employees (people/humans) seek.
And IF EVERY COMPANY is touting the same growth opportunities, how will your business stand out?
When you invest in your people beyond cupcakes and cookies, you invest in employees' future, and then you're naturally investing in your company's future.
Small, perfectly balanced teams are more creative, solve problems faster, and are more likely to succeed. Small groups are like mini-companies that operate like mini-start-ups: little infighting, politics, and all focusing on the task. Trust is inherent.
Small is good for another reason. It puts people in control and gives them autonomy. Many large companies disappear because they become too big and lose energy. Large companies spend an excessive amount of energy managing themselves than they do managing their customers and clients.
2: Talent and Operations
Any team or company can be an innovative machine like Amazon. It’s not ideas they lack.
People outperform when they feel safe (ever heard of Maslow?) and thrive, knowing what is expected of them. Operations can do that. Small teams and guard rails.
Here's the bottom line: Any team or company can be an innovative machine like Amazon. What they lack, though, is a set of principles combined with five scalable, repeatable processes. (1. Talent, 2. Operations, 3. Communications, 4. Customer focus, and 5. Metrics. )
The lessons I learned from Amazon - and now teach and advise how to implement - can set companies up for growth.
3: Brand
How can the next Airbnb, TikTok, Appen, or ChatGPT grow in a world built around risk aversion and business blandness?
Companies need to do more than offer a good product or service. They must also build a strong brand to attract top talent and paying customers. A brand is your multiplier effect.
A brand is not a logo, a set of colors, or a vision statement.
To be a brand that customers believe in.
You first have to believe in yourself.
Belief, Belonging, and Behavior are three Principles I have found successful in becoming a Brand that employees and customers believe in.
It's an incredibly simple and bold new way to create great brands. Amazon, for instance, was never an online retailer. Instead, they are 'Earth's most customer-centric company.' (The rest is history.) And Airbnb is not a marketplace for home rental; they're 'A place where anyone can belong.'
Zero mentions of the product offering.
The future of work is people + AI.
The future of work is still being determined. Technology is changing rapidly, and it is unclear of the impact of these changes.
However, one thing is certain: people will still be the key to success in the future.