Grow like Amazon.
Why do some companies prosper and others fail? After all, every company has the same access to talent, technology, thinking, systems, and processes. As a leader who thrives on innovation and growth, I took some time to study the S&P500. (I'll let that sink in.)
When looking at the rising companies on the index versus those struggling, I saw evident alignments on how leaders focus their teams.
What makes it more staggering is this statement from McKinsey:
The average life-span of companies listed in Standard & Poor's 500 was 61 years in 1958. Today, it is about 12 years. In 2027, 75% of the companies currently quoted on the S&P 500 will have disappeared.
My gut says this high churn-rate will be more significant for businesses off the S&P500 list.
What makes someone a growth leader?
Growth is a journey that requires the entire business to focus on a singular purpose and continuously adjust, optimize, and execute, but it starts at the top. Only when the CEO, C-suite, and business-unit leaders have the right mindset can leaders hope to drive growth across the business.
In conversations I've had with business leaders from Amazon, Apple, Allbirds, Disney, and more, the answer boils down to a variation of delivering the company, departments, and teams:
Sense of Purpose and Conviction
Sense of Belonging
Sense of Belief.
Furthermore, my research shows that executives who adopt mindsets and with a customer-first approach manage to grow their top line significantly faster than peers.
Build a Tribe.
Thinking like a Tribe and building a Sense of Purpose/Conviction, Belonging and Belief, and creating a customer-first mentality, is a proven way to enjoy sustainable growth.
Hierarchy of Purpose
Tony Hsieh, ex Zappos, was perhaps the founder of a Hierarchy of Purpose. I have learned much from him. The video in this WSJ link makes it clear he knows what he is talking about. https://www.wsj.com/articles/former-zappos-chief-exalted-customer-service-and-set-high-bar-for-rivals-11606687557
Focus your Conviction on the Customer.
Much can be learned from the growth of other brands. And my single biggest take-away from Amazon was: to focus on customer. And this is the area where most companies fail - period.
Amazon’s conviction/purpose statement is simply: To be the earth’s most customer obsessed company.
Their purpose is not to be a gigantic eCommerce retailer or a tech company.
Let’s talk.
Thanks