(3 min read)
We can learn a lot about our society by looking at the way people view and operate businesses. More than ever, people are demanding systemic change across various sectors – but many ignore the influence that businesses wield. At ReImagine Biz, we believe that it is time we rethink the way we do business. We cannot grow as a society without growing as business owners.
Social values are now a requirement, and increasingly people are choosing brand value over product value, so we cannot use the same business models from decades ago. Every step we take forward is a step into a new unknown that requires passionate business owners and executives to reimagine how we previously engaged in business activities.
This is why we’ve been spending the better half of the past year consulting with established business owners and startup entrepreneurs to reimagine what it means to run profitable, innovative companies in 2020 and beyond.
So you may be asking, what does it mean to reimagine business? In order to answer this question, we first need to explain what the true nature of a business is.
At ReImagine Biz, we believe that a business is something that can transform a product or service into an invaluable solution that evolves to meet the continuous needs of the community. Simply put, business is the practice of exchanging value for a monetary representation.
Recently, one of our clients who is a life coach asked us why we use this definition. We believe the “true nature” of business is to provide a solution that is so invaluable that people will pay to experience the solutions you provide. When we do this continuously, we build companies that can grow a community of loyal customers.
With that cleared up, we need to understand what business looks like NOW and how the past has shaped our outlooks on what a business should be.
Prior to catapulting into the Digital Information Age in the late 20th Century, we viewed the world through an industrial lens, where processes, mass production and physical labor reigned over all. Though this era of building highly-efficient systems at a mass scale brought heaps of prosperity to corporations and manufacturers, these systems are severely outdated and restricted by geographical location. We no longer utilize the Pony Express to make deliveries, we use Amazon. So why do we continue to engage in business in ways similar to the 18th and 19th century?
The truth is we now have digitization and computerization in which individuals (not just corporations) can convey information, share ideas, and collaborate on a global scale. Now I understand having a smartphone which has millions of times more power than the Apollo 11 guidance computers used to send astronauts to the moon can be overwhelming, yet it must never be overlooked.
The key to reimagining business comes down to accepting the amount of responsibility that comes with having access to the world’s information. It requires today’s business owner to know how to use newfound information, whether by committing time or investing capital, to better the lives of individuals within society. If you cannot execute on essential and relevant information on a consistent basis, you will struggle to profit in today’s market.
We’ve all been guilty of adopting the “one-size-fits-all” approach, but now that we know this way of thinking is obsolete, we leave you with a challenge, business owners. What’s some advice you received about business that seems archaic in 2020 that doesn’t work in this day in age?
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