5 Ways Leaders Must Evolve Business And Reinvent Industries For The 21st...

5 Ways Leaders Must Evolve Business And Reinvent Industries For The 21st Century

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Over the past several years, I’ve witnessed the decline of courageous leadership in American enterprise. Rather than welcoming the change in order to evolve, leaders are playing it safe. Where are the leaders with the strategic focus and wisdom to take a leap of faith and the tenacity to find new ways of doing things?

Today’s leaders must have more intimate knowledge of the business, design workplace cultures, and build teams that are focused on continuously evolving with the end-game in mind.

To do so, leaders must embrace a new type of thinking that helps organisations reach higher levels of influence to ensure the overall business evolves and its leaders stay ahead of the rapid changes taking place to compete in the global marketplace.

Leaders must be change agents who are not afraid to get uncomfortable and take ownership when it comes to creating the next big thing for their businesses, people, and industry to evolve. But according to research conducted by my organisation, 78% of leaders have difficulty understanding and effectively articulating the requirements to thrive in the rapidly changing marketplace – and the consequences of not doing so. Perhaps this explains why only 32% of leaders define themselves as change agents.

Related: 5 Leadership Secrets Stolen From Famous People

Here are five ways leaders must evolve business and reinvent industries for the 21st century.

1Build teams and corporate culture for the new wisdom-based economy

Leaders must move away from the traditional workplace model that promotes a top-down, hierarchical, departmental, silo-ed, one-size-fits-all mentality. Leaders accept that we are transitioning from a knowledge-based to a wisdom-based economy.

 

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It’s not just about what you know, but what you do with what you know. This mindset will allow leaders to stop unknowingly creating work environments infused with tension, as they learn to embrace and promote diversity of thought.

2Don’t stand in the way of progress with “substitutional” thinking

Leaders must break free of substitutional thinking (old templates) that slow progress down and make it difficult to measure workplace, strategic partnership, and marketplace evolution and create a distinct competitive advantage.

It’s becoming less about the business defining the individual and much more about the individual defining the business. The minute leaders stop touching the business, they stop understanding the impact that individuality can have on the evolution of the business.

Related: How You Can Use Your Creditors To Fund Your Business Growth

3Enable the full potential of others

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Business evolution requires leaders to continually identify, enable and leverage the full potential of their teams, partnerships, and client relationships.

They must take ownership and be courageous enough to see beyond the obvious to avoid complacency; to anticipate the unexpected to ensure that circumstances don’t force their hand; to explore endless possibilities in search of previously unseen opportunities; to invest in relationships and maximise the utilisation of resources to be more strategic and efficient; to build new ecosystems to strengthen the organisation’s intellectual capital and momentum; and to lead to leave a legacy of significance and sustained success.

4Invest in the Cultural Demographic Shift™ and create new areas of growth

Leaders must commit themselves to invest in the seismic Cultural Demographic Shift – the last remaining true growth opportunity.

This requires a new layer of intelligence that embraces the strategic implications of cultural fluency, innovative team-building, marketing strategies, global competitiveness, and the new requirements for talent acquisition and consumer engagement.

Related: Are You Running Your Business Like Clockwork (Or Flying By The Seat Of Your Pants)?

5View diversity as a profit centre, not as a cost centre

We must move away from the tactical approach of viewing diversity as a cost centre, which clouds growth, slows progress down, and makes businesses vulnerable to new – and less traditional thinking – competitors.

The new way forward is to guide our organisations to be more diverse in their thinking and to broaden their observations to create new profit centres for strategic growth – where talent and market development represent two sides of the same coin. You may only see one side at a time, but they must co-exist because they are unavoidably connected.

This article was originally posted here on Entrepreneur.com.

Glenn Llopis
Glenn Llopis is the Chairman of the Glenn Llopis Group – a nationally recognized thought-leadership, human capital, and business strategy consulting firm. As a speaker, consultant, and executive coach to Fortune 500 companies and beyond, Glenn guides leaders and organizations to embrace a new type of thinking that helps them evolve and stay ahead of the rapid changes in the workplace and marketplace to drive growth. He is the best-selling author of the book Earning Serendipity and contributing writer to Forbes, Huffington Post, and Harvard Business Review. He has been recognized as a top 20 influential writer at Forbes and a top 100 leadership speaker and business thinker by Inc. magazine. His new book The Innovation Mentality (Entrepreneur Press) will release February 2017.