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Category: Leadership

Why do SMEs resist Digital Adoption and how to overcome it?

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There is a common theme of small and medium-sized businesses being reluctant to the idea of digitising their business processes and infrastructure especially if they have physical products.

But little did they know what they were actually uncomfortable with is their leadership mindsets that were not conducive to change and innovation. The survey conducted by Deloitte in 2016 highlights the reasons that only 44% of business leaders prepare for such disruption despite 87% of businesses knowing they are going to get the hit of digital disruption at some point yet no action gets taken. A self-induced catastrophe!

Some of the common barriers to digital adoptions are as following:

Resistance to Change

This resistance to change is reflected in all levels of an organisation such as IT department where a lack of digital processes slows down the entire workflow, leading to slower delivery of secured projects, and lesser capacity to take on new ones.

Digitally maturing companies stay ahead of the growth curve and their workforce by actively engaging in risk-taking agile collaborations, partnerships and projects. Statistics showed agile organisations achieve 30% higher profitability and 37% faster growth than non-agile businesses.

This can be achieved if the benefits of the digitised process are effectively communicated to the company hand in hand with continuous training to foster culture where innovation is valued and change is not considered a huge discomfort.

IT capacity

IT performance can easily be jeopardised if the right training is not provided to IT leaders which effectively leads to a tunnel vision towards both short-term tasks and long-term goals.

So if IT team leaders are provided adequate training and investments are made in the overall IT structure, this can help make the business scalable, resilient and flexible.

Investment in continuous Training and Education

Digital adoption training and learning opportunities for senior-level management is a key factor that further translates into creating and fostering an overall company’s culture. Therefore, it is crucial for senior management to keep their knowledge in check and look out for training focusing on future skills, digital adaptability.

In our 2nd Module of Digital Adoption of Help to Grow Management Programme, we peel the concept and practical frameworks of Digital Adoption such as the role of digital leadership, stages of digital adoption and recognising where your business is at and many more. The session will be conducted by our Expert Speaker, Eugene Fisher.

About the Speaker:

As a transformation consultant and product manager Eugene has worked with C-suite leaders in start-ups to Fortune 50s drive growth by enhancing leadership capabilities, building innovative teams and launching new products.

He takes a pragmatic and design-led approach to delivering growth; a few recent projects include testing new business propositions for a convenience foods chain with 1.2k locations, helping a new team generate £10m of business value within one year of formation, and developing the enterprise strategy for a £1b retailer.

You can find out more about the programme here: Small Business Leadership & Management Certificate Training Courses UK (kingstonuniversitybusinesstraining.com)

Entrepreneurial Leadership: Maggie Walker

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The saga of Maggie Lena Walker — a beacon of ingenuity in the turbulent seas of post-Civil War America. Her story, a vibrant tapestry of resilience and creativity, offers a treasure trove of insights for today’s small business leaders and founders through her entrepreneurial leadership.

In a recent podcast on Harvard Business Review, the conversation explored the remarkable navigation into the realm of business both as an insider being a born American and outsider due to being a Black community member in America.

Picture this; You are at the helm of a sinking ship (read: business) with a measly £31 in your account and £400 in debt. What do you do? If you’re Walker, you roll up your sleeves and get to work. She slashed costs (including her own salary — talk about leading by example) while simultaneously drumming up new members. It’s the entrepreneurial leadership, equivalent of patching holes while also building a better boat.

I have put together some of the remarkable learnings discussed in the podcast that SME owner-managers can take away from Walker’s leadership.

  1. Turnaround strategies: When facing financial difficulties, focus on both cost management and revenue growth. Walker reduced costs by cutting her own salary and consolidating operations, while simultaneously working to increase membership and expand services.
  2. Diversification and synergy: Consider creating mutually reinforcing businesses. Walker established a newspaper, bank, and store that supported each other and the broader organisation’s mission.
  3. Community focus: Serve unmet needs in your community. Walker’s businesses catered specifically to the African-American community, providing services that were otherwise unavailable to them.
  4. Perseverance: Be prepared to face and overcome significant challenges, especially if you’re breaking new ground. Walker faced discrimination and attempts to shut down her businesses but persisted.
  5. Continuous learning: Invest in your own education and seek mentorship. Walker attended night school to learn accounting and sought guidance from experienced bankers. (See our Help to Grow programme at Kingston University that grants access to10 hours of personal mentoring from Industry leaders and coaches: Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com))
  6. Innovation in leadership: Be willing to challenge norms and create new opportunities. Walker created leadership roles for women when it was uncommon to do so.
  7. Leverage personal networks: Use your connections and deep local roots to overcome challenges and gain support.
  8. Social responsibility: Consider how your business can contribute to broader social causes. Walker used her businesses to advocate for rights and improve her community’s economic situation.
  9. Adaptability: Be ready to pivot or consolidate when faced with insurmountable obstacles. When suppliers were cut off from her store, Walker focused on her other successful ventures.
  10. Start small and grow: Walker’s success came from starting with small, focused initiatives that grew over time.

These takeaways demonstrate how SME owners can navigate challenging environments, serve their communities, and grow their businesses through innovative leadership and perseverance.

Find out more about how 700+ SME business owner-managers and entrepreneurs grew their businesses with support from the Help to Grow Management Programme at Kingston University,  took off with a growth action plan and thoughtful entrepreneurial leadership: Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com)

Spaceship View for Business Leaders

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Serving twenty-four years as a NASA astronaut, Cady Coleman recently shared her profound learnings, how she stayed focused, managed stress and navigated working in cross-cultural teams in HBR podcast. Although these lessons have come from an astronaut, but they are significant lessons for SME leaders, owners and managers.

Dream on, be positive

As cliché as it may sound, Coleman thrived by keeping a positive outlook. In the podcast, she discussed having to encounter emergency simulations, drilling and remembering to keep curious about all that she did before the big space mission.

If we compare going to space with leading a business; think about what could possibly go wrong when you change the business model, sign a deal or tap into a new market. Cady Coleman reminds us to prepare ourselves with all possible outcomes with a positive mindset.

Cultivate a work culture where mistakes are shared

Coleman shared how NASA’s culture has shaped her views and how she approaches complex challenges at work. Owning up to one’s mistakes and sharing were important parts of Coleman’s growth journey at NASA.

It can undeniably hard to admit a mistake, but it also adds a pivotal value in overall work culture – she said, share your mistakes so all can learn from them.

This could bring an enormous amount of possible solutions, shared lessons and a sense of community that, we are in it together. It gives a sense of assurance that it is absolutely humane to go wrong sometimes; making mistakes and sharing them are critical components of a growth curve.

Create diverse cultural teams at the workplace

Coleman talked about cross-cultural team dynamics and the challenges she faced working with a diverse and international crew. She acknowledged that, although it was challenging but it was also a humbling experience to fully understand that we all bring different skill sets to the table. The main purpose was to be trained for the big mission and be fully equipped to tackle uncertainties.

This is how all organisations, big or small, should work together and create a diverse set of teams.

The unique perspective of interconnectedness through the lens of an astronaut, who was literally watching the earth, from space, affirms we are more alike than different and that we can work around differences if we continue to innovate and create.

The multi-cultural teams create an air of trust and space for innovation which goes a long way and to be a good business leader is to have a spaceship view, while also being immersed in day to day operations of your earth (business).

To learn more about how to scale your small business a up, lead high-performing and engaged workforce, manage operations and finances efficiently as a SME leader, join our next cohort: Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com)

 

 

“Both/and Thinking – Using innovative thinking to solve toughest business problems

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Being a business leader, imagine you’re faced with a tough decision at work and you need your innovative thinking hats on. Should you focus on short-term profits or long-term growth? Traditionally, you might feel pressured to choose one over the other. But what if there was a way to do both?

In a recent podcast on Harvard Business Review, the co-authors of book Both/And Thinking: Embracing Creative Tensions to Solve Your Toughest Problems, Wendy Smith and Marianne Lewis discussed how a shift in thinking can solve complex problems.

They said, entering “both/and thinking,” is a refreshing approach to problem-solving. It’s like being asked to choose between chocolate and vanilla ice cream, and realising you can have a swirl of both.

This method isn’t about compromise or finding a middle ground. Instead, it’s about embracing the tension between opposing ideas and using that creative friction to spark innovative solutions. It’s like being a tightrope walker, constantly adjusting to maintain balance while moving forward.

Think about the challenges of hybrid work. Instead of fixating on finding the perfect mix of office and remote days, both/and thinking encourages us to dig deeper. What do we value most about each environment? How can we blend these elements to create something even better?

They further discussed, both/and thinking approach isn’t just for boardrooms. It can transform how we handle personal dilemmas too. Wendy shares how it’s improved her parenting discussions with her husband. Instead of butting heads over different approaches, they’ve learned to pause, listen, and combine their perspectives for more creative solutions.

Leaders like Paul Polman at Unilever have used both/and thinking to great effect. He’d challenge his team to find more tension in their proposals, believing that discomfort often leads to breakthrough ideas. It’s like purposely adding a dash of spice to a recipe to elevate the flavour.

Other leaders get creative with metaphors to explain the concept. Terri Kelly at WL Gore compared balancing global and local needs to breathing – you need both inhaling and exhaling to survive. Zita Cobb on Fogo Island used a cauliflower to illustrate how local communities can maintain their uniqueness while still being connected to the global stem.

Now, both/and thinking isn’t a magic wand. It requires practice and can feel uncomfortable at first. It’s not about finding perfect “win-win” solutions every time. More often, it’s a constant dance of balancing different viewpoints.

But by embracing this approach, we open ourselves up to a world of possibilities we might have otherwise missed. It’s about seeing the forest and the trees, having your cake and eating it too. In a world that often pushes us to choose sides, both/and thinking reminds us that sometimes, the best path forward is the one that brings opposing ideas together.

Learn more about Innovative thinking and strategies in the first module of Help to Grow Management Programme at Kingston University. www.kingstonuniversitybusinesstraining.com

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Are you “People” people?

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Business landscape is rapidly evolving, interpersonal skills are crucial across all departments, not just in sales and human resources. At Tesla, a company known for its ground-breaking innovations and disruptive approach to the automotive industry, this principle is particularly evident.

Tesla’s executives have demonstrated that relational know-how encompasses a broader range of abilities than many executives realise. Like Musk’s ability to articulate complex technological concepts to the public, some individuals excel at translating high-level ideas for mass consumption.

Tesla’s success can be attributed, in part, to its recognition that employees perform best when their work aligns closely with their interests and skills. By considering employees’ relational strengths when making personnel decisions and project assignments, Tesla has created a highly productive and innovative work environment.

Similar findings were discovered by the authors Timothy Butler and James Waldroop, after their psychological assessments of over 7,000 business professionals. They identified four key dimensions of relational work:

  1. Influence: The ability to persuade and motivate others.
  2. Interpersonal facilitation: Skill in resolving conflicts and fostering collaboration, essential in the fast-paced, high-pressure work environment.
  3. Relational creativity: The capacity to generate innovative ideas through social interaction, vital for continuous product development.
  4. Team leadership: The aptitude for guiding and inspiring groups, is critical for managing diverse and specialized teams.

To build a well-balanced team, managers may want to consider these four dimensions when hiring and assigning roles. During interviews, candidates’ relational skills can be assessed through targeted questions. For instance, to gauge relational creativity, an interviewer might ask a candidate to describe their favourite innovative product design and explain its effectiveness.

Understanding these four dimensions may enable leaders to:

  • Optimise employee performance
  • Provide appropriate recognition and rewards
  • Assist staff in setting meaningful career goals
  • Make informed decisions about their own professional development

By embracing this multifaceted approach to relational work, Tesla continues to push the boundaries of innovation while maintaining a dynamic and effective workforce. As the company expands its reach in sustainable energy and transportation, these principles of people management and leadership will undoubtedly play a crucial role in its ongoing success.

So if you are planning to have a team meeting next time, apart from work, use that time to also create a space for conversations by asking open-ended questions concerning your team’s likings and values. Throw a question about their favourite football team or their recent experience at a new restaurant. Ask about their personal projects and why do they like being part of that. It goes a long way.

Disruptive Innovation: Yay or Nay?

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In today’s fast-paced business world, the mantra for small and medium-sized enterprises and businesses (SMBs and SMEs) is clear: disrupt or be disrupted. But what exactly is disruptive innovation, and why does it matter so much?

Coined by Clayton Christensen in “The Innovator’s Dilemma,” disruptive innovation refers to a process where a smaller company with fewer resources successfully challenges established businesses. These innovations often start in low-end or new market footholds, initially underperforming established products in mainstream markets. However, they gain traction by offering more suitable functionality—often at a lower price—and eventually move upmarket to challenge industry leaders.

To understand disruptive innovation, it’s helpful to contrast it with sustaining innovation. While sustaining innovation improves existing products for current customers, disruptive innovation targets overlooked segments, often with lower initial quality but at a lower price point. It introduces new business models and carries higher risk, but with the potential for industry-wide change.

Some of the real-world examples abound; Netflix disrupted traditional video rental with its DVD-by-mail service and later streaming, transforming entertainment consumption. Airbnb created a new market for private accommodations, challenging the hotel industry. Tesla’s electric vehicles and direct-to-consumer model accelerated the shift to sustainable transportation. Uber’s ride-hailing app revolutionized urban transportation, disrupting the taxi industry.

So, how can SMEs foster disruptive innovation? Here are key strategies:

  1. Create a culture of experimentation, encouraging risk-taking and learning from failures.
  2. Focus on unmet customer needs through extensive market research and design thinking.
  3. Invest in emerging technologies and consider partnering with or acquiring promising startups.
  4. Prioritise long-term success over short-term profits; means sustainable business model and practices.
  5. Embrace open innovation by collaborating with external partners and diverse perspectives.

Innovation experts emphasise the importance of this approach. Clayton Christensen warns, “Disruptive innovation can hurt if you’re not the one doing the disrupting.” Steve Jobs asserted, “Innovation distinguishes between a leader and a follower.” Jeff Bezos advocates for customer focus, allowing for more pioneering work. Netflix CEO Reed Hastings notes, “Companies rarely die from moving too fast, and they frequently die from moving too slowly.” Ignoring disruptive trends can result in loss of market share, obsolescence of core products, and declining revenue and profitability.

For those wanting to dive deeper, recommended reads include “The Innovator’s Dilemma” by Clayton Christensen, “Zero to One” by Peter Thiel, and “The Lean Startup” by Eric Ries.

It’s important for us to realise that the change is constant and disruptive innovation isn’t just a buzzword—it’s a survival strategy. By understanding and embracing it, small and medium sized business leaders can stay ahead of the curve, create new markets, and drive meaningful progress. The choice is clear: disrupt or be disrupted. Do you agree?

 

Leading with Purpose and Authenticity

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Mastering your capacity to be the best business leader comes along with finding your purpose, being your authentic self, and most importantly, not worrying about what others think.

But living in a world where performance and competition are rewarded from a very tender age, it becomes increasingly challenging not to get affected by the opinions of others. So, when your concept of self is inherently built on the preoccupation of what others think of you, often individuals, who are leading a workforce of hundreds and thousands, get on an inauthentic, mediocre, and joyless road; a path that only takes one to ineffective leadership.

So, how do high-performance coaches help their clients achieve what otherwise seems incessantly difficult and how do Fortune 500 companies still thrive in high-stakes environments? Mindset-training.

In his book, Finding Mastery, Michael Gervais talks broadly about why training our minds is the most important step in designing, building and strengthening a self-concept that we think truly matters to us. Not to others, but to us.

He explains, that our mind is our constant companion, accompanying us wherever we go – to the pitching deck or the boardroom. It serves as the unifying thread, weaving together our feelings, thoughts, and ability to concentrate on the tasks at hand. Whether grappling with emotions due to losing clients or tackling an internal company conflict, our mind is the ever-present tool that guides us through. Here is how you can also train your mind to master any area of your life or your business. The three things it comes down to are,

Identifying the principles that matter most to you in your life. Be radically committed to it. Once you know what those are, hydrate them and keep them alive in your action.

Mental Training: The greatest trick you could play on your mind is to tell it what you want it to hear. Imagine it for it to manifest.

Deep focusing is what many neuroscientists and Yoga practitioners recommend, but it is another way of refocusing. Keep coming back to what your purpose is and bring the focus back to it. Every time you get side-tracked by life’s or business challenges, deep focus and realign your mindset and actions with core principles.

In the end, mastering leadership comes to tune into your signals and strategically refusing to entertain noise by others.

We explore more about leadership and Innovation in Help to Grow Management:

Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com)