Being responsible for a business is a huge responsibility for anyone. It brings many a sleepless night wondering whether you have made the right decisions and what else might be happening in the future.
The last 10 years have had more than its share of changes and disruption. While certainly there have been massive regulation changes in the finance industry, there has also been a revolution in what customers expect. They are now more tech savvy than ever before, expecting amazing experience at the touch of a button. A host of Fintech’s have arisen to meet this demand by coming up with highly innovative ideas. This has led to the highly competitive and chaotic space we find ourselves in right now.
The challenge we face going forward is how to steer the business through these conditions. Luckily there solutions out there if we look to what has made other companies thrive through change. We have seen them re-invent themselves by adopting new strategies like Agile, design thinking and data driven decision making. These frameworks have helped them to be both highly innovative as well as improve their focus on customer experience. It’s set them up with a platform to better handle changes in the future.
One of the most significant change which has benefitted these is the adoption of a Growth Mindset. Popularized by Carol Dweck, a renowned professor in psychology, she has been studying the phenomenon since the 1970’s and written a book that has sold 500 million copies worldwide.
Growth mindset is the belief that intelligence and abilities are not fixed for an individual. If someone applies some simple techniques and strategies, they can improve themselves with a little effort. She compares it to a fixed mindset belief which says a person’s abilities and talents are fixed since birth.
Where this is applied to business is by instilling them with this growth mindset and a different way to see problems. There are constant changes to the market conditions, customer behavior and technology advancements that our people go through. It’s getting people to see these as challenges to overcome and not problems to be overlooked. We can help to build a passion for lifelong learning which will flow into the personal and work lives, not shying away from the new skills we’ll need in the future. Finally, we need a workforce that craves open and honest feedback as a mechanism to improve themselves by seeing what they could do better.
By instilling these behaviors and thoughts it will help to elevate both our people and the work that we do. As we innovate, we want them to understand that failures can be a path to future success and not things to be ashamed of.
We absolutely need this growth mindset culture in our business, it should not be from just some of us who are known as superstars or rock stars. We want the whole company to be a super rock star band.
The Growth Mindset is also a major driving factor behind many organizations agile digital transformations. They are seeing this as a way to help people push the boundaries and deliver work better and with a greater customer focus.
As leaders, we need to advocate, champion and be role models for this new culture. In order to make it work it has to be embedded in our people, our processes and our technology. It requires full commitment and passion from each and everyone in the organization.
This is a proven approach that delivers results. We need to start investing our time, money and effort now to see a better financial result for our company. It’s not just about surviving through this financial turmoil but thriving and continue excel into the future.