4 Leadership Growth Strategies To Help Your Company Stand Out In 2024
Being innovative takes a combination of creativity, critical thinking, adaptability, and a willingness to explore and embrace new ideas and solutions. It also requires perseverance, the ability to learn from failures, and a continuous commitment to pushing boundaries and challenging the status quo.
Something I’ve noticed is that being conscious and purposeful is starting to differentiate brands more in their industry. In the past, I remember companies sponsoring nonprofit events or simply making a donation to show they care. Nowadays businesses making a difference are doing more than just that; it’s more about involving good and purpose in your business model so it’s in the DNA of the venture and not just a one-time donation.
An event that always helps me learn about the approaches that are differentiating companies is Ernst and Young’s Strategic Growth Forum event. As I run into entrepreneurs from EY’s Entrepreneur Of The Year, Entrepreneurial Winning Women, and Entrepreneurs Access Network communities as well as the many other business leaders who attend, I’m inspired by the purposeful and problem-solving.
Solving A Real Problem While Keeping Sustainability In Mind
Recently, I was trying to service my jet ski. Since I couldn’t easily find a great resource for it on their site, I ended up finding a video online of a guy in his garage. A short time later, I had my jet ski smoking up my garage. Now, I like to fix things myself, but sometimes it’s difficult to find clear instructions that can be counted on. To make matters worse, a lot of times I throw away the instructions.
At the event, I ran into the founders of Bilt, a company that innovates the customer experience through 3D interactive instructions with voice, text, and animated guidance. I could relate to how this solves a real problem by improving how brands can provide instructions, but it also has a positive environmental impact because of its digital focus.
Just think about the amount of paper thrown away due to paper instructions. While it’s often overlooked, paper waste accounts for a large segment of the waste in landfills and plays a notable role in deforestation, greenhouse gas emissions, and pollution.
The more I learned about the company, the more I could see how they took an innovative approach to improving the customer service experience and helping the environment. It’s beginning to be more of the norm to have a positive purpose associated with a brand offering, and Bilt’s a good example of that and how it facilitates standing out within an industry.
Leveraging Technology To Solve Long-Standing Problems
It’s fascinating to see how companies like Bilt are addressing real problems by leveraging technology for a positive impact, not only on customer experience but also on environmental sustainability. Technology is proving to be a transformative force in various industries, and the insurance sector is no exception.
As climate change makes natural disasters more intense, it’s becoming more difficult for homeowners to secure comprehensive and affordable insurance coverage. It’s no secret that insurance has been a problem in areas where natural disasters are becoming more frequent and intense. The irony is that the same risks that are making insurance more important are also making it harder to get.
Insurance is one of those markets where startups like Kin see an opportunity to apply technology and data to lower costs and improve the consumer experience. Kin’s customers receive a direct, frictionless experience through their platform. Their tech instantly draws on numerous data points to assess the risk profile of each home and price policies accurately. This is particularly important for high-risk homes that may face challenges obtaining coverage.
By recognizing the difficulties homeowners face in securing insurance amidst intensifying natural disasters, Kin has become a trailblazer in the insurance market. Through their commitment to applying technology to lower costs and enhance the consumer experience, they demonstrate a forward-thinking approach that puts the needs of homeowners at the forefront.
Committing To A Purpose Despite Challenges
At the conference, I also ran into a past award EY Entrepreneur Of The Year winner and Winning Women Alumna—Christine Lantinen, Army veteran and President of Maud Borup—and dove into how she committed a lot of effort toward fair wage chocolate this last year. As she explained to me what it took to accomplish, I could tell that at times it might have been demotivating to continue to do this.
It’s not always easy to do the right thing. However, Christine was determined that they needed to go this direction in order to be the purposeful company that she envisions. That’s what sets them apart. Being committed to a purpose can make your business a beacon of positive change and influence in the industry.
Sometimes it’s hard to be the best version of the company and leaders you can. But if you commit to always making progress in that direction, good things will happen that affect the world in a positive way and consumers and competitors will notice. Companies who commit to heading in these directions will stand out amongst others in the industry.
Innovation Through Purpose
Whenever you bring direction and purpose to a business’s operations, innovation usually follows. It’s fascinating to see these emerging industry leaders who are moving their businesses forward while solving problems for customers and the world. I look forward to seeing what 2024 has in store with this growing business trend.
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