Learn.

‹ Back

A lot has changed technologically in the last few decades or so. The internet, smartphones, airplanes, etc have revolutionized the way we conduct business, but has the nature of business itself changed? Has the economic model around demand, supply, and equilibrium also gone through a major disruption as well? 

 

These and other questions are thrown my way when we discuss how commerce has progressed throughout the digital revolution. How new tools and technologies have led to rapid growth and while some business practices have benefited from this change others have been completely thrown out of the arena. 

 

But one negative that has emerged from all these discussions around progress and innovation is the underlying fear to innovate or lose market share. A lot of businesses are motivated by this fear of disruption which acts as a catalyst that fuels their business plans. Let’s read on! 

 

 

Business or Pleasure: 

 

According to the firm PA Consulting, two out of three organizations would disappear without innovation. Armed with these types of stats, I have seen managers turn board rooms into crisis centers where innovation is a challenge rather than a need. The problem is a bit complex, in the pursuit of progress we miss out on setting priorities. 

 

But the object of our discussion today is about building a sustainable B2B business. Our audience or the object of our attention might be a business that is seeing similar models around them going out of business and might be thinking that it's their turn next. 

 

That gives them the impression that to maintain their relevancy they have to disrupt their business and reengineer their processes ASAP. This urgency creates a false sense of hope that undermines their previous efforts and causes them to self-cannibalise. They end up building a loosely coupled business process that people rip apart and that forces them to lose credibility and customer loyalty. 

 

3 Companies That Got Their Innovation Process Wrong

 

Simply put innovation has to be a thought-out process, one not just driven by the desire for change but with the right amount of investment and research behind it as well. Below are some to-do’s that can help you take your business to the next level - with the right amount of innovation and business acumen success is attainable 

 

 

 

 

 

Failing fast and learning from it: 

 

When you are in the B2B space you have a much more direct relationship with your customers. Their profitability and business ensure your sustainability. So it's only natural that you should be concerned with their user experience and how relevant your brand is to their needs. 

 

Imagine a scenario where you have been servicing your clients for decades, and your next generation of business owners steps into the limelight and feels that the old guard is out of touch with technology and what the customer wants. They invest heavily into systems and processes that would add value to their customer's UI/UX but it all backfires because you didn’t research what the customer wanted, rather you gave them what you wanted. 

 

Now you’ve lost their confidence and quickly scramble to stabilize things. There is nothing wrong with innovation and experimentation, in-fact a lot of companies adopt a business principle called fast failure. To become better versions of yourself innovate but anticipate when things go south and look to rectify small mistakes to avoid big ones. 

 

 

Build scalability from day one: 

 

We live in an interconnected and interoperative world. One that is primed for global business development and outreach. With competition becoming stronger and stronger both locally and internationally, can you really hope to be invested in physical addresses and territories that others around you aren’t? The answer is simple! No, you cannot. You have to think of a global B2B business that is empowered and scalable from day one. 

 

To empower your business and scale it to global destinations you have to first understand your process flows and how well they translate to a borderless world (read up on ‘The 5th’ and how it markets to 700,000 global fans). Once you’ve done that you carefully invest in digital systems that can help you scale as well. 

 

The fastest-growing markets now lie beyond traditional borders. Keeping pace with this $30 trillion opportunity demands an international e-commerce platform that lets you sell globally and connect locally.

 

Take the leap: 

 

So as a B2B business that now needs to grow on its new digital journey, you want to move forward. While the pressure to jump the gun and just start evolving is always there we’ve made you understand that you need to do your homework. 

 

But certain risks need to be taken, and certain leaps of faith are required for you to shoot for the moon. We’ve looked at examples of how failing fast can help you evolve your strategy and investing in good systems and processes can lead to growth globally but what about the right product or solution? Can you take the leap of faith if you underestimate your product basket? No, you cant, which is why it is very important to not fall insanely in love with your own products. The right partnerships and the right set of products can help you move past cumbersome problems like local manufacturing and servicing, they can help you get past key issues like inventory management, supply chain, logistics issues, etc. 

 

In business, there is massive room to grow if you find the right synergies. Not within your own systems only but outside of them as well. I remember one of the first conversations I had with one of my startups. The pitch doctor I was recommended to saw my product and said, this looks good - but I have one question, what's your team like? I said I don’t have one, isn’t that cool? I did this all myself. He said buddy that's poison for an investor, he’s not investing into just you as an individual but into a network that will keep on evolving even if the founder kicks the bucket. 

 

That really spoke to me it forced me to understand that 100% of an idea on a shelf was still 0 but even 30% of a Billion dollar unicorns was something anyone would be proud of. 

 

 

Summing it up: 

 

To sum up, as a B2B business that’s on its journey from good to great you have to be careful to not cannibalize your business in the hopes of innovating towards success, you also have to be aware of the tech trends and consumer insights that are reshaping your business landscape and you have to find the right network and synergies that help you go global. 

 

There are challenges like losing a certain amount of control that you have to quickly get comfortable with. There are also challenges of losing sight of your vision in a quest to achieve higher profitability. 

 

But there is one simple rule to business that one of my mentors taught me. Be happy with who you are no matter where that may be. Happy hunting!