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The Growth Triple Play: Combining Creativity, Analytics & Purpose
July 16, 2021
The Growth Triple Play: Combining Creativity, Analytics & Purpose
According to a McKinsey study, companies that combine creativity, analytics, and purpose are growing at twice the rate of companies that only use one or two of those factors. While creativity has been used in marketing for years, data analytics have also become an integral part of successful business campaigns. Now entering the fold is the concept of “purpose”. Purpose is a new addition that can represent the overall mission of the company or product.
One of the key takeaways from this study shows that “In the period 2018–19, companies using just one of the capabilities—either creativity, analytics, or purpose—saw an average growth rate of more than 6 percent. Adding a second component saw growth rates climb to more than 7 percent. For those that employed the full triple play, growth rates climbed to more than 12 percent.”
Creating a Learning Culture within your company or business is a great way to grow the skillsets of your employees. In short, a learning culture can be found in an organization that promotes the development of staff, a healthy collaboration between teams, and employs constructive feedback loops. Purpose is a word that comes up a lot in today’s job culture. While it is important to the individual, purpose means something different to everyone, and shouldn’t be used as an ideology in a business. A lot of business lectures and seminars will talk about having a ‘purposeful culture’ but we prefer to instill a learning culture. Not every person is able to find a job in which they find purpose. In a learning culture, almost everyone has a desire to grow and learn new skills. A learning culture requires a plan to cultivate the right mindset and skillset, but it produces happy and committed employees, which increases the value of a company. The characteristics of a successful learning culture are closely linked to the ongoing strategies employed by the organization to motivate learning. Want to learn more about building a Learning Culture within your company? Reach out to the experts at CHV Group for a free consultation
We recently had conversations with two business owners contemplating selling their companies. Both of them are in the value-added distribution space and have no products of their own. Both companies were owned by married couples that put most of their effort into building and growing the company. While preoccupied with growing their companies, neither set of owners sought to hire a management team capable of running the company without them. Over the last few years, both companies have remained profitable, but stagnant in growth. . Our suggestion was that their hard work made them good money, but the lack of infrastructure would hurt them in the selling process. I referred them to a quote from an industry insider about what matters to the buyer in a sale. “You don't want to hear this. You might even be a little offended. But when it comes time to sell your business, you are the least valuable part of the equation. Unless you're sticking around with an ownership stake or long-term employment contract, your experience means very little to a buyer; What does matter? The quality management team you're leaving behind.” The CHV team advised that they delay selling and establish a strong day-to-day system of operation first. Doing this will ultimately increase their value when they do decided to sell. Need advice on establishing a strong management team at your Company? Click Here & Contact us today at CHV Group!
