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3 Initiatives Every Business Should Learn & Practice

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Big companies tend to grow more slowly than successful startups. Even though they possess more capital, technology, and workforce than their younger rivals, companies still struggle to overcome various dysfunctions caused by their superior resources and take too long to embrace the traits that make startups grow faster.

What are the three initiatives big companies should internalize to promote a smooth sailing business? 


Explore and Exploit 

Ambidextrous companies use this method—coined by Michael Tushman, Harvard Business School, in which the organization’s core aspect is to “exploit” business and “explore” business, which is both reported to the CEO. Their bonuses rely on other’s success. For instance, the secretary of the “exploit” business only gets a bonus if the “explore” business also succeeds. 

A solid example to that is the Ciba-Geigy’s crop protection division, where its managers in Basel, Switzerland, were able to exploit chemical plant protection business by decreasing costs while at the same time exploring it’s North Carolina Research and Development Lab. 

Ingeniously, the outcome helped Ciba-Geigy’s goals of keeping plants healthy. Due to the overarching aspiration, the head of Ciba-Geigy’s agribusiness, Wolfgang Samo, was able to persuade people in both activities in a way that it is easy to understand and easy to apply. 

This approach tells you where big companies lack; they tend to throw their worst employees in charge of new ventures and starve them for resources. 

As a business owner, this should serve as a signal that you need to match and provide your customers with quality and affordable products or services, just like other companies, whether it is big or small. 


Design Thinking

Design thinking begins by observing a consumer’s activities and designing a product that meets their needs. 

Businesses who are not meeting their financial goals are also encouraged to implement design thinking.  

One example of this is Proctor and Gamble’s Olay brand who modified their packaging because consumers have so many options to choose from, making it difficult for them to decide which suits their particular needs. 

Olay then reinvented their solution and introduced “Olay for You,” a website that assists customers in choosing the best product that suits their needs before shopping at the retail store. 

A company that is adequately managed and focuses on high-quality products and or services will survive in the long run. 

Startups must adapt the concept of design thinking for not only progress in the business industry but also secure longevity. 

Culture Of Frugal Experimentation 

Intuit, a personal finance software provider, paved ways to make innovation a part of everyone’s job. For instance, Intuit created an “idea collaboration portal,” where employees are allowed to come up and share new ideas; these ideas are then screened until they gets executed. 

In relation, an Intuit finance employee observed that the people who need tax refund checks the most, usually do not have bank accounts. Shortly after, Intuit developed a debit card for people without bank accounts. 

The concept of this initiative is a powerful tool that can overcome the tendencies of organizations to suffocate the creativity or creative freedom of their employees. This means that every business, whether a startup or not, should invest in good people and bring out their full potential. 

All of these initiatives should be able to help you start your business or save it from sinking. 

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BigBusiness

#GirlBoss: How a Successful Entrepreneur Launched a Global Business

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In the entrepreneurial world, men would often dominate the field. With times changing, more and more females are conquering the business world to make a mark and let their voices be heard. One example is Heather Sanders, the CEO of the fashion label, Sorella Boutique.

Her fashion line started with humble beginnings of having only ten products in her line that, with her determination, boomed into a full product line with a shop at Melrose Avenue to boot! Indeed, Sanders is an inspiration to many aspiring female entrepreneurs who want to make it in the cut-throat industry.

When asked what her secret to success is, Sanders mentioned that a big portion of her success is her ability to stay true and authentic. In fact, here are some of Sanders’ words of wisdom to anyone who wants to pursue their dreams of launching a business.

Sanders’ Food for Thought:

  1. “Only compete with yourself.”

In any field, whether it’s dancing, school, or even a yoga session – you should only compete with yourself. Yes, there may be tough competition out there, but you will never go anywhere if you are too busy checking out the competition instead of focusing on yourself and your growth potential.

While it is good to check what are the edge of other companies that you have to watch out for, invest your time, energy, and resources on building the good things of your brand, and you can never go wrong in growing your business.

  1. “Support each other!”

In a heavily male-dominated sector, there are only a few brave females who would even attempt to try it out in business. Instead of being catty and pulling each other down, do what females do best, and that is to support each other. Create a social group and maybe share best practices.

Have a session solely dedicated to talk about everything and anything under the sun EXCEPT work. Get to know each other on a personal level, and it gets easier to have each other’s back.

  1. “Use fear as a motivating factor.”

Being a newbie in any industry can be quite scary. Use this fear as a motivating factor to reach even greater heights! Do not be afraid to ask questions or speak out your ideas in board meetings or conferences. After all, this is your chance to be heard.

Engage in mentoring sessions with other leaders and experts in the field. The main objective is for you to learn as much as you can and apply it to let your business grow.

  1. “Practice determination.”

Some people say that determination comes naturally, but determination requires discipline and lots of it! Choose a goal and make sure that you contribute every single day towards achieving that goal. For example, if you want to promote your brand, there are plenty of ways to do so!

You can host meetings to gather feedback from your colleagues, share best practices with your female group, take online lessons on digital marketing, and up your marketing strategy in your social media accounts. 

  1. “Stay true to yourself.”

Some leaders, once they have achieved their perspective of what success is, often divert from the path they once called their true selves. However, many successful leaders remain true to their authentic and genuine selves. In fact, they thrive because of it!

Hopefully, the tips above can help budding female entrepreneurs to launch their new businesses.

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BigBusiness

Aviation Aftermath Due to COVID-19 Pandemic

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The Covid-19 pandemic has changed a lot of what was considered ‘normal’ before. For example, gone are the days when you can have a fun night out with friends while drinking and partying. Another aspect that the pandemic changed is everyone’s ability to travel freely (as long as their passport, budget, and visas will allow).

With everyone expected to stay home, the airline industry strongly felt the pandemic’s effects as the majority of the flights got canceled due to travel restrictions in an attempt to contain the spread of the deadly virus. Because of this, the airline industry has been forced to lay off employees or, worst, declare bankruptcy. 

The Aftermath

Government regulations in countries such as the United States and Europe have reiterated that any canceled travel plans because of the Covid-19 pandemic should be refunded in whole to the ticket holders.

Despite this regulation, many airlines have failed to comply with as they have felt the financial brunt during the pandemic. Some airlines opted to provide travel vouchers (that can be claimed until 2022) instead. Still, government regulations were specific in their guideline to give back the refund.

Statistics show a decline of 10% in early March 2020 as the pandemic started to boom globally. By late March, statistics showed a 40% to 60% decline in the aviation industry, with more flights being canceled and fewer individuals attempting to travel, including the imposition of travel restrictions by multiple countries. By April 2020, there was an 80% decline, with flight movements restricted in all countries.

What’s Next?

Because of the aftermath of the pandemic to the aviation industry, many airlines are cutting off employees, including flight attendants. US airlines have cut down flight attendants ranging from 30% to 60% because of the low demand for flights.

Because of these, flight attendants all over the world became creative in ways to earn more money now that their current jobs are unstable because of the pandemic. For example, Susannah Carr, a flight attendant from United Airlines, mentioned she rejoined AppWag to walk dogs through making extra money now that there is a lull in her flights.

Making Ends Meet

In an interview, she mentioned that her previous paycheck was just enough to cover her monthly rent, a place she co-rents with a fellow flight attendant. Since Carr has previous experience in freelance jobs such as online translations and wedding event planner, she is now busy applying for other freelance types of jobs to make ends meet.

She acknowledges that while it is not the dream job, she hoped for right off college, the sense of urgency to make a living so she can survive the pandemic remains to be a top priority.

On the other hand, another flight attendant, Joan Marie Santos, turned to bake cupcakes and pastries during the flight lull. Her passion truly lies with baking, a hobby she only got to do in-between flights. But with the ongoing pandemic and approximately one flight per month (as opposed to her usual 15 flights per month), she started baking and selling her pastries to nearby communities to make ends meet.

With the uncertainty of the pandemic, people, not just flight attendants, have to be flexible and adaptable to the changing times. 

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BigBusiness

Big Businesses – Bigger Global Actions

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The beginning of 2020 also marks the commencement of the Climate Decade, which aims to limit global heating to 1.5°C by 2030. Making bigger, bolder steps in effectuating the Paris Agreement are over 200 multinationals with ambitious initiatives on renewable energy, electric vehicles, and smart efficient energy. In steering their wheels towards becoming environmentally responsive profiles that globally collaborate, innovate, and sustainably lead, 10 of these big businesses share below the critical role they’re playing in this urgent global cause that brings awareness into action.

1. Unilever

CEO Alan Jope declares that Unilever’s collective response comes in the form of a set commitment to 100% renewable sources for grid electricity; a science-based target at 1.5 degrees; and an envisioned carbon-neutral business by 2030.

In light of this, Jope  says, “But governments need to join forces with businesses to increase climate ambition, particularly in the run-up to COP26 in Glasgow and limit warming to below 1.5 degrees.”

2. Dell Technologies

Vice President of Corporate Sustainability David Lear claims that Dell Technologies turns to its #ProgressMadeReal 2030 goals in committing to their deliverance of a “comprehensive science-based climate program, setting emissions goals across facilities, supply chain, and operations and extending to customer’s use of [their] products.” Moreover, Dell is a part of The Climate Group’s RE100 that accelerates commitment to go 100% renewable.

3. ReNew Power

Chair of the India Advisory Group and Chairman and Managing Director Sumant Sinha’s company holds the title as India’s largest clean energy company with over 5 GW of power generated from renewables. Sinha shares ReNew Power’s role as a catalyst in the country’s transition to green energy by means of “targeting a capacity of 20 GW by 2024 to reduce dependence on polluting fossil fuels and make a healthy contribution to the Government’s target of 450 GW from renewables by 2030.”

He added, “We will focus on adopting best practices in energy efficiency, greening our supply chain and supporting the development of cutting edge storage and e-mobility solutions to add more teeth to the fight against climate change. We also look forward to working closely with the Government and civil society to advocate necessary policy reforms for decarbonizing the economy.”

4. Givaudan

CEO Gilles Andrier holds that Givaudan is headed to climate-positive operations before 2050, with an interim measure that rolls a decade earlier; is aligning their science-based targets with the 1.5° Celsius ambition; and has signed the UN pledge. Also, Givaudan’s entire electricity supply is moving towards fully renewable source by 2025 as an active member of RE100.

5. Ingersoll Rand

Chairman and CEO Michael Lamach shares the company’s Gigaton Challenge that, as part of their 2030 sustainability commitments, aims to reduce carbon emissions by one gigaton, solely gobbling 2% of the world’s annual emissions. Operating by this initiative means dramatically rethinking and changing the way the brand heats and cools homes, buildings, and transportation.

6. BT

Head of Environmental Sustainability Gabrielle Giner prides BT in internally harnessing technology that abides by environmentally conscious targets that, too, encourages suppliers and consumers to act accordingly.

“We were among the first companies in the world to set a science-based 1.5-degree target on global warming and [to have] achieved our 2020 goal on carbon emissions reduction four years ahead of schedule. We now aim to reach net zero by 2045 – and to get almost 90% of the way there by 2030.”

7. Landsec

Group Corporate Affairs and Sustainability Director Caroline Hill boasts Landsec’s path towards becoming a net zero business that aligns with the company’s updated science-based 1.5° Celsius target that sees a 70% reduction in its absolute carbon emissions by 2030, future developments included.

8. Mahindra Group

Chairman of Mahindra Group Anand Mahindra describes the detailed directions guiding the organization towards the implementation of The Paris Agreement: Science Based Targets for 2030 and Carbon Neutral by 2040. Mahindra says, “Nations will do a stocktake in 2023. We hope there will be good news. It’s all for one and one for all. Let it be a decade of outperformance on climate action.”

9. UltraTech Cement

Managing Director KK Maheshwari details, “UltraTech is accelerating investments in low carbon products and technologies to develop customized solutions for the Built Environment.” In collaboration with The Climate Group and other like-minded actors in targeting the world’s challenging target of Net Zero by 2050, the company is eyeing technological breakthroughs that would boldly address and reduce emissions.

10. VMware

CEO of VMware Pat Gelsinger prides the company in its recent carbon-neutral distinction after its efficient and intelligent use of infrastructure that has barred the emission of 664 million metric tons of carbon dioxide into the atmosphere since 2003, such amounting to the combined annual power consumption of Germany, Spain, and France.

Gelsinger added, “That’s why we’re proud members of REBA, RE100 and EV100—powering 100 percent of our operations with renewable energy and have committed to support the uptake of EVs by our employees. We’re also working on exponential innovation such as our solar-powered community microgrid and a carbon avoidance meter for our customers.”

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