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3 Business growth principles that no longer make sense in 2021

January 22, 2021
3-business-growth-principles-that-no-longer-make-sense-in-2021

In the face of this new fast-paced reality, rethinking the how and (perhaps more importantly) the why of your organization is essential in helping you grow; fast, strong, well and right.

According to Greg Malpass, Founder & CEO at Traction on Demand, “this is a time we will all remember. A time of change. A time of challenge and opportunity. We must make the most of this moment, a moment that finds us all with more in common than ever before.”

Just because it made sense, doesn't mean it makes sense.

This theme, of making the most of our time, was at the core of Traction on Demand’s TimeToValue Conference last November. During his keynote, Invest in Potential, Greg explored his systems of business beliefs that once made sense, but no longer apply in today’s unpredictable environment. As Greg explained, "just because it made sense, doesn't mean it makes sense."

Before diving into these principles, it’s important to understand what instigated this pivot.

A path to purpose

There’s never been a better time to reconsider how we work, interact, invest, give and participate in our society. Taking time to uncover what drives you—defining your purpose—has never been more important. We were fortunate at Traction on Demand to begin this journey, with the help of the Social Purpose Institute, in late 2019, well before we’d even heard of COVID-19.

“To start with, I assumed my why explained our purpose,” said Greg. “My why was easy: Always improving, never satisfied. But as we moved down the path to purpose, I soon realized my why was actually my how.

This led to an in depth search to define our purpose. With help from our leadership team and friends at the Social Purpose Institute, we found ourselves circling around this idea of time. “Time is a finite resource,” said Greg. “I don’t want to waste it. I don’t want to waste potential.”

Waste no potential

And our social purpose statement was born: Waste no potential. This applies to wasting no potential in our people, our community, our resources, our time and our values.

What is social purpose?

According to the Social Purpose Institute, Social purpose is an emerging trend in business, where companies define their reason for being in social terms, and place it at the core of their operations so it becomes the engine that powers the business and contributes to a better world. Social Purpose is good for business and good for society.

New purpose new principles

Then along came 2020. A pandemic, social uprising, and one of the most turbulent elections in modern history; having a defined social purpose statement acted as a guiding star amid the chaos and enabled us to make rapid decisions in the face of such uncertainty.

According to the Social Purpose Institute, a purpose statement “gives companies a competitive advantage, helps them navigate turbulent times, and creates new opportunities for maximizing profits and building shareholder value.” For Traction on Demand, this statement rang true and led to a period of rapid innovation and growth throughout 2020.

The business growth principles that no longer make sense

As we shift to an organization that places purpose and impact at the heart of our operations, it also makes sense to shift our traditional business growth principles. When applying the lens of our social purpose statement “waste no potential” to these principles, Greg realized they no longer fit our model.

1. Planning

What we once believed: Well assembled plans start with well-assembled research, a clear sense of direction, followed by a detailed path to execution. Like most organizations, we applied this proven methodology to our innovation team. Following a defined planning process from research to delivery.

Apply social purpose: waste no potential

What we believe today: Innovation is fluid. Just because it made sense, doesn’t mean it makes sense. In 2020, all plans went out the window—it was pivot or die. For Traction on Demand, this fluidity resulted in the creation of Traction Gather, our virtual engagement platform.

“Traction Gather was our fastest, most effective build of a company we’ve ever done,” said Greg. “By the end of the year, they’ll see over $1M in ARR in the same year the company was formed.”

2. The Recipe for Success

What we once believed: The truth is in the timing. The key to success is timing, waiting for the right time to launch a product or innovation.

Apply social purpose: waste no potential

What we believe today: Start with the right people.

“If we inventory interest, we can put together the perfect team. The perfect team can drive the perfect pivot. The perfect pivot can gain time. So, team is more important; a team with a collective purpose.”

3. Categories

What we once believed: Category creation through product innovation is the fastest path to growth.

Category creation involves both a breakthrough product and breakthrough business model. A good example of this is Salesforce and Peloton, who both entered the market with innovative products and business model, to huge success.

Apply social purpose

What we believe today: The fastest path to growth involves both a breakthrough purpose and breakthrough business model.

Today, people are voting with their wallets for organizations that are operating with a strong purpose. “Let’s take Tesla for an example,” said Greg. “Their entire business model is centered around purpose. Purpose is their product.”

"Your fastest path to value is through values, to purpose."

Greg Malpass, Founder & CEO, Traction on Demand

Your Path to Growth

To learn more about starting your own journey to purpose, please reach out to our friends at the Social Purpose Institute or get in touch with a member of our team.

All recordings from Traction on Demand’s TimeToValue Conference, including Greg’s keynote, Invest in Potential, are now available to watch online. With over 60 Salesforce and time-to-value focused sessions, you’ll be on your path to growth in no time.

Time to value growth

All recordings from Traction on Demand’s TimeToValue Conference, including Greg’s keynote, Invest in Potential, are now available to watch online.

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