I recently spent some time in London and was amazed to learn of a popular remote working business concept. This business offers co-working spaces in prime locations throughout the city. On paper, It’s a fantastic concept. However, when I spoke to business owners who have rented spaces in these offices, they reported that their employee productivity had in fact decreased. The reason for the decline? Quite simply, the spaces are just too comfortable.
This conundrum made me think about what businesses should be doing to embrace digitalisation and ultimately, optimise modern working methods. In my opinion, we can gain many relevant insights from Uber. Every modern business would love to experience Uber’s incredible success. The reality, however is that not every business can be an Uber, therefore, the strategy that turned Uber into the behemoth it is today, won’t necessarily wield the same results for other businesses. And let’s not forget that big brands like Uber had to make big investments and work their way up to the position they are in today.
Let’s go back to the remote working business example. Sure, a funky open-plan office space may work for some organisations, but as I learnt through communicating with those who have used the service, it doesn’t necessarily fit others.
Building a next-generation business means coming up with a realistic, digitalisation based business strategy, developed with your company’s tailored needs in mind. Here are a few tips based on the insights I’ve gained.
#1 Develop your vision: Having a clear vision is crucial. Part of this means being realistic about what is and isn’t possible for your business.
#2 Find the right team: This could be your internal staff or an external partner – it comes down to working with people who understand your business and who you can trust to help make the company vision take shape.
#3 Identify your ideal business model: How are you going to fund all this? There is no way to do this cheaply. You need to make investments and identify what you are willing to trade for investments.
#4 Understand the market: Don’t reinvent the wheel if someone has invented the wheel already. Find something else that you can add to the wheel to make it better or more efficient. Your key differentiator is the unique element you can add to this invention.
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