In an era marked by rapid digital transformation and heightened customer expectations, businesses that embrace a holistic approach to growth stand out. This kind of strategy views a successful business as a well-oiled machine where every department collaborates seamlessly, united by company-wide goals, empathetic relationships, and innovative creation.
But how do business leaders actually develop a holistic strategy that’s both effective and easily implemented for their specific team and business needs?
The Essence of Holistic Growth
A holistic growth strategy endeavors to unite various departments and teams into a cohesive unit, recognizing the interconnectedness of every component and individual. Companies with this type of growth mindset, as highlighted in a 2022 McKinsey study, are 2.4 times more likely to outperform competitors. So, first and foremost, achieving holistic growth involves fostering cross-departmental collaboration, aiming for a synergy that propels the entire organization forward.
But it also requires flexibility, and a desire to evolve when necessary. Take Nike, for example, a well-established company long before the Internet era. But with the rise of social media and digital communities among consumers, the company knew it needed to be more than just a celebrity-backed shoe brand. They shifted, focusing on millennials. The company tracked behaviors, created online fan groups, and built meaningful relationships between the brand and its customers, understanding that Nike needed to communicate with customers on their terms. What came of it was a brand that prioritized more than sales. Instead, Nike is known as a brand that values strong storytelling, authenticity, and shareable and clear brand communication. Today, we associate all of these virtues with Nike, making it a more holistic brand.
The Key Steps of Building Holistic Company Growth
Brett Hansen, the Chief Growth Officer of Semarchy, emphasizes four crucial steps for developing a holistic company growth strategy. He advocates for analyzing company data to define strengths, weaknesses, and long-term goals. Data, says Wendy Steinle, CMO at Domo, is what turns ideas into action. "Human gut sense is a powerful force, but in business strategy, the bridge that gets us from intuition to transformative ‘aha’ is data," she says.
Hansen also stresses the importance of establishing company-wide KPIs to help your entire company make better business decisions and stay engaged in everyday operations. Thirdly, he recommends encouraging upskilling for employees, recognizing the value of personal development.
Finally, Hansen underscores the significance of addressing company problems with transparency. “In today’s ever-changing market, it is completely common for any company to face challenges,” he says. “When this occurs, handle these situations with honesty and empathy.”
Use the Macro View to Address Problems
All of this is great in theory, but what happens when the inevitable business problems arise? Organizational psychologist Stewart D. Friedman introduces the "four-way view" approach to problem-solving. This technique considers the interaction among work, home, community, and self. In other words, holistic business strategies begin with a holistic understanding of people, whether they be investors, employees, or customers.
Similarly, Joana McKenna, an e-commerce sector leader, emphasizes the need for a macro-level understanding when it comes to challenges. "Taking the holistic approach to business strategy requires understanding the impact of what’s happening out in the world at a macro level and how those factors are affecting the company’s employees, initiatives, and especially customers."
Conclusion
Crafting a holistic business strategy is paramount in navigating the complexities of today's business landscape. The insights provided by industry leaders and experts underscore the importance of unity among departments, transparency in addressing challenges, and the integration of personal and professional aspects. As businesses embrace a holistic mindset, they position themselves not only for success but for sustained growth in an ever-evolving environment.
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