Transformation happens NOT when something new begins but when something old falls apart. Transformation occurs through the process of letting go of the old and embracing the new, including a reorientation, said philosopher Richard Rohr.
The transformative companies are growing at a rate at least 10 times the pace of their competitors. What’s their philosophy and what makes them special?
First, they believe they control their destiny — and it doesn’t matter what industry they are in. Second, success is about something bigger than sales — it is art; it’s purposeful and beautiful.
These companies are not necessarily more innovative, charismatic, faster, smarter or creative. Nor are they always introducing big new ideas, said bestselling business author Jim Collins. 10× companies are more consistent than their competitors. Yes, they are agile — and flexible — but they test the markets with lots of small bets.
And according to researcher Peter Sims, they are not always first to market with their ideas. Being first to market actually is quite overrated and full of risk. 10× organizations are a radical blend of innovation, discipline, purpose and execution.
We all crave certainty. The dark side of many high-performing teams is paranoia gone amok. As Collins reminds us, the very best, highest-performing 10× companies embrace productive paranoia. They experiment, embrace failure as a teacher and simplify their plans, embracing the heart of execution.
In August, Drug Store News and Mack Elevation hosted a special one-day thought leadership summit in Boston, prior to the start of NACDS Total Store Expo. The DSN-Mack Elevation 10× Growth Summit brought together seven leaders, representing a range of experiences, who shared their insights on the leading characteristics and skill sets embraced by 10× growth companies.
Click here to view seven big ideas from the event — share them with your sales and marketing teams.