No!? Well then…
working with the Consortium Business model will ensure you have this business 'must have' in your board rooms.
Thought leadership isn’t a ‘buzz word’ used in the locker rooms of the club anymore – it is valuable and relevant. We’re not talking about listening to a guru on a mountain top. We’re talking real strategic thinking that encompasses a wide range of experience and unbridled thinking for the good of the company and not just profits.
The internet has produced real-time news around everything companies do with regards to governance. My company’s visions, strategies, marketing, sales, R&D, etc. are at my fingertips on my phone readily accessed 24/7 and nearly anywhere in the world.
The pandemic has opened our eyes that not only is WFH doable, it is everywhere opening up new markets for talent, goods and services. The bad news is a new and very connected web of “hackers” are hard at work trying to break into your systems to crash them and/or ransom them back to you. The good news is that talent can be recruited from across the globe to assist you to better govern your company into the future and set a vision to get there.
Thought leaders are generally specialists in their industries and carry a wide knowledge of other industries as well. The specialists provide insights from outside of the forest looking in and not inside the forest looking around like most boards do now. Consultants add to the mix, however don’t carry any ownership for the results, whereas thought leaders who a part of the company’s leadership carry ownership for the results.
Everyday larger corporations are embracing the thought leadership concept in such a way as to create a Thought Leader Division or Office. When the leadership of a corporation understands the real value of this new expense line and the fact it is really an investment line, the results are measurable.
How does thought leadership work?
Marketing will give your marketing input; sales will give you sales input, M&A will give you M&A input, etc. Thought leadership will give a prospective of all your departments input to assist in developing next steps and the creation of something new – possibly paradigm shifting at that.
How does it fit into my boards?
Your boards members focus on their assigned areas and thought leaders are charged with taking all areas of the board into account along with ethics, political and public, litigation issues, and puts them all together to give input on all matters of their board – be it BoD, BoT, or BoA.
Where do you find Thought Leaders?
There various groups and associations around as well as a new institute called Global Institute for Thought Leadership. An interesting group of specialists, of which I am a founding partner, having a very broad range of experience in authorship, speaking, health and wellness, negotiations, business ethics, strategy and visioning to name a few. Hiring one these specialists not only gain you’re their experience, it gains you a network of other specialists as well. Also, some of the best Thought Leaders in the world are right here in Thinkers360.
The internet and live video puts corporations in front of the world anytime anywhere and ethical responsibility is paramount to good governance, especially of a publicly traded company where shareholders want transparency as the norm.
When, not if, the next pandemic hits the world, thought leaders will be the ones to assist in setting new visions and strategies for new revenue streams versus helping with closings and the loss of great talent.
The business model has changed – not simply changing. Seeing the competition as collaborative partners and not as the enemy is the future of business. No one company can have all of the market and building a collaborative of partnerships is key to moving forward in the 21st century. The old way of doing business will not tolerated by the next generation of consumers. The next evolution of business is here and there is a way to embrace it – The Consortium Model.
The Consortium Model creates a vision for the corporation, each division, and can be used by individuals. It is people-centric, achievement-oriented, and encompasses rewards as the driver for success in every area of the company.
How does this work?
We know this to be true:
When people are achieving regularly, they:
1) Don’t get sick
2) Don’t burn-out
3) Don’t leave the company giving them the achievements they are so excited about.
On the revenue side – product sales and other new revenue streams are created. The stress of goals and timelines are removed and replaced with achievable stops on the way to achieving their vision.
One the expense side – people related expense is much lower along with the vernacular of the company – HR is now People Central, employees are now teammates, timelines are left for financial reporting, etc. Company insurance policies and OSHA related expense is lowered and the ultimately the EBIT line grows exponentially.
By Terry Earthwind Nichols
Keywords: Management, Leadership, Business Strategy