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The Keys to Success and Longevity in Business and Events

November 4, 2013

This originally was published as my contribution to the RSVP MN Magazine Article: Click here to read it therersvpmn-logo

In 2003 there was a huge transformation of the entire workforce in the United States as a whole generation of women bought into the mantra of a revolution known as “Opting Out.” Women were choosing to opt out of the job force to stay home and raise families and seek a balanced life. By 2013, with economics in their current state, women and men are choosing to “Lean in” to their careers and seem to be driven for success. Both movements became vastly popular, and have worked for several individuals, and that is where the problem lies.

These movements have had a huge impact on both our corporate culture and the dynamics of companies, but they have failed to last the test of time. I believe they fail because they have been focused on the individuals that make up a team or company. They fail to work on or have impact on the entire team and culture. The focus has been on the change of self rather than on the team, business or culture. While this has profound effects for individuals, the impact and benefits to business and events has been scattershot and in many instances has had a negative effect.

To go the distance and have longevity, an event or business has to pull together as a team and effect change for growth and success. They need to innovate. The key to all Innovation is that the people in charge are able to keep their vision focused on the Big Picture, instead of being sucked down into the mire and details that often leads to tunnel vision. We have two incredible examples of a company and an event here in the Twin Cities that are exemplary models of this: Target Corporation and the Minnesota State Fair.

Target was recently named as No. 10 of Fast Company’s 2013 “Most Innovative Companies” and is in the caliber of such companies as Nike, Pinterest, Square and Amazon. Its attention to the trends and needs of current shoppers and the future of shopping has lead it to re-imagine its “Big Box” concept to create CityTarget, a half-size store prototype that launched in Chicago, Seattle and Los Angeles.

This model focuses on a demographic that is looking for four-packs of toilet paper rather than a 36-pack, has furnishings more suitable to apartment and balcony dwelling, smaller packaged food proportions, and is more mobile friendly for research, e-commerce and speeding up checkout lines by having additional employees deployed with mobile register scanners.

Target’s focus on value versus volume has proven so successful that they will add three new stores, doubling their new concept and look to take this concept globally in the future. Target’s ability to continually transform and respond to the rapidly changing retail behaviors will keep its chain ahead of its competition at a time when its competition struggles to keep pace and in fact are downsizing the numbers of locations.

The Minnesota State Fair has had innovation at the core of its mission statement since 1859. An event that has continued and has thrived for 154 years has put in a lot of work to keep its offerings fresh, educational and entertaining. Each year, from attractions and food offerings, to events and displays, the Fair not only embodies and lives out its own belief of innovation, but encourages and challenges its participants and vendors to do so as well. Continual feedback and communication from attendees each year drives changes for the future.

Nowhere is this more evident than with the food vendors that innovate each year to come up with the newest flavor trends or gimmick “food on a stick” (candied bacon cannolis or deep fried pickles and chocolate anyone?). Not only does the food then become an innovation that is fresh, but the popularity of the inventive foods has driven media coverage, self fulfilling its ability to remain relevant and fresh year after year.

It is clearly evident that the companies and events that are built on a best practice that focuses on the entity or event such as innovation will far exceed and surpass any practices that focus on the individuals involved. If your team and culture can fully embrace a concept that leads to benefits for all, versus benefits to one, than it is a concept that can stand the test of time. It’s time to opt out of bad practices, lean in to a team concept and employ innovation to your business.

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