10 principles of open business - 9010 group
DESCRIPTION
Understanding The 10 Principles of The Open Economy and the value of being an Open BusinessTRANSCRIPT
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The 10 Principles of The Open EconomyThe new rules of being an Open Business 90:10 Group: Your Open Business Partner
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Contents:
1. Open Business Defined2. Purpose3. Open Capital4. Networked Organisation5. Sharability6. Connectedness7. Open Innovation8. Open Data9. Transparency10. Member-Led11. Trust12. Contact Us
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Open Business Definition:Making partners of customers
• An Open Business is one which uses its available resources to;-Discover people who share its Purpose-Bring them together to realise that Purpose.
• It is designed from the outset to scale through participation.
• It makes partners of customers.
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1. PurposeThe market for something to believe in is infinite – Hugh MacLeod
Purpose is the why, it is the belief which all your stakeholders share and to which all your organisations actions are aligned without compromise. Your products / services are proof of that shared purpose.
• Organisations driven by purpose outperform the general market 15:1 and comparison companies 6:1.
• They deliver greater retention of staff and customers• They achieve greater advocacy and therefore rely
less on interruptive marketing• They become as important to people’s lives as a
cause-based organisation. Relationships go beyond the transactional
• More resilient in an economic down-turn• They have greater ability to enter new markets as
they are not defined by their products but by their beliefs
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2. Open CapitalLowering the risk of testing new markets
Using crowd-funding platforms or principles to raise capital through micro-investments
• Lowers cost of innovation and marketing • De-risks innovation; delivers proof of concept
and pre-qualifies markets• Generates pre-sales and order book• Primes advocate platform pre-launch• Opens the innovation process early• Democratises innovation• Enables the scaling of niche innovation
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3. Networked OrganisationDistributing the risk of doing business
• Links people and teams across conventional boundaries (e.g. departments and geographies)
• Enables pragmatic scaling with a more flexible workforce
• Allows greater capacity efficiently• Closer to market and customer• Maximises the knowledge potential and flow
of an enterprise; • Minimises threat of disruption; a network has
greater resilience, responsiveness and adaptiveness.
The organisation functions as a platform connecting internal networks to the external for a common purpose
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4. SharabilitySharing the value of what you know
Packaging knowledge for easy and open sharing both internally and externally
• Taps into peer-to-peer distribution networks reducing cost to market and of targeting
• Raises thought-leadership profile• Breaks down internal silos and external /
internal barriers• Encourages the repurposing of information • Delivers lateral thinking and new perspectives • Value exchange reinforces connections and
relationships• Allows cost and time efficiencies, reduces
duplication• Ensures an organisation learns collectively and
more quickly• Improves the spread of internal best practice
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5. ConnectednessLeveraging the power of your people
Connecting all employees internally to one another and externally through open social media
• Demonstrates openness and accountability improving customer satisfaction
• Increases the opportunity for serendipity and innovation
• Humanises your company making business personal
• Allows employees to; grow, build and manage relationships with customers and partners more easily - improving retention
• Connects organisations to their employees’ networks scaling their collective reach
• Enables for two-way flow of information and intelligence improving market knowledge
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6. Open InnovationMaking better fits, more efficiently, to market needs
Innovating with partners by sharing risk and reward in the development of products, services and marketing
• Distributes the risk of innovating • Reduces the risk that the innovation’s
won’t fit the needs of its intended market• Develops customer ownership of the
innovation pre-launch• Allows for external ideas to be surfaced
early on in the process• Scales idea generation and development
with greater efficiencies
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7. Open DataEnsuring your data is available for reapplication by outside the organisation
Making your data freely available to those outside your organisation who can make best use of it
• Externalises and scales R&D while reducing cost to innovate and market
• Allows for crowd-sourced innovation and the repurposing of your data to deliver value in unimagined ways
• Gives birth to new economies and innovations
• Distributes the management of the exponential growth in data-sets
• Distributes the risk and reward of data innovations
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8. TransparencyBuilding trust and affinity
Decisions, and the criteria on which they are based, are shared openly
• Ensures the organisation makes decisions consistent with its purpose and in line with its declared beliefs
• Incrementally improves the performance of the business through crowd checks and balances
• Attracts the right employees, partners and customers
• Softens unpopular decisions by being honest and open about the rationale
• The act of open decision making builds affinity and trust
• Corrects imbalances creating a fairer workplace
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9. Member LedBeing a better fit with the networked world
Your organisation is structured around the formal cooperation of employees, customers and partners for their mutual social, economic, and cultural benefit
• A more cooperative model is a better fit with the networked world based upon community values
• Creates a shared sense of ownership and responsibility – of belonging
• Views customers as equal stakeholders • As loyalty to brands and large organisations
decline, member-led companies offer a reason to continue relationships
• Provides a feeling of being able to influence to feel valued
• Removes the tension between employee and employer (unions and shareholders)
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10. TrustTrust is essential for Open Business
Mutually assured reliance on the character, ability, strength, or truth of the partnership
• Partnership, the paradigm of open business, requires it
• More resilient relationships with stakeholders
• Trust in corporations and advertising is decreasing year-on-year (Endleman Trust Survey) so to excel in it offers a distinct advantage
• Increases brand equity. A significant element of shareholder value
• Inspires the default selection of your offering in competitive environments
• Builds an emotional connection with a customer, partner and employee lowering the cost of acquisition and retention
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Learn more about Open BusinessFollow, friend, comment or email
Website: ww.9010group.comTwitter: ninety10group
Contact: Skype: jamieburke9010Email: [email protected]
Skype: david.cushmanEmail: [email protected]