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5 Easy Expense Decisions Entrepreneurs Can Make in 2022 to Increase their Impact I love the energy of the new year. Idea...
26/01/2022

5 Easy Expense Decisions Entrepreneurs Can Make in 2022 to Increase their Impact

I love the energy of the new year. Ideas feel limitless, and possibility is everywhere. It’s an opportunity to make thoughtful tweaks in our personal and professional lives. The kind that not only make our routines more accretive, but also propel us toward a better future.

My favorite new year’s resolutions are those that advance the greater good. This year I’m thinking about how our spending choices as a business today will shape the world we live in tomorrow. If you’re looking to be more intentional with your expenses in 2022 and make positive change along the way, here are a few commitments you can make this January that will impact the future of our world:

1. Office supplies = value advancers

There are plenty of small shifts you can make. Initiate efforts to demonstrate to your employees that you walk the walk when it comes to the values for which your brand stands. One simple way to do this is to consider how you source your office supplies.

Think about the core pillars that mean the most to your company and direct your purchasing power toward advancing them. For some, this means supporting businesses with a focus on giving back to the environment. Switch your office coffee to organic, swap out the styrofoam cups for reusable mugs or install a water purifier in the break room sink with washable glasses.

Or, your business might focus on working with underserved communities. There are plenty of second chance employers who provide opportunity to people rebuilding their lives after setbacks. You could source your logo-ed tees and hoodies from companies employing at-risk youth. Or buy your corporate gifts from bakeries that hire people jump starting their careers after incarceration. Committing to switch to a value-aligned company or product takes minimal effort. You can make sure that the space you are creating and the items that bear your company name reflect your beliefs.

2. Consider supplier diversity

Creating competition is not only a step towards more equal opportunities, but it’s also great for business. It means everyone has a shot to offer their best. And, that you’re more likely to find the most truly qualified option for your needs.

3. Seek small and local

In addition to seeking out non traditionally-owned businesses, consider small and local options when working with service providers or vendors. 99.9 percent of businesses in the U.S. are considered small businesses (this includes start-ups!). These small businesses often lose out to larger corporations whose household names might be top of mind. This could mean options like choosing local catering for the next board meeting, hiring a boutique planning company to manage your next big event or putting up clients in a much-loved local hotel instead of a chain.

This creates a powerful ripple effect. When local businesses thrive, so does the economy. That equates growth in local talent and a stronger community. And few things feel better than pouring back into the communities that matter to us.

4. Create company culture-aligned service opportunities

Why is this an expense? Because compensating your employees for their service to others will more than pay for itself. Team service is an excellent way to foster goodwill and dedication to the organizational culture you are striving to build. Go a step beyond encouraging your employees to give back by seeking out opportunities that align with your company’s mission.

It could be as modest as a thank you letter-writing campaign to your service providers and suppliers or as large-scale as a day spent volunteering in the field. The key is to choose activities that are authentic to your business.

This is more than just the chance to make a difference. It’s also an opportunity for your team to build strong bonds while getting an up-close view of what kind of good your company aims to do in the world.

5. Keep an eye on innovation

Minds in every sector are working 24/7 to dream up new ways for companies to be more transparent, more ethical and more eco-friendly. The new innovations that are just twinkles in entrepreneurs’ eyes today could be tomorrow’s solution to common shared challenges. From more creative ways for your team to lower their carbon emissions to better ways to pay down student loans. Stay curious about new tech on the horizon, and don’t be afraid to be an early adopter.

As we dive into this new year, I keep returning to the thing so many of us forget about resolutions: you don’t have to move mountains to make real, lasting and positive change. Even a few small shifts in how you direct your budget can make a big difference. And with simple changes, it’s easy to keep your momentum going for the long haul.

5 Ways to Become a Better Networker, and Why It's So Important In Business. In business, we are networking all the time ...
25/01/2022

5 Ways to Become a Better Networker, and Why It's So Important In Business.

In business, we are networking all the time without even knowing it. When we go to an event, we are networking. When we have a meeting and hand out a business card, we are networking.

The reason networking is so important is that these days, it’s very difficult to do something on your own. We all need assistance in some way and networking is the perfect strategy to achieve a collaborative approach to achieving your objectives.

In any business or venture, there are so many moving parts such as distribution, validation, launch, partnerships and more. So being a good networker can help you “plug the holes” that you cannot fill yourself.

My definition of networking is:

Connecting with people in a way where you can add value to their lives or businesses, and in return, they can assist you with your needs.

To understand how to become better at networking, we first must understand what networking isn’t.

Networking is not constantly asking for help from people. Networking is like a dance where the energy must flow back and forth.

Read my definition of networking again. What’s one thing you notice? The first part of the definition is to add value to people’s lives FIRST. This is key because if you are helping people first, without expecting anything in return, you will be remembered forever.

So, what are the 5 ways to become a better networker? Let’s dive in and find out.

Always add value first

I’ve mentioned this already but it’s worth repeating. To be great at networking, you need to add value first. This means connecting with people (who you want to add to your network) and offering to help them in some way.

Here are 3 tips to add value first:

Send someone an article that you think will help them. This article may help them with a question that they posted on social media.

Share a useful tool with a contact such as a Chrome extension that saves time or a tool for increased productivity.

Connect a particular person with another one of your contacts and mention that you feel the synergy between them and that you believe they can help each other.

The mission-critical step here is to add value for no particular reason other than wanting to help others.

Make it all about the other person

When you meet someone at a function or a meeting, the person's favorite topic is themselves. Make sure you center the conversation around them and DO NOT make it all about you.

Making it all about the other person is a great way to ensure this person finds you very interesting which can help in the future.

A great tip to use here is to utter 3 very powerful words…… “Tell me about”.

Tell me about your business.

Tell me about your weekend.

Tell me about your challenges.

Using “tell me about” is a great way of getting people to talk about themselves.

Follow up with the people you meet

This is one of my favorite networking techniques. Whenever I meet someone who I’d like to add to my network, I always make a point to find them on social media or visit their website and email or message them.

In the email or message, I mention how wonderful it was to meet them, and I thank them for their time and let them know that if they need my help, I’d be honored to assist.

I encourage you to try this approach. Make it all about them and don't expect anything in return.

Let people speak

When you’re at a function and you’re engaging in conversation, let people speak. Do not interrupt them and just listen. Nod enthusiastically, look them in the eye and be genuine.

By listening, you’ll gain so much knowledge of how you can potentially help them in the future.

End meetings with this question

I have conducted literally hundreds and hundreds of in-person meetings all over the world, in the US in particular. One meeting I had with a high-profile executive has stuck in my mind forever.

At the end of the meeting he said, “Thank you for your time. What other ways can I help you with your business? I’m here to assist in any way I can.”

WOW! That question and statement had an impact on me, and I never forgot it. To be a great networker you need to be memorable, it’s as simple as that.

So, if you offer to add value, and have the intention to help people without expecting anything in return, what do you think will happen if you reach out to your network and ask for an introduction to someone or even help?

You guessed it, your network will bend over backwards and help you as much as they can.

That’s the art of networking, and it’s so important in business because collectively, your network's minds and contacts will move your success needle way more than you can on your own.

Words Matter: Tips to Boost Leadership Communications There’s a famous phrase: "You are what you eat." It seems to me th...
24/01/2022

Words Matter: Tips to Boost Leadership Communications

There’s a famous phrase: "You are what you eat." It seems to me that every book on management and cooperation with employees should begin with the words, "You are what you say." Continuing the analogy, "Your business looks the way you present it."

As my career progressed, I began to take note of the importance of leadership communication skills since they began to influence not only the productivity of the teams under my management but also the development of the business in general.

In this post, I share my vision of the importance of communication skills for a leader and some tips that help me represent the company to different audiences.

Why every leader needs to enhance their communication skills

As your business grows, you will face the need to give comments and interviews, speak on behalf of the company and communicate with partners many times. From this point, the success of your business depends on how you communicate with your audience.

People need people, which is why the public associates businesses and their products with company representatives, even when the representatives avoid publicity. Leaders also broadcast the company's values, influencing public perception of the business.

At the same time, responsibility grows correspondingly — the future of the business depends on what company leaders say. Words spread to every corner of the globe in seconds, so you must carefully monitor what you say along with where and how you say it. At this point, you must learn how to control your emotions and perfect your public communication skills.

How I realized that it was time for me to enhance my communication skills

As the business has developed internationally, and since I became co-CEO of Parimatch Tech, communication has grown significantly. As a partner, I only used to comment publicly on a fairly narrow range of legal issues. But now I engage in negotiations with partners, regulators, government representatives and representatives of the country's IT sector at events such as Web Summit and give multiple interviews to journalists. At one point, so many important negotiations were taking place that I felt the need to enhance the way I communicated with different audiences.

Tips to communicate thoughts right on target

No, I'm not the sort of person who can inspire colleagues to move mountains or launch spaceships with just a few well-chosen words. But I follow some life hacks and tips that help me communicate with people and convey the business's values to our partners more accurately. Here are some tips I've formulated along the way.

It's never too late to learn from the professionals

If we want to learn how to drive, we go to a driving school. Communication skills are developed using the same approach. I must admit, I don’t train regularly with a mentor. However, I train periodically to develop public speaking skills. In addition, when preparing for important conferences or meetings, I rehearse in private and practice my speech with a public speaking mentor. It's never too late to learn.

Humor is a delicate tool

Humor helps “break the ice”, but it's important to know when to use it. Humor exists in a situation of in-depth understanding of the general context. When the contexts are strikingly different, people don't get the joke — and that creates distance.

I've decided not to make jokes when the contexts are too different. Think about the components: same organization, same language, same geography, same age, same gender, same interests, the same culture, etc. The more points that don't match, the less likely the joke is a good idea.

But when you’re confident in meeting the context and understanding the culture, making jokes with people from other organizations and cultures helps build trust rapidly. A joke always carries the risk of being misunderstood, but going through this risk together builds trust.

Don't be afraid to be yourself

This is vital for gaining the audience's trust because it’s hard to empathize with someone who’s “perfect.” And where there’s no empathy, there’s no trust. Accepting your past failures as an essential part of the journey, acknowledging them, and learning the lessons is helpful. Share your failures with your audience, and people will trust you more.

Immediacy, honesty and just being yourself are essential attributes for a leader wanting to win trust. Showing weakness is allowed and sometimes necessary, but do so judiciously and only when appropriate.

Try to avoid the trap of the information vacuum

Since you’re the boss, you may imagine that your listeners are hanging on to your every word. But that’s not necessarily so. Overusing corporate jargon and clichés, adopting a formal tone, giving evasive answers to questions and making tedious text presentations from speeches written on paper are sure ways of losing your audience to boredom, skepticism and quite possibly sleep. This approach inspires and convinces no one.

To avoid these pitfalls, collect feedback or ask people to share what they took away from your presentation. You’ll be surprised, but in a third of cases, people tell you something entirely different from what you told them — this is a clear sign that you failed to convey the idea. Always analyze these cases, look for your communication mistakes, and get feedback from people you trust.

The tongue can lie, but not the body

Before you open your mouth, the rest of your body has already begun to speak for you: facial expressions, gestures and glances. The body doesn't always follow the tongue, and even acting training won’t help you fool an attentive audience. Body language is something to keep in mind, especially if you have something to hide.

Concealing information has a cumulative negative effect

Concealment can easily lead to managerial failure. When hiding your objectives, the company will follow the wrong path, and the wrong result will be achieved instead of the one you need. Therefore, goals and strategies must be communicated with total transparency.

This communication can occur during the sync-ups with the team and, in the case of a company, at corporate meetings.

Mistakes are the best teacher

Everyone makes them, even the best of us. That’s why I study the areas in my communications that my listeners misunderstand, and I focus on them. To find the problem areas, you need to monitor people's reactions to your words and learn to read non-verbal signs of irritation or loss of attention.

A few words in conclusion

Leadership communication should engage the listener, involve them in the vision, build trust, inspire confidence and energize.

To attract the best specialists, you need to convince them they’d be better off working with you. Apart from providing a clear vision of interaction, engagement also helps. There is a formula for creating engagement — be yourself, be honest, demonstrate your past achievements, and present a strategy for the future.

As with any skill, effective communication requires practice. Practice, get feedback and keep working on it — this will have a positive impact not only on your business but on your personal life as well.

Morning Routine Mistakes Could Cost You Productivity and Peace Everyone loves to swap tips about how to make an epic mor...
19/01/2022

Morning Routine Mistakes Could Cost You Productivity and Peace

Everyone loves to swap tips about how to make an epic morning routine, but when it comes to implementation, there are a few easy whoopsies that are far too easy to make. Hitting the snooze button, starting your day from the bed and sacrificing your morning productivity time for a late-night Netflix marathon are all potential ways to sabotage the potential your mornings have.

And potential, indeed. A growing body of research is finding that mornings are actually the most optimal time for you to ideate or be creative. A study in the Thinking & Reasoning Journal reported that the perceived-to-be least optimal times for thinking and creativity (such as first thing in the morning, when you’re groggy and still on your first cup of coffee) are actually the most optimal times. “Results showed consistently greater insight problem-solving performance during non-optimal times of day compared to optimal times of day,” the research stated.

So, the cost of making mistakes in your morning routine is quite high. Imagine the groundbreaking ideas for your business, next book, or even next family vacation that could surface in the light of the morning! Make sure you aren’t making the following mistakes that will cost you productivity and peace.

Mistake 1: Diving out of bed the second the alarm goes off

For sure, this mistake is done with good intentions — as a bit of a defense mechanism, if you will. If you force yourself to fly out of bed the moment you hear the dreaded alarm, you may be less likely to lay there and break into a mental argument about whether or not the morning commute can afford you an extra five minutes of snooze time. But, this drastic action disconnects you from your body immediately. A better alternative? Take just a few minutes to stretch and elongate your body as much as possible.

This concept is inspired by researcher Amy Cuddy, who coined the term "Power Pose." When your body stretches out, you’ll actually feel more confident. In addition to this mood boost, a stretch first thing (even by putting your arms into a V shape, which Cuddy says boosts incredible happiness) increases your blood flow to all areas of your body.

After a few minutes of stretching, take your time getting out of bed and going about your immediate morning routine: making coffee, brushing your teeth and getting dressed. Then, consider doing the Power Pose again while standing up, or even during your morning shower!

Mistake 2: Checking your phone immediately

A Lifestyle of Mobile Consumers Survey reported that 1 out of every 4 young adults checks their phones within one minute of waking up. It’s tempting, for sure — especially nowadays, when there is so much information on your email, social media and in your text messages. But Glenn Lundy, the host and founder of the incredibly popular podcast, says this is a major mistake.

“Neither your mind nor your body are ready for that type of stimulation first thing,” Lundy shared. “When you’re groggily waking up, it’s important to focus on presence and gratitude, rooting yourself in your own body through some morning movement and writing down your goals.” These pieces of advice are from his 67 day challenge, which has been taken up by tens of thousands of individuals across the globe.

“Remember that there’s nothing on your phone that can’t wait for you,” Lundy explained. “And, you’ll be better equipped to handle any work crisis or exciting news when you’ve fully woken up and completed a healthy morning routine.”

Mistake 3: Sleeping in too late

Now, we aren’t telling you which hours you should or shouldn’t be sleeping, but consider this. If you know you’re tempted to check your phone first thing because you feel like you’re missing something, imagine how much that temptation will reside if you wake up earlier than most do. There’s something to this. A study by Amerisleep shared the stunning differences between early risers and late risers in productivity, salary, and general quality of life.

The study reported that “people who get themselves out of bed at the crack of dawn — yes, we’re talking about 4 am — responded they felt “highly productive” 71% of the time. Compare that to people who snooze until 11 am, the least likely group to report being productive. They’re only productive 36% of the time.”

This productivity also translates to money, as the study found that the early risers made an average of $15,000 more each year than the late sleepers.

Ultimately, what works best in your morning routine does come down to personal preference. This is an invitation to experiment. We all have the same 24 hours, and we all have a "morning routine," whether it’s set in stone and followed habitually, or something that looks different every single day. Consider that the first hour of your day sets the tone for the rest of your day, and therefore, is likely the most important time to take full advantage of. Stretch out, keep that phone turned off, and consider rising earlier than you’re used to. The proof in both productivity and peace will reveal itself.

Understanding the Differences Between Hiring Freelancers, Contractors and Employees Very often, entrepreneurship starts ...
18/01/2022

Understanding the Differences Between Hiring Freelancers, Contractors and Employees

Very often, entrepreneurship starts as a solo venture or a partnership. But as the business expands, keeping up with client demands can be too much for any business owner to take on themselves. This is actually a good problem to have. Unfortunately, not everyone knows when it’s time to bring in extra help. The simple answer? If you are losing business, you need to make a change. Depending on your situation, however, hanging a “now hiring” sign may not be necessary. While hiring employees can certainly help, are they the right kind of help? With an evaluation of your needs, you can decide if hiring a freelancer, contractor or employee is right for you.

Fundamentally speaking, the major differences between freelancers, contractors and employees lie in their relationship with the business owner. Freelancers and contractors are self-employed individuals, while employees are hired by the company. Freelancers and contractors typically set their schedules based on the needs of their clients and work out a payment schedule (typically upon completion of a job). Employees, however, work the schedule established by the company and receive a regular paycheck on a schedule set by the company. As a business owner, you are responsible for tax reporting on any payroll employees you have. But since freelancers and contractors are considered self-employed, they are responsible for reporting their taxes.

Sometimes people will use the terms “freelancer” and “contractor” interchangeably, but there is a difference in the type of professional you are hiring. Freelancers usually work on smaller, short-term projects, while contractors work on larger, more long-term projects.

When should you hire a freelancer?

Before deciding if hiring a freelancer is a viable option for your business, it’s important to understand exactly what a freelancer is. Freelancers are people the IRS considers to be self-employed, meaning there is no need to onboard them as “official” employees. They are responsible for reporting their earnings and taxes. Since they are not payroll employees, there is no expectation for benefits.

Freelancers are typically the best in their field and passionate about what they do. Depending on the work you need to be done, freelancers can give your business a boost, and potentially save you money. Freelancers are a great option for your business when all you need is short-term help. Consider a relationship with a freelancer if you have the following needs:

You have work that a remote employee can carry out successfully. This saves money on providing office space.

Your current staff lacks the expertise to fulfill a new requirement. For example, a freelance digital marketer is highly skilled at maintaining a strong social media presence.

Your needs are short-term. Freelancers are used to working on quick projects with their clients and moving on to their next project. Employees would expect you to continually provide them with a working relationship.

You are not financially ready to hire employees. Hiring employees comes with the expectation that you will also offer certain perks as part of their employment. If you aren’t ready to take that step in your business, a freelance relationship may be a better option to get the help you need.

When should you hire a contractor?

Freelancers and contractors share many similarities, but they serve entirely different purposes. While you may hire freelancers for small projects, contractors take on more heavy lifting. If your business needs services for advertising beyond maintenance of social media accounts, for example, contracting a marketing company to handle the job is your best bet. They come with a team of expert professionals who can get you the exposure you need.

Contractors also handle specialized projects, such as IT, remodels, design and consulting. As your business grows, financial consultants can keep you on track with your financial goals. Hiring a contractor will help your business in the following areas:

The contractor takes your vision and oversees the project for you. This takes the burden off of your shoulders.

If you need highly specialized work done that requires a team, contracting a company to do it for you will ensure the job gets done right.

If the job you need to complete is not ongoing, there’s no need to hire an employee to take on the task. A contractor will draw up an agreement, including the expected timeframe for how long the project should last.

When should you hire an employee?

Not every company needs employees or a large number of employees. Depending on the type of business you run, this is an important question to ask yourself. Is all of your business conducted remotely with little collaboration? Freelancers can be an invaluable resource. However, if you hold frequent meetings, rent an office space or interact with customers, you will want reliable employees to help support the business.

Remember, it’s important to find the right people. Just because someone looks good on paper doesn’t mean they are a good fit for your business. They must fit into your company's culture. Here are some important considerations when hiring employees:

If you’re stretched thin, bringing on additional help can help boost your business. With the extra support, you can free yourself up to focus on your company’s next phase.

Since you are in full control over an employee’s workload and schedule, they will want some kind of perks. This can be difficult in the early stages of entrepreneurship, so talk with your advisor about employee retention.

Having the right kind of help keeps customers, vendors and staff happy. So, determine if you need help on an ongoing basis and if hiring an employee is right for you.

Final thoughts

The IRS has its own definition and classification for freelancers, contractors and employees. This gives each individual — and the business owner hiring them — specific responsibilities with tax reporting. Talk to an advisor to make sure you understand your responsibilities as a business owner when working with each classified individual.

How an Adhocracy Stimulates Entrepreneurial Growth Organizational design and management practices, i.e., people and how ...
17/01/2022

How an Adhocracy Stimulates Entrepreneurial Growth

Organizational design and management practices, i.e., people and how you intentionally organize them, arguably have more influence on your business than anything else. It determines virtually every type of interaction, plan, implementation and use of resources. Yet, there is often more than one way to skin a cat. In today's rapidly shifting market environment, it's wise to understand how leaders are experimenting and what kind of results they're seeing.

For some businesses, an adhocracy can be an approach that provides a real edge.

Setting the stage for a collaborative analysis

How do you solve the conundrum of continuing your company's growth trajectory through entrepreneurship and value generation? How do you keep an organization fresh, agile, innovative and in touch with clients' needs as you grow?

Enter adhocracy. We got to know the concept, like many others, by reading about it in a book — in this case, Julian Birkinshaw's Fast/Forward. The concept suggests that the model privileges action, where meritocracy privileges individual knowledge and bureaucracy privileges authority. In adhocracy, organizational structure is transient and based on market opportunities. Strategy is based on experimentation and management is based on decisive action and emotional conviction (a clear counterpoint to a data(only)-driven model). Could this model boost entrepreneurship in a company with thousands of people?

Intrigued by these concepts, our team worked hard to loosen our top-down structure. This meant that, rather than being locked into a rigid hierarchy or functional group, we kept everything transient. We built Growth Units (business units, with the word growth to emphasize the focus) with an end-to-end structure. Executive squads led each Growth Unit, with every executive, no matter at which level (SVP, VP, Director or Manager), being a partner in the Growth Unit. An entrepreneur who owns their destiny in business — that is, they own their P&L, set their own target clients, go to market strategy and value prop and decide when to pivot. Nobody is looking up to somebody above, which speaks to three other fundamental aspects of adhocracy: speed is of the essence, management is light touch and governance is flexible. We gave both Growth Units and individuals the ability to act with autonomy within clear guardrails. What bound everyone together was an emotional commitment toward the opportunity in front of each of the Growth Units. We kept, of course, supporting structures, such as HR, marketing and F&A as horizontal structures that comprised what we called the Platform.

Adhocracy reoriented us toward helping clients accelerate their digital transformation, and we continued to grow with great success. At the same time, our success caught the eye of Julian Birkinshaw, Professor of Strategy and Entrepreneurship at London Business School and author of Fast/Forward. Birkinshaw had seen adhocracy work before, but he'd never seen it at the scale we had achieved. And like us, he wanted to understand the strengths and weaknesses of what we were doing. So much so that he invited us to be part of a case study.

Mistakes, learning and finally, balance

In the case study, Birkingshaw posed some fair questions: Had we gone too far? Was this the proper structure to grow fast, as we wanted? What are the right incentives to take risks? Were we creating too much complexity? Was the emphasis on market opportunities and client responsiveness distracting us from coherent positioning?

By the time of the case study, the transient aspect of the organizational structure — focusing on market opportunities to determine when to create or decommission Growth Units or moving execs between them, was being taken very seriously. We had created a new process called rebalance to do just that. But rebalancing was happening a bit too often, so much so that some execs brought up the feedback that our groups simply didn't have the time to connect and build a sense of shared purpose. When we looked at some of the key elements of adhocracy — emotional conviction and cohesion within the Growth Units — we realized that we'd swung the pendulum too far.

It became clear to us that, even though we wanted to maintain the freedom we'd given our groups to work without bureaucratic hurdles, we needed a more long-term view for the Growth Units. We slowed the pace of rebalances and didn't shake things up quite so often. People had time to commit and invest themselves emotionally. Our reward was a major jump in their enthusiasm. They clearly understood what our customers were dealing with on a deeper level and were much more engaged in finding solutions.

Seeing this was incredibly motivating. But when we looked at the behavior and attitude of the Growth Units more closely, we saw that we'd swung the pendulum a little too far again, this time in the opposite direction. The Growth Units had so much cohesion that it created a siloed effect, and we had a hard time moving executives between them when opportunities were really asking for it.

Seeing these extremes, we set the goal of achieving harmony. To be successful, we could be neither too emotionally convicted nor too transient. The executive partners needed time to validate and evolve their own Growth Unit business strategy. Through experimentation, with their full dedication, and at the same time be minimally in tune with what was happening elsewhere. They recognized that we are one whole organization and other GUs might be in need of help (for instance, because they are growing faster than others).

To reach this new goal, we first made sure people understood that we were all on the same team and had the same vision. We encouraged them to share information so everybody could learn more quickly. Lastly, we required each Growth Unit to create two powerful stories each year and to rate other Growth Units on those stories, according to specific criteria. The idea was to give the Growth Units a chance to highlight their customer engagement, the problems they had and how they tried to solve those issues. We showcased the stories as a way to practice positive self-accountability. To learn and get exposed to the ideas, data, techniques, contributions and successes going on across the entire company.

Back when we started, all executives who were not in one of the Platform areas (IT, HR, F&A) were assigned to a Growth Unit, with one single exception: our CEO. That is another aspect in which we realized we had swung the pendulum a bit too far: we also needed a few executives who could serve and collaborate across units.

The rebalancing process continues to exist and has been improved over time. We started off with 12 Growth Units globally. We then changed what some of them looked like quite a bit, then created new ones, merged some and split others. More recently, we created the concept of alliances — groups of two or three Growth Units that share goals and a core set of customers that might be too large for one GU alone. Smaller Growth Units seemed to work better for us, which seemed consistent with the Dunbar number concept. So we set a guideline to keep each Growth Unit at 400 people or less.

Good growth never means you quit learning

How is adhocracy working for us? There's a consensus that it fostered entrepreneurship, a better sense of ownership in everyone and it brought us more agility to identify and serve market needs. We grew more than 40 percent organically in 2020 — a result that, of course, cannot be attributed to adhocracy alone. But we were pleased with our success and grew more certain that we had made the right choice for our company. Adhocracy can truly allow entrepreneurship to flourish, even at a large scale — and we are currently more than 5,000 people. We were also cautious enough to take the reality check the case study had handed us — mistakes are easy to make, and it's wise to view your organizational structure as a work in progress.

Of course, the most important thing is to find what works for your business. Maybe it's an adhocracy; maybe it isn't. Regardless of your organizational structure, it's important to continually work on refining it. Make it your own, based on the unique needs of your company. Because when it comes to business and improving, the journey never stops.

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