Creativity and Growth Culture for Competitive Advantage

With fingers firmly pressed on the digital fast forward button for the last two years, standing still has not been an option.

Management teams have brought incredible levels of energy and agility to meet the challenge, seizing opportunities and disrupting markets. Strategies have become more creative as growth has been underpinned by innovation; whether across products, business models, go to market channels or day-to-day ways of working.

The new digital strategic imperative has helped to embed multi-channel B2B sales models, with traditional in person calls now supplemented by remote and self-service. These models are proving to be even more effective. In McKinsey’s Global Pulse Survey of B2B companies in December 2021, more than 90 percent of respondents said their go-to-market sales model is just as or more effective than before the pandemic began, with 31 percent believing it is “much more” effective. But the increasing demands for ‘always on’ customer service, coupled with the accelerated pace of doing business, have introduced new workforce pressures. So, it is not surprising that Gartner’s 2022 Board of Directors Survey ranks workforce initiatives, specifically around staff retention, training and hiring, as the second highest strategic priority after digital.

Just as innovation has become a prerequisite for growth, promoting a rewarding and inclusive team culture is critical to sustaining it. Competition to attract and retain talent is fierce and global. To stay ahead, teams are racing to differentiate on their progressive employment policies, flexible or remote working practices and approach to staff wellbeing. Some are taking it a step further, engaging their workforce around their mission and responsible approach to business.

We are strong proponents of the direct correlation between business responsibility and business growth and are excited to partner with innovative high growth technology companies which have the potential for real positive social and economic impact.
 

Authored by Jan Rutherford
Partner, Scottish Equity Partners

This article was originally published in 2022 as part of the BVCA's Vision Awards, and some of the content may now be out of date. Please contact the BVCA if you have any queries or need further assistance.