Like so many things in the 21st century, leadership is undergoing a culture change at the hands of the internet. The traditional, hierarchal business model no longer applies. The secret to success is to take a horizontal approach – a democratic, communication-based workplace where everyone works to the best of their individual talents as a single organic unit.
The Digital Economy
Why are businesses loving the digital economy? The substantial costs of materials, storage and transportation have been replaced by weightless virtual information. People can now interact, collaborate, organize, strategize and share information at very little cost. And communication has been rendered instantaneous.
This revolution has paved the way for the globalization of the marketplace. The side-effect is a major increase in competition. Rivals are no longer restricted by political borders, and aggressive, predatory business models are no longer able to impose their iron will on the marketplace. The bloated traditional business model lacks the ability to respond quickly and organically to the evolving economy and is being displaced by new, innovative alternatives with the state-of-the-art online technologies.
Online and Organic
The new horizontal approach to business emphasizes collaboration within a team-oriented structure. The broader cultural change driven by instantaneous online communication has manifested itself in start-up culture as a democratic, rather than autocratic, workplace.
As the digital economy comes of age, it brings new developments in mobility, cloud computing, business intelligence and social media. Successful companies will be those that ditch strict hierarchical decision-making and embrace a vertical network structure that is more market-like and organic, not unlike the internet itself.
Successful, forward-thinking leaders know that collaboration trumps competition and example trumps authority. Here are some of their priorities:
Culture: Develop a culture of shared values by encouraging team members to make their own decisions and embrace leadership. The more each individual team member realizes their potential, the stronger the organization will be.
Group Ego: Everyone should feel like they’re a part of the next big thing. Reward collaborative behavior – if everyone has a chance to make a difference, everyone will be driven to take your business to the cutting-edge of your field.
Evolution: The most successful organization is one that adapts to changes in the marketplace, so promote a culture of self-improvement and flexibility. Fill your team with multi-talented, adaptive candidates, and encourage them to keep tabs on industry trends.
These three pillars of success can help you to stand out among your competitors around the world. Looking for a way to better manage you business in the age of the digital economy? Check out the many advantages of the Payza Business account – with tools like corporate disbursements, email invoices and instant send money options, managing your online business is seamless and cost-effective.