You could not help but feel deeply inspired when listening to Lital Marom speak at the WPO conference. She is an innovative thought leader who has an incredibly bold vision for human potential and believes that businesses were meant to thrive, not merely survive. She is an internationally recognized keynote speaker who has made a name for herself by teaching companies all about the platform business model and how it can be applied to any industry.
For those not familiar with this business model, let’s break down how a platform business operates. A traditional business takes in raw materials and supplies and creates products or services that it then sells to its customers. This business owns its own inventory. A platform business, on the other hand, facilitates value exchanges between two or more independent groups - typically consumers and providers. These types of businesses exist within their own ecosystem. These ecosystems are made up of the value exchanges that are occurring, the space in which this business is conducted, the people who participate, and the tools available to those participants. The value of a platform increases when more users engage with the network. Rather than the business being linear, a platform business can be multidimensional and have various networks within their ecosystem. For example, Facebook has four different sides to it; it connects users, allows third-party apps, allows third-party websites, and offers advertisements.
Platforms help sell products and services. The platform does not make or source the products being offered (eBay, Alibaba) or provide the services offered on its platform (Airbnb, Upwork), or make the content that is available on them (YouTube, Facebook). If the platform itself doesn’t manufacture or create any of the products or services it offers, how do they provide value to both the customer and the provider? Here are some examples of different styles of platform businesses.
Facebook is a great example here. The content on Facebook is user generated and entirely free for people to create. Facebook then uses the content and data we submit to the platform and gives that valuable information to advertisers. So we the user provide the content, Facebook then sells the information they gain about us through that content to advertisers who then run ads to us.
Uber is an example of this type of platform. They help connect individuals with a vehicle to people who are looking for a ride. Here the platform is providing a cheaper alternative to a traditional option, a taxi, to the user and the provider is able to use an asset they already possess to make income
eBay is a great example of this. The sellers or providers are able to use eBay’s large network to connect with thousands of potential buyers and are also able to utilize their payment services, shipping calculators, and other tools provided to sellers. Buyers feel more comfortable using a service like this since they are protected from fraud and have somewhere to turn should something go wrong. Both the buyer and seller benefit from the value eBay is providing and eBay profits without ever having any of its own inventory.
While it may seem like a platform just acts like a middle man, they are so much more than that. They need to add value to both the buyer and supplier. Generally, the more users (both buyers and sellers) who utilize the platform, the better. Uber would not be beneficial if there were a ton of people wanting rides but no drivers as wait times would be very long. Similarly, if there were too many drivers and not enough people seeking rides then the value would be non-existent to the drivers. Both parties need to have their needs met for the platform to grow. Transactions need to be simple for both users and suppliers and the more tools you can offer, the better.
Traditional business models thrived when they could grow their internal resources. This required a significant investment. Platform businesses are much easier to start up because they don’t own any of the products or services that may be offered on their site. This type of business is flexible and extremely scalable. Their main goal is to bring together suppliers and buyers and provide value to both during the process.
One cool thing about this business model is that it can be used in any industry. If you can connect buyers with suppliers you can start or expand a platform business. Because of this, many traditional businesses are opting to add a platform model to their company to diversify. Walmart, for example, now offers a marketplace on their website. Customers who are shopping on Walmart’s website can now purchase products from third-party vendors. Vendors are able to list their product on Walmart’s website which generates massive traffic and buyers are able to buy more things in one place that they already trust. Value is provided to both parties and Walmart profits from facilitating the transaction.
By connecting two groups, buyers and providers, platform businesses are able to yield massive profits. Platforms facilitate transactions and provide value to both parties. Not being tied down to inventory or supply makes this an extremely attractive business model because of it’s typically lower start-up cost and ability to scale quickly. Platform businesses have proven just how valuable connections, transactions and data are. Seven of the ten most valuable companies are platform based - when will your company get in on the action?
Michele Bailey is president and CEO of Blazing Agency and My Big Idea®. These two lines of business work congruently to support her clients’ success.
I had the absolute pleasure of listening to Adam Grant to speak at a recent WPO conference. His take on productivity and motivation are refreshing and eye-opening and a change of pace from what we typically hear on the subject. Adam was tenured at the prestigious Wharton School while still in his twenties and is a phenomenal teacher. He is an organizational psychologist and a leading expert on how we can find motivation and meaning which he has shared in his best-selling books and TED talks.
One of the key concepts Adam discusses is the notion that there are three types of people in business: givers, takers, and matchers. As one might expect, a giver is an individual who gives to others without expecting reciprocity in return. Matchers are those who give, but only do so knowing that the other individual will, at some point, return the favour. Lastly are the takers, these are the employees who take advantage of others to get everything they can from then without any plans to pay it forward.
As you can imagine, too many takers can be very dangerous and detrimental to an organization. These people tend to be ruthless in their venture to climb the corporate ladder and they focus on short term gain rather than building long term relationships. They are a ‘me first’ at all costs type of person and can ruin your company culture while simultaneously burning out all of your givers.
While it may seem like givers would get stuck at the bottom of the ladder, being trampled by takers, Adam has actually found that there are more givers at the top. The key to being a successful giver who doesn’t get worn out by takers is to give in ways that are a high benefit to others but can be done at a low personal cost. These favours don’t diminish the givers’ ability to get their own work done while they simultaneously help others. Givers also encourage others to pay it forward which builds a strong network of people who look out for one another.
While you may think you can easily spot the difference between a giver and a taker based simply on their demeanour, don’t be too quick to judge. Thinking that polite, agreeable people are all givers and loud, vociferous people are takers is a mistake. It’s not about politeness or manners, it’s about intention.
According to Adam, the most valuable people you can have in your organization are disagreeable givers. These are not ‘yes men’. These are the people who will challenge your company and the way you do things, not to be difficult, but because they truly believe in the company’s mission and think you can do better. What may come off as abrupt and abrasive is actually caring and concern. They confront the status quo and look for areas of improvement that benefit the organization as a whole, not the individual. It’s imperative that these people feel safe to share their ideas and opinions without being typecast as difficult.
As Adam writes in his book, Give and Take, psychological safety is “…the belief you can take a risk without being penalized or punished” and this begins at the top of every organization. A way to make people feel safe while also promoting forward-thinking and creativity is to have a problem box, rather than a suggestion box. A problem box is a way for people to voice concerns or criticisms without offering a solution to the problem. Rather than only allowing people to voice opinions when they have a method of fixing an issue, a problem box confronts the issue and allows for creative critical thinking to come into play. This type of thinking allows a company to stay ahead of concerns and encourages employees to challenge those in higher-level positions.
Adam notes that you don’t want people who simply fit into the company culture but rather you want those that contribute to the culture. The type of people who are willing to mentor and guide others and offer solutions to their problems without doing it for their own needs. Those who question the way things are done with the goal to make the company better - even if it comes across as harsh. These are the types of employees that need to be valued and understood. Once you start encouraging this type of forward-thinking it’s amazing the creativity and collaboration that can come from it as a result. A workplace where people are encouraged to speak up and challenge the status quo is a workplace dedicated to doing what’s best, not what’s easiest. These are the companies that thrive.
Michele Bailey is president and CEO of Blazing Agency and My Big Idea®. These two lines of business work congruently to support her clients’ success.
Are you missing networking events? Getting dressed up and being in a room with other thought leaders and business owners can do amazing things for your own company and sanity! Not only can you learn from those who have been where you are (and where you may currently be stuck), but it’s invigorating to be around other people’s energy and I find myself leaving these events completely inspired and ready to take things to the next level.
We may not be ready for full-blown events where we’re literally rubbing shoulders with those in attendance, but that doesn’t mean you can’t still make meaningful in-person connections. It just takes a little bit of creativity.
Instead of large events, right now is the time to focus on smaller, more intimate gatherings. Not only do smaller functions allow for social distancing measures to be put in place properly, but it also gives us a chance to make connections on a deeper level and engage in more significant conversation. With limited guests, you have more time to connect and tackle larger issues.
I have been thoroughly enjoying hosting this type of event in my own home, socially distanced, of course! I invite a few clients over and have a sommelier plan a fabulous evening with fantastic wines for us to sample. Each person has their own comfy chair to lounge in with wine and paired food brought right to them. The sommelier company we use, Sommevents, is absolutely top-notch at creating an experience that your guests will love. We’re able to learn all about the various wines and enjoy the specially paired food all while being socially distanced. That’s the great thing about these events, they feel intimate and social but allow us to follow proper guidelines.
Most of us are craving in-person connections. Having the technology to connect virtually is incredible but there’s something powerful about being in the same room as someone and having a natural back and forth conversation without the technology. Hosting mini-networking events like this creates a special atmosphere for business breakthroughs and deep connections. Conversation flows naturally and everyone feels comfortable and at ease.
Having the opportunity to get to know someone beyond who they are in business, on a more personal level creates a much more meaningful relationship. With a small event, you feel less pressure to only ‘talk-shop’ as you try and make connections with multiple people. Here you can mix personal with business and really get to know the how and why behind a person. These events are also great for people who typically don’t enjoy networking events. The small, personal gathering feels less overwhelming and corporate and more like a fun night out.
If you’re looking to truly connect with others, a small event is a great way to accomplish this. Not only can you build a valuable business relationship much more quickly than you could at a large event but you’ll also get to know those individuals on a more personal level. Hosting an event like this shows true thoughtfulness and will be greatly appreciated by those invited.
In a time when people are yearning for face to face connections, small networking events can bridge the gap. Everyone can feel safe and at ease because you can maintain proper distancing. All while connections forged will be immeasurable. It’s a great way to show how much you value someone and will take your existing relationship to the next level. Get creative and plan your own intimate networking event and watch your connections reach new heights.
Michele Bailey is president and CEO of Blazing Agency and My Big Idea®. These two lines of business work congruently to support her clients’ success.
I love in-person conferences. The new techniques and tips I learn are always fantastic and I most definitely walk away with things that can help grow my business even further but truthfully, I love getting to mix and mingle and network with fellow attendees.
Being in a room with so many like-minded, driven people, it’s only natural to want to connect, share, and engage. Meeting people you can collaborate and bounce ideas off of is truly invaluable and something I really look forward to when I attend live events.
Virtual conferences during COVID-19 are a reality. It has changed the way events like this take place. What was once a packed room, full of eager, ambitious individuals is now a virtual event with attendees tuning in via Zoom and trying to keep their children or dogs from bursting through the door in the middle of a breakout session. Things are very different, there’s no way around that. However, that doesn’t mean that you should write off virtual events. The need to learn, collaborate, and connect with others is still a key way you can propel your business and yourself forward. Here are a few ways you can get the most out of your next virtual event during COVID.
If you have a colleague who is attending the same event as you, consider inviting them over to take the event together. You can maintain social distancing while still being in the same space. This will provide some in-person energy you may otherwise feel you are missing out on. Having a colleague there can also help you stay focused during sessions and provide someone to bounce ideas off during breaks. Having someone right there with you lets you share your excitement about some of the ideas you may have heard. You can then discuss things immediately, which builds enthusiasm and momentum. You can order lunch and talk about your favourite speakers and go over your biggest takeaways. Plus, it gives you instant access to someone else’s perspective which is always invaluable, making virtual conferences during COVID-19 really enjoyable.
Just because it’s virtual, does not mean you don’t give it the same attention you would an in-person event. This means you book it in your calendar as an event, show up on time, you rid yourself of distractions (as best you can). Then you show up ready and excited to learn. It can be a little harder to get excited about online events. However, it is critical that you treat it as you would an in-person event. Put on a killer outfit, grab your favourite fuel, and be inspired to learn. Take some time before the event to think about what you’re hoping to get out of it. Then write down any questions you’re hoping to get answered. Be engaged when viewing the conference, take breaks to stretch and re-caffeinate, and be excited you get to connect with so many amazing people virtually.
If there’s a silver lining to events moving online, it’s that there’s a much lower barrier to entry which allows for even more attendees. Typically for an in-person event, you have to travel to the venue, which may involve flying or a hotel stay, pay for your ticket, purchase food, etc. The costs can really add up. Virtual conferences during COVID-19 are available to more people who may otherwise be unable to attend. This means there are even more people to connect with. Staying engaged not only with the presenter but also paying attention to the chat can help you find other individuals you may benefit from connecting with. In fact, if you’re the type that sometimes freezes when it comes to connecting in-person, you may find it far less intimidating to connect with an individual after the event in the form of an email.
Another benefit of online conferences - it gives you the ability to take part in more sessions than you would be able to in person. A lot of conferences have tracks that overlap so you end up missing out on a few speakers. With things being digital, many organizers are offering up full replays of all the offered sessions to attendees. This also means you can re-watch your favourite speakers to uncover even more golden nuggets you may have missed during the live event.
Are things different? Absolutely. Does that mean we stop connecting and learning from our peers? Absolutely not. While I love the energy of in-person events, there are a ton of ways to make virtual events work to your advantage. In the end, it’s really all about perspective. You’ll get out what you put into it. So go in with an open, positive mind and get inspired to learn and connect.
Michele Bailey is president and CEO of Blazing Agency and My Big Idea®. These two lines of business work congruently to support her clients’ success.
When you’re feeling isolated and alone the thought of setting, let alone achieving goals, can seem like a daunting task. It can be difficult to self-motivate and if you’re the type of person that thrives on social interaction. Even very important goals can feel trivial without the support and encouragement of others or employee engagement. If you feel like your productivity levels are plunging, try some of these tips to get back to crushing your goals.
If you’ve had a bunch of thoughts swirling around in your head and the overwhelm is keeping you from making any progress. This is where you need to all the things that trapped in your head out onto paper. Take some time and write down all the goals that come to mind. Don’t overthink it, don’t make it complicated. Simply write down every goal that enters your mind. This is a great way to clear your mind and let everything that has been building up in your head escape.
Once you’ve jotted down your goals it’s time to organize your thoughts so that you can put a plan together. Arrange your goals into lists based on urgency. What needs to be dealt with immediately, what would you like to accomplish in the next few months and what are your long term intentions? You can take it a step further and organize your sub-lists by size/time needed to complete each goal. Having everything laid out and put into sections can help make even the big goals seem less overwhelming.
If you’re feeling alone and are looking to stoke the fire so you can move the needle forward - then it’s important that you don’t bite off more than you can chew. These should be tasks that can be knocked out in a couple of hours, nothing that requires a large time commitment or thought. Our purpose here is to start building momentum so that you feel energized to tackle the rest of the things on your goal list. It’s truly amazing how much better you feel once you’ve already completed a few tasks.
Trying to accomplish things on your own can feel much more difficult when you’re feeling isolated. To keep yourself moving forward it can be extremely helpful to have some accountability so you know you have someone checking in on you regularly. Even if your goals require no oversight, feeling like you are responsible to others — even for something as simple as a progress check-in — can create a massive shift in how you move towards achieving those goals. We tend to work harder when we know others have expectations of us.
Nothing says you can’t adjust your goals once you’ve started working on them. Situations change and priorities shift. This is why it’s so important to check-in on your goals regularly so that you don’t wind up leaving something important off to the side because of an unexpected change. Assess your actual goals and the techniques you’re using to complete them regularly. Just because you started something off one way, doesn’t mean you need to complete it the same way. Not if there is a better method for accomplishing what you’re after.
Take time every month to personally review your goals. Also, look at the steps you took towards achieving them, and what you could do to improve going forward. Checking in with yourself allows time for reflection. You can see what worked and what might need some more attention going forward. This is also a good time to check deadlines for future projects/goals and make any necessary adjustments so you can stay on track.
It can feel defeating trying to set goals when you’re feeling alone. Rather than letting overwhelm take over, it’s time to take a step back, organize your thoughts, and then work towards those goals. Starting with a couple of small easy ones. Having someone to check-in with can provide some accountability and encouragement to keep things moving forward. As well, making adjustments and tracking your success will ensure you hit those goals in an efficient manner. Don’t let being alone put a kink in your goals. Follow these tips and get back to goal slaying! Good luck!
Michele Bailey is president and CEO of Blazing Agency and My Big Idea®. These two lines of business work congruently to support her clients’ success.
Did you have a list of lofty goals that you were going to crush this year? Now, here we are months later and maybe you haven’t crossed off as many things as you were hoping for. Maybe some of your initial goals are no longer viable or realistic given changes that have occurred. Does that mean you just move on, unfocused, and without a plan? Absolutely not. Rather than focusing on what didn’t work out, follow these steps to get refocused and turn things around.
The first thing you do, to get your goals back on track, is to review and assess your goals to see if they are still achievable. Keeping in mind the new timelines and changes that may have taken place since you initially set them. If the goal is still something you want to accomplish then you may need to adjust due dates. You might also want to think of the best way to complete the task given your current situation. Be realistic if the goal needs to be modified or altered. Also, be prepared to get creative with how you want to reach your goal.
Your priorities may have shifted since you last visited your goals and that is OK. Situations change and it’s important that we adapt to what is currently going on, not work against it or get stuck in the past. This can be as simple as changing the method in which the goal is achieved or as involved as doing a complete overhaul of your current goals. Whatever the case, it’s important that your goals reflect what is currently happening and what is realistic for you to accomplish given your circumstances.
If you’re coming off of a goal hiatus the aim is to momentum going again. Big goals are great but they can seem distant and overwhelming. To combat this it’s important to set up daily tasks that are designed to help you reach your end goal without feeling defeating. These tasks should help make you consistent with taking daily action to achieve your goals. By doing something small every day you’ll chip away at your goals without all of the overwhelm that can build up.
Because these are daily tasks it’s a good idea to write them down so you are clear on what the objective is for each day. The bonus of setting up daily goals is that gets momentum flowing and puts you in a positive position to accomplish what you set out to do. When you cross something off your list each day you’re left feeling much more positive about your work than simply grinding out work with no direct clear direction. One task every day can have a massive impact as it sets up strong habits that are compounded over time.
Just because something worked in the past doesn’t mean it’s the best solution for your current situation. It’s important to not be stubborn about how you accomplish your goal because this can lead to frustration and delay. Things change and sometimes situations are fluid which is why you should review your goals regularly. It’s imperative that you’re adaptable and willing to change your methods to best support your goals. Getting rid of the things that aren’t working makes room for more efficient methods.
If fear is paralyzing you from moving forward and keeping you stuck - you need to just start. Lock in on your goals and take messy, imperfect action. It’s better to fail forward than to remain stagnant. When you fail forward you discover what will work and what won’t cut it much quicker than waiting for perfect conditions. Moving forward, even when you’re uncertain, ensures that you are learning constantly and making yourself adaptable.
Failing can seem scary, especially if you’re a perfectionist, but if you want to reap the rewards sometimes you have to be willing to get things wrong in the process because rarely will things ever go 100% your way.
If you’ve been putting your goals on the back burner it’s time to bring them back to a roaring boil. Don’t let overwhelm keep you from making progress. Reassess, set up daily tasks, ditch what doesn’t work, and don’t be afraid of failing forward.
Michele Bailey is president and CEO of Blazing Agency and My Big Idea®. These two lines of business work congruently to support her clients’ success.