This year’s Business Show featured presentations and panel discussions with experts from across the industry. We’ve collated our highlights for those who missed the event.
What do you want to be known for? Entrepreneurs today are starting to shift towards alternative business models that drive impact beyond profit. Here Linzi Boyd, a serial entrepreneur who set-up and sold two businesses before 24, shares her insights on how to build a brand that will transform industries.
Tangible to intangible
Seismic societal changes typically occur every 300 to 400 years, Linzi says. ‘For example, we’ve shifted from Kings and Queens ruling countries, to governments; we’ve moved from bartering to Foreign Exchange,’ she says. What’s happening now is a shift from the tangible world to an intangible space, as digital technologies infiltrate our daily lives.
This shift is fuelling a huge growth cycle over the next decade, says Linzi. Every single industry is reaching market saturation, with companies suffering squeezed margins and profit issues. This is prompting a wave of innovation and also a move towards purpose. Where businesses were once focussed on products and benefits, now they’re focused on purpose, Linzi says. 'This is how your brand can own a space in the market and differentiate from competitors.'
Products and benefits to purpose
Selling a purpose and what you want to be known for isn't charity, says Linzi. A purpose-led business is an integrated business model that builds a foundation around a purpose, makes money from that and then gives back to society. ‘There is always at least one asset I try to find in any business that I can use to build the value of your business and then tie the purpose to that, so you can make money from the business model and impact change at the same time,’ says Linzi.
Key Takeaways
- Combine business growth with purpose.
- Stop selling a product and benefit and start selling a purpose and asset.
- Move from the sales journey to an emotional journey, by connecting more deeply to your customer.
- Turn yourself from a business leader into a world leader, by asking yourself what you want to be known for.