90:10 believes in Open Business.
Today we launch the first of a series of posts sharing our 10 Principles of Open Business.
An Open Business is one which uses its available resources to discover people who care about the same Purpose it does, brings those people together and joins with them to achieve that Purpose.
It is designed from the outset to scale through participation. It makes partners of customers.
Many of the success stories of the 21st Century are built on multiple Open Business Principles. Google, Apple and Amazon are among the more famous.
According to IBM’s CEO survey in May 2012, companies that outperform their sector are 30% more likely to identify ‘Openness’ as a key factor in their success with particular benefits for collaboration and innovation.
Businesses starting today build on the 10 Principles of Open Business from the word go. They do so because the principles are self-evident to those growing up in a networked world. They know they are simply the most effective way of building value in the world as it exists today. This places them at significant competitive advantage over those who are not seeking to apply the principles for legacy or other reasons.
Applying the Principles offers:
• Better market and customer knowledge
• Better fit with customer need,
• Accelerated more successful innovation,
• Evidence-based decision making
• New access to capital,
• More effective knowledge management
• Improved internal and external collaboration and idea generation
• Lower (distributed) risk through networks of partners,
• A greater sense of doing business that benefits the society in which you operate
• A greater sense of customer and employee ‘ownership’ through the democratisation of business
• Raised levels of trust – and customer and employee loyalty and satisfaction which derives from this
• More attraction and retention for the right talent and customers.
The new competitors for established business – and those who are yet to emerge – will find it easier to scale, react to and meet customer need as a result of launching with the 10 Principles as their start point.
If you were starting a business today knowing what you now know about how new technologies have disrupted traditional business processes (from marketing to customer service, from raising capital to delivering innovation) few would choose to recreate businesses along traditional lines.
The 10 Principles Of Open Business
We define 10 Principles of Open Business against which the performance of any organisation could and should be judged.
For each Principle we’ll publish a separate post detailing our definition and case studies demonstrating the success of each Principle in practice.
We’ll set a ‘Goal State’ as the ideal outcome. We’ll also describe the ‘Worst Case’ position – to enable you to benchmark your organisation’s progress towards each of the Goal States. We urge you to give your organisation a score. Share it with us either by commenting on this blog or sending us a message more privately. You can email firstname.lastname@example.org or email@example.com
In the coming weeks we’ll publish each Principle in the following order:
7. Open Data
As each Principle is added its post will be linked from the list above.
If we inspire you to think about Open Business – or you have Open Business success stories to share, join in at The Open Business Council.