As we emerge from the pandemic ... now is the time for courageous leaders, to reimagine a better future, and embrace "the Great Reset"

Every market has been shaken up by the pandemic. It has challenged and shaped every one of us, every business and every industry. Our rapid shift to new technologies, our reprioritisation of what matters, the limitations of our old ways exposed, the opportunities to change uncovered.

Long before Covid-19 rampaged across our connected world, we were in trouble. New technologies challenged our old ways, yet growth had stagnated, and consumers had lost faith. Wildfires burst out around the globe, carbon emissions are out of control, and social inequality has never been greater.

Slowly in boardrooms, shopping malls and stock markets, there is a realisation that the old codes of business don't work anymore, that there is no "recovery" back to the old ways. Instead we need to reimagine the future, to create the new codes of business.

In many ways, we are at a historic crossroads. For much of the last 100 years we have followed the same profit-centred model. The industrial revolution encouraged us to pursue volumes at lowest cost. Materialism. Consumerism. Expansionism. Capitalism.

Shareholder interests dominated all others. Employees, a means of production. Customers, a means of revenue generation. Profits and productivity, scale and share, were the measures of success. Blinkered, obsessive, and short-termist. In most markets, this simply led to diminishing returns, and the stagnant growth of recent years

Now we have a unique opportunity to reset. To reset the premise of why we do business, and process of how.

As we emerge from months of lockdown, fear and uncertainty, we realise that there is more than money. That business can exist for a bigger purpose. And that everyone of us, at work and home, can make better choices, about how we live our lives, and how we collectively succeed.

Looking around us, we already see a new landscape.

In the energy sector, for example, traditional oil companies no longer dominate. Over the last 12 months, Exxon has been dramatically eclipsed by NextEra, a clean energy company. Similarly Iberdrola now towers above Repsol, Orsted outplays BP, at least in terms of market value.

The same story is emerging in every other industry. Shake up, shake out, and accelerated change.

In the automative industry, Tesla towers about all others, haven grown by 700% during the pandemic, and now worth then the other top 10 automakers together. Even brands like Nio, the Chinese EV maker, is now worth twice as much as BMW.

"The pandemic created one of the most disruptive periods in history for businesses – and forever shifted how employees expect employers to support their well-being, skills development and more." says Mark Foster, SVP at IBM Services.

"In this unpredictable environment, companies need to achieve incredible business outcomes – across all dimensions. They need to drive resiliency – allowing them to steer their company through challenging times and adapt quickly to change. They need to drive profitability – both top and bottom line, enabling growth and increased productivity. And they need to drive sustainability – by reducing carbon footprint, waste, improving working conditions and transitioning to the circular economy." says Christian Klein, CEO of SAP.

"As the world starts to rebuild in the wake of the pandemic, the future of work is taking shape right before our eyes. I am glad to see matters of sustainability, social justice and economic inclusion now being prioritized and addressed with the seriousness and urgency they require." says Theodor Swedjemark, head of sustainability at ABB.

So how do we reimagine a better future?

A starting point is to reevaluate why we exist, ourselves and as organisations. What is the positive difference do we make to the world? And why would it be a lesser place if we didn't exist?

"Purpose" is not new, but it's not about you, how good you can be, but what difference you can make to others. Tesla, for example, is not just about making great cars, but seeks to "accelerate the world's transition to clean energy". Batteries are key powering the future homes and cities too.

While purpose is often associated with doing good, in addressing environmental or social issues, it can also be more emotional. Coca Cola wants to "refresh the world" and bring a little happiness. That matters too. It matters to consumers, who choose your brand for a bigger reason.

Purpose creates a new "frame" in which to move forwards - to reimagine your market space, to explore how you can add value in new ways, to innovate new products and services, to find new opportunities for growth. In many ways it unlocks the limitations of the past.

Purpose, of course, can link your business more directly to the big challenges in our world. The UN's 17 SDGs define these issues, and equally act as catalysts to rethink and innovate in new ways. Indeed the UN said that collectively these 17 SDGs could be worth $10 trillion of new opportunity.

Businesses then become "platforms of good", able to find new profitable growth opportunities while also creating a non-financial positive impact. Nothing else has such huge assets - brands, employees, investments, relationships - that could be leveraged to influence and enable real change.

Companies like Danone, for example, have already recognised this. Emmanuel Faber, their CEO is transforming the business from a food to health focus, innovating their products and also many new services to add more value to their consumers, but also opportunities for growth.

With a new North Star, a new purpose to focus and align your business, you can build a roadmap to the future. It is energising to people, attracting the best talent; inspiring to customers, who will likely pay more; and interesting to investors, who will support you with renewed confidence.

My new book "Business Recoded" is about having the courage to create a better future. Better than today, better than yesterday. It is about leaders stepping up with foresight and vision, to define and develop a new approach to business.

Purpose, of course, is just a starting point. It then has fundamental implications for everything else. What are your priorities? How to be different? Where to focus? How are you organised? Who does what? How are you measured? What is success?

Such a "great reset" requires courage, most of all from business leaders. It's time to let go of the past, let go of the models which made you successful, and create the new approaches that will create a better future for you individually, for you as an organisation, and for us as the world.

? Peter Fisk 2021

Peter Fisk is a leading business thinker, bestselling author and inspiring speaker, whose career was forged in a superconductivity lab, accelerated by managing supersonic brands, shaped in corporate development, evolved in a digital start-up, and formalised as CEO of the world’s largest marketing network. 

He now leads GeniusWorks, a business future accelerator in London. He is also Thinkers50 Global Director, founder of the European Business Forum, and a professor of leadership, strategy and innovation at IE Business School in Madrid, where he leads their flagship executive programs.

He has 30 years of practical business experience, working with business leaders in over 300 companies and 55 countries, from Adidas and American Express, Bosch to BNP Paribas, Cartier and Coca Cola, McKinsey to Microsoft, P&G and Pfizer, Virgin to Visa. His distinctive approach is future back and outside in, fusing insights with inspiration, creating innovative strategies to accelerate growth

His 8 books in 35 languages fuse the brains of Einstein and Picasso, explore the creativity of da Vinci, reframe sustainability for innovation, and explore the world’s most innovative companies, and how they become “gamechangers”. His new book “Business Recoded” is available now.

• About my new book Business Recoded: Have the courage to create a better future
• About the program Business Recoded: The Future Accelerator (see below)

Find out more at www.theGeniusWorks.com or email [email protected]