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The 10 Principles of The Open EconomyThe new rules of being an Open Business90:10 Group: Your Open Business Partner
Contents:1. Open Business Defined2. Purpose3. Open Capital4. Networked Organisation5. Sharability6. Connectedness7. Open Innovation8. Open Data9. Transparency10. Member-Led11. Trust12. Contact Us
Open Business Definition:Making partners of customers• An Open Business is one which uses its available resources to; -Discover people who share its Purpose -Bring them together to realise that Purpose.• It is designed from the outset to scale through participation.• It makes partners of customers.
1. PurposeThe market for something to believe in is infinite – Hugh MacLeod Purpose is the why, it is the belief which all your stakeholders share and to which all your organisations actions are aligned without compromise. Your products / services are proof of that shared purpose.• Organisations driven by purpose outperform the general market 15:1 and comparison companies 6:1.• They deliver greater retention of staff and customers• They achieve greater advocacy and therefore rely less on interruptive marketing• They become as important to people’s lives as a cause-based organisation. Relationships go beyond the transactional• More resilient in an economic down-turn• They have greater ability to enter new markets as they are not defined by their products but by their beliefs
2. Open CapitalLowering the risk of testing new markets Using crowd-funding platforms or principles to raise capital through micro- investments• Lowers cost of innovation and marketing• De-risks innovation; delivers proof of concept and pre-qualifies markets• Generates pre-sales and order book• Primes advocate platform pre-launch• Opens the innovation process early• Democratises innovation• Enables the scaling of niche innovation
3. Networked OrganisationDistributing the risk of doing business The organisation functions as a platform connecting internal networks to the external for a common purpose• Links people and teams across conventional boundaries (e.g. departments and geographies)• Enables pragmatic scaling with a more flexible workforce• Allows greater capacity efficiently• Closer to market and customer• Maximises the knowledge potential and flow of an enterprise;• Minimises threat of disruption; a network has greater resilience, responsiveness and adaptiveness.
4. SharabilitySharing the value of what you know Packaging knowledge for easy and open sharing both internally and externally• Taps into peer-to-peer distribution networks reducing cost to market and of targeting• Raises thought-leadership profile• Breaks down internal silos and external / internal barriers• Encourages the repurposing of information• Delivers lateral thinking and new perspectives• Value exchange reinforces connections and relationships• Allows cost and time efficiencies, reduces duplication• Ensures an organisation learns collectively and more quickly• Improves the spread of internal best practice
5. ConnectednessLeveraging the power of your people Connecting all employees internally to one another and externally through open social media• Demonstrates openness and accountability improving customer satisfaction• Increases the opportunity for serendipity and innovation• Humanises your company making business personal• Allows employees to; grow, build and manage relationships with customers and partners more easily - improving retention• Connects organisations to their employees’ networks scaling their collective reach• Enables for two-way flow of information and intelligence improving market knowledge
6. Open InnovationMaking better fits, more efficiently, to market needs Innovating with partners by sharing risk and reward in the development of products, services and marketing• Distributes the risk of innovating• Reduces the risk that the innovation’s won’t fit the needs of its intended market• Develops customer ownership of the innovation pre-launch• Allows for external ideas to be surfaced early on in the process• Scales idea generation and development with greater efficiencies
7. Open DataEnsuring your data is available for reapplication by outside the organisation Making your data freely available to those outside your organisation who can make best use of it• Externalises and scales R&D while reducing cost to innovate and market• Allows for crowd-sourced innovation and the repurposing of your data to deliver value in unimagined ways• Gives birth to new economies and innovations• Distributes the management of the exponential growth in data-sets• Distributes the risk and reward of data innovations
8. TransparencyBuilding trust and affinity Decisions, and the criteria on which they are based, are shared openly• Ensures the organisation makes decisions consistent with its purpose and in line with its declared beliefs• Incrementally improves the performance of the business through crowd checks and balances• Attracts the right employees, partners and customers• Softens unpopular decisions by being honest and open about the rationale• The act of open decision making builds affinity and trust• Corrects imbalances creating a fairer workplace
9. Member LedBeing a better fit with the networked world Your organisation is structured around the formal cooperation of employees, customers and partners for their mutual social, economic, and cultural benefit• A more cooperative model is a better fit with the networked world based upon community values• Creates a shared sense of ownership and responsibility – of belonging• Views customers as equal stakeholders• As loyalty to brands and large organisations decline, member-led companies offer a reason to continue relationships• Provides a feeling of being able to influence to feel valued• Removes the tension between employee and employer (unions and shareholders)
10. TrustTrust is essential for Open Business Mutually assured reliance on the character, ability, strength, or truth of the partnership• Partnership, the paradigm of open business, requires it• More resilient relationships with stakeholders• Trust in corporations and advertising is decreasing year-on-year (Endleman Trust Survey) so to excel in it offers a distinct advantage• Increases brand equity. A significant element of shareholder value• Inspires the default selection of your offering in competitive environments• Builds an emotional connection with a customer, partner and employee lowering the cost of acquisition and retention
Learn more about Open BusinessFollow, friend, comment or emailWebsite: ww.9010group.comTwitter: ninety10groupContact:Skype: jamieburke9010 Skype: david.cushmanEmail: firstname.lastname@example.org Email: email@example.com