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April 18, 2024

How Does Tacit Knowledge Propel Business Success?

Let’s face it: Business growth and innovation pose a complex puzzle. Remarkably, 84% of global executives surveyed by McKinsey stress the critical importance of innovation for growth, yet only 6% feel they're nailing it. But not everyone settles for this narrative—certainly not the people I know and work with.

The Challenge of Nurturing Innovation and Engagement

Let’s face it: Business growth and innovation pose a complex puzzle. Remarkably, 84% of global executives surveyed by McKinsey stress the critical importance of innovation for growth, yet only 6% feel they're nailing it. Further adding to the gloom, Bain reports just about one in nine companies manage to sustain profitable growth over ten years. And with Gallup highlighting that a staggering 85% of employees feel disengaged at work, the picture seems bleak. But not everyone settles for this narrative—certainly not the people I know and work with.

From Surviving to Thriving: The Serially Successful Intrapreneurs

But here’s the twist: The leaders I collaborate with are not just surviving; they are thriving. They spearhead sections of their businesses that consistently achieve:

  • Sustained financial growth
  • Operational excellence
  • High employee engagement
  • Customer satisfaction
  • Effective collaborations

These serially successful intrapreneurs (SSI's), or what I affectionately call 'Cultural Cowboys,' are masters at creating environments that foster new ideas and businesses. They stick to a core ethos that blends making money with making meaning. Over three decades, I've had the privilege of working alongside these remarkable individuals, learning their methods and understanding the essence of their success.

The Secret Sauce: Tacit Knowledge

Here’s what many don’t see: The real game-changer has often been the elusive, tacit knowledge—those unspoken principles and practices that drive their everyday decisions and actions. It's fascinating that despite advances in technology and the vast human intellect, many businesses struggle to leverage the full spectrum of their internal and external resources. Yet, when these resources are effectively tapped, the potential for growth is immense.

Unleashing Potential: The Power of Hidden Treasures

Bold Move Ahead: In my forthcoming book, The Power of Hidden Treasures: How to Break Through Growth Barriers, I dive deep into the art of identifying and utilizing these hidden gems within a company. The aim? To equip you and your teams with the necessary tools to not just stumble upon these assets but to strategically leverage them for substantial growth.

Stay tuned: I’m excited to share more insights and strategies that will not only change how you view your business but also how you can lead it from mere survival to remarkable thriving.

Remarkably, 84% of global executives surveyed by McKinsey stress the critical importance of innovation for growth, yet only 6% feel they're nailing it.

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