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Three ways to achieve business longevity in cutting-edge industries

Aug 23 2022

For a business to thrive and achieve longevity, it must evolve and adapt to a changing global market. Khalid Al-Muawad, founder and CEO of Midwam, an immersive experience design company in Saudi Arabia, shares his insights and experience on how business leaders and CEOs can inspire their employees to secure the future of their companies. 

Embrace Challenges as Opportunities Remain Competitive
How can an entrepreneur embrace challenges as new opportunities? Companies must continuously reinvent themselves in order to remain competitive in their respective industries. For businesses that use cutting-edge technologies, adapting to rapid digitalisation is always at the forefront of the development of innovative solutions, but it is important to have a deep understanding of your market as well as the demand for your services. This is because it is necessary to attract and retain users as well as ensure that the business stays relevant. For example, Amazon founder Jeff Bezos has previously spoken about the importance of storytelling when selling your business model:

“You can have the best technology, you can have the best business model, but if the storytelling isn’t amazing, it won’t matter. Nobody will watch.”

One of the key aspects in the Experience Design sector is to establish emotional and inspirational connections between people and brands.  Implementing the latest technology must happen across all industries but it is also important to convey a story which has depth and meaning. Making sure you are always able to anticipate challenges and respond to emerging global trends in your sector, especially being able to recognise signs of changing behaviours across the market, is essential in order to succeed and prosper as a business. A crucial point to remember is to always think about engagement and conduct thorough market research to have a clear insight into your audience.

Achieve and Sustain Effectively
When a business starts to become successful, it is important to work on a growth trajectory. To do this, you need to identify a meaningful market niche and deliver on your storytelling. However, when a company becomes well established, the next step is to sustain the growth which has been achieved as the business continues to expand. Determining your business potential and thinking outside the box when it comes to growing your business are both indispensable in order to be able to deliver and cater to your customer’s demands and needs. For example, in the Experience Design sector, it is important to adopt and maintain a human centric approach in order to tap into your audience’s needs.

The dust has started to settle for many organisations following the COVID-19 pandemic and, according to a briefing by PWC, businesses had the chance to benefit from the COVID-19 disruption by taking lessons from the pandemic and developing resilience for any future difficulty. Knowing how to use your resources and deploy capital effectively will help you achieve a sustainable level of growth in the business.

Inspiring New Talent
Being an inspiring leader means encouraging new talent and implementing an effective training program which upskills your workforce. Digitalisation and innovation are creating new jobs for young talent in creative, cutting-edge spaces. Harnessing the untapped potential of young people is a necessary investment to secure business longevity as well as an exciting future for your company. To achieve this, you must implement a trickle-down management culture where leaders are uplifting the employees who are underneath them.

Leaders must also be capable of recognising and combining talent. Company employees must leverage their different skills to transform ideas into a tangible reality and knowing how to carefully select your team will bolster your company culture and business profitability as a result. The most important thing to note is to select and assemble a dedicated team of talents who will support your idea and drive growth. Behind the design of tech solutions, particularly in Experience Design where the scope is to deliver world-class events, there can be a team of young, fresh talent delivering your company’s objectives and driving the next phase of your business’ growth.

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