The Seven Rules of Fearless Growth: What Fearless Companies Are Doing to Grow Faster and Smarter

Amanda Setili, author of Fearless Growth: The New Rules to Stay Competitive, Foster Innovation, and Dominate Your Markets, is president of strategy consulting firm Setili & Associates. According to Setili, when the rules we used to live by are becoming obsolete overnight, which doesn’t foster calmness and confidence.

“To be able to respond quickly and intelligently to the fast pace of change, all levels and functions in your businesses must be creative, responsive, and agile,” says Setili. “You’re going to feel fear, sure—and yet you must act in spite of it.”

In her work as a strategy consultant, Setili says she has found there are seven rules to help you navigate the new economy and achieve fearless growth.

  1. Embrace uncertainty.
    Uncertainty creates opportunities to pull ahead of the competition. Having the right risk mentality and moving quickly gives you an advantage over competitors that are slower to respond. Repeat past successes and keep budgets realistic and proportionate to projects.
  1. Get in sync with your customers.
    When you allow your customers to customize the products and services you sell, you’re able to learn a lot about them. This gives you the information you need to innovate new products, services and ways of doing things, and stimulate growth. You can also observe and cater to your outlier customers – the ones who use your products and services in unusual ways – to gain insights. They can provide you with a window into emerging market trends and ideas for new products and services.
  1. Partner, borrow and share.
    If you can collaborate with others outside your company, you can experience rapid adaption when the market changes. It benefits you to outsource things that are not your distinctive competency. All of this can leverage the ideas and capabilities outside your organization, while strengthening the people, processes and capabilities inside it.
  1. Connect and strengthen your ecosystem.
    Figure out who’s already in your company’s ecosystem and whom you would ideally like to have there. Then determine what value you would like each member to both give and receive. Consider creating a technology platform to enable richer interactions between ecosystem members and facilitate and nurture their real-life relationships with each other as well. Building the strength, size and participation in your ecosystem can fuel growth, build customer loyalty and insulate your company from market upsets.
  1. Open the floodgates of employee creativity.
    Be sure to continually pose new questions and challenge assumptions by introducing competition or games to stimulate new ways of thinking and free people to take risks. Allow new ways to work by encouraging collaboration and forming project-based groups, rather than top-down structures. Communicate your values clearly and frequently, so employees know what you expect, even when no one is looking.
  1. Learn fast and fearlessly.
    Keenly observing the business environment, taking action before you feel fully ready and incorporating what you’ve learned immediately into your strategy are all tickets to playing in today’s fast-changing global economy. Make sure you are constantly experimenting, learning from successes and failures, and applying your knowledge. Anticipate the changes in your business environment and set specific learning goals based on those changes.
  1. Build trust into all you do.
    Trust speeds innovation and growth and improves efficiency. To begin building trust, work to neutralize fear in your organization, making it psychologically safe for employees to voice their ideas and opinions, make decisions, take action, gain new skills and try new things. When you give people challenging but realistic goals, act in a transparent way, show vulnerability, grant people discretion about how they do their work, and show appreciation for work done well, you’ll be amazed how much your team can accomplish. Finally, foster and expect creative conflict by encouraging employees to disagree and challenge each other.

“Like it or not, it’s time to throw out the old rule book and start fresh with approaches that make sense for the new economy,” says Setili. “The strategies that help you facilitate trust, learning, creativity and partnership seem counterintuitive at first, but will soon pave the way to success not only for you but for your team and your customers as well.”