In today's business landscape, there is a stark chasm between average-performing firms and the fastest-growing ones. 

Many are fretting over AI’s future impact - and well they should quite frankly as it is fast changing the world. But there is a significant challenge that involves businesses with real life people that is equally as pressing, possibly more so.   

The task at hand is to master the revolutionary management changes already with us. As Tammy Erickson pointed out in the Drucker Forum webinar of March 2024, “We must be willing to upend the way we think about how we design and lead organisations.”

The tipping point has indeed been reached. It's not a distant horizon; it's here. 

The Old Guard vs. The New Wave

The contrast between 20th-century management and its 21st-century counterpart is stark. 

The former fixates on rigid processes, control, and output-driven goals, leading to stagnation and disengagement.

In contrast, the latter thrives on adaptive mindsets, value creation, empowerment, and collaborative networks—hallmarks of today's fastest-growing firms.

Let’s take a look. 

20th Century Management:

• Processes over people
• Profit-centric objectives
• Hierarchical control
• Output-focused metrics

This antiquated approach is a recipe for stagnation. 

Firms stuck in this model struggle to adapt, innovate, and engage their staff. 

The world is evolving rapidly, and clinging to outdated methods ensures one thing: obsolescence.

21st Century Management:

• Mindsets over methods
• Value creation as a core goal
• Empowerment at all levels
• Collaborative networks
• Outcome-driven processes

Firms adopting this new management theology were an enigma to the old guard, but they’ve left that old guard for dust with their speed and agility. 

Peer Group Settings: The Catalyst for Change

Regular mastermind sessions, such as the Tables led by TableNetwork, are prime examples of the collaborative networks essential for navigating this new terrain. These sessions provide a dynamic environment where business leaders can exchange insights, challenge old paradigms, and adopt forward-thinking strategies. 

Peer group settings are not merely beneficial; they are imperative for keeping pace with evolving mindsets and outgrowing the competition. Many of the new paradigm leaders, from Bill Gates to Steven Bartlett, cite their peer networks as being integral to their success. Personally, I found the discovery of peer groups to be transformational for my understanding and maturity as a leader. 

The Legacy of 20th Century Management

For much of the 20th century, management was a rigid system of methods and processes, cloaked in scientific objectivity and hierarchical control. Terms like Lean Manufacturing and Six Sigma dominated, while human factors were often side-lined. This approach, in the end, resulted in low adaptability and low staff engagement. Besides which, a rigid approach doesn’t really gel with the desires of today’s workers. 

20th-century managers were supremely confident in their methods, equating them with efficiency and profitability.

We all like a bit of efficiency don't we?

However, 20th-century managers dismissed human elements - mindsets, empathy, and culture - as inconsistent and unscientific, unworthy of serious consideration. 

The old myopic view is a significant hindrance in today's dynamic market. 

The Strange Shift: Mindsets at the Helm

Enter the 21st century, where firms like Apple, Microsoft, and Amazon herald a new era. These companies still use processes, but mindsets, goals, and culture now steer the ship. Apple's emphasis on culture and innovation, Microsoft's focus on mindset and empathy, and Amazon's customer-centric leadership exemplify this shift. 

With the mindset shift in people today, this change in attitude is a must. People want to be valued. Over the years, many of my best, most productive staff live for empowerment and self-mastery.

With the changes that the communication revolution brought about, people can learn so much, and so quickly, there is little the employer can now get away with. Treating people as individuals is a must. 

Jensen Huang of Nvidia underscores character, recounting his own experiences of adversity as foundational to true greatness. This new breed of firms thrives on values, empowerment, and collaborative networks, leading to unprecedented growth and profitability.

Understanding the Paradigm Shift

Fast-growing firms today view the world differently. They see it as an interconnected web, not a collection of separate parts. They understand that customer power and new value-creation methods necessitate a shift in focus. 

Making money remains crucial, but it starts with delighting customers and creating innovative business models.

The Urgency of Change

For those clinging to outdated methods, the message is clear: adapt or be left behind. 

The world won't wait. 

The choice is stark - continue down the path of stagnation and watch as more agile competitors outpace and outmanoeuvre, or embrace the collaborative, innovative approach of 21st-century management.

To thrive in this evolving world of business, one must embrace the collaborative networks that mastermind sessions provide. They are the crucibles where modern management mindsets are forged and refined. In this brave new world, the old guard's rigid methods give way to dynamic, empowering approaches, ensuring growth and innovation.

Are you ready to join this revolution and outgrow your competition? 

The choice, as always, is yours.

TableNetwork is emerging as a paragon in this narrative, sculpting a community where discourse flows unbridled, forging pathways toward financial enlightenment and resilience. 

For advice on adapting your business to the changing landscape, please get in touch with Ed either directly or through the TableNetwork Community. 

Ed Fowkes

June 2024