Strategic Symbiosis: Using Interdependence to Build a Healthier Company

Image by Osarugue Igbinoba

Last week we discussed symbiosis and the interdependence that is embedded in the businesses ecosystem. We learned that a company’s success is intertwined with the success of other companies and that the health of one entity can impact the health of the entire network.

Here are some tips for using this information to guide your leadership and improve your company’s staying power:

Know your ecosystem: We tend to give a lot of attention to studying our competitors but there’s more you need to know: Who is your company’s future linked to? Who wins when you win and who suffers when you lose? Or worded another way: Who needs to do well in order for you to succeed? Make a map of all the connections that are tied to your business and consult it when making strategic decisions.

Nurture your business networks: Once you know who you are joined to for survival, get to know them. Learn what they need to be successful and share how those needs are similar or different from yours. Learn the key players in their ecosystem including the threats to their success. 

Promote mutualism: Look for opportunities to strengthen connections within your network and enhance the benefits you each receive from the other. By working together you can become more resilient and navigate market disruptions with more ease. This may involve finding ways to improve your communication, share knowledge and information or pool resources.

Remember you are not an island: When making decisions, keep in mind how your company’s actions will impact others in your network. If your choices negatively affect others, you may eventually experience a rebound consequence. For example, companies that pressure their suppliers to lower costs, may end up receiving lower quality products that ultimately affect customer satisfaction. 

Prioritize ethical practices: By conducting business in ways that promote transparency, trust and fairness you can establish long term loyalty and trust. This then strengthens healthy partnerships and supports the overall health of the business ecosystem.

By understanding the multitude of ways we are connected to each other, we can more strategically maximize opportunities, weather disruptions, and achieve sustainable and interconnected growth.

Need helping thinking through your company’s strategy? Give G2 Solutions a call!