Design Thinking for Innovation – Assignment

Storytelling – Reflection;

Challenge& Selection

Storytelling in a tool that I use for in order to communicate with the stakeholders of the business that I am  involved in – corporate banking. This tool proves to be extremely efficient when interacting with high level/  top management of various companies. It is always a challenge to transmit a clear and unequivocally  message in a negotiation with a CEO or CFO that has very little time and becomes bored very easily in  case too many details are part of a discussion. Corporate banking involves a lot of technical details  (financial, economical, regulatory etc.)  important for any decision or recommendation.

Accordingly, identifying the right tool of communication, in this case the right story is highly important for  the effectiveness of a business meeting. As it was mentioned in Week 3 Storytelling movie, a story needs  to be logic and emotional and at the same time is mandatory also to solve the problem. Selecting the  optimum story for each context needs preparation and knowing very well you counterpart/ audience.

Application

When I met the CEO of a company that had financial difficulties and needed to restructure its debt in  order to create the context for an improvement of the business cash flow.  In this situation I needed a tool  in order to be persuasive but also generate a positive emotion and constructive approach. Having a long  time experience in different situations with companies form the same filed (agricultural farming) I selected  I story that was about a case happened a few years ago in a different country but with similar  characteristics. I started by underling the similar aspects between the companies and their challenges.  Since emotion is very important for a story telling strategy, the presented similar aspects were not only  related to financial position but also to the human aspect like the dilemmas that the management of the  peer company had with regards the performance of their teams/employees.

The story included a clear sequence of events that influenced the destiny of the peer company starting  from the  appearance of the financial difficulties and then measures taken together with the stakeholders  including banks , decision process and solution implementation. I stressed the impact of the implemented  solution since the larger purpose of the current restructuring phase was the following:  in a certain time  frame the business can stabilize and create value for its customers and shareholders.

Insight

The outcome of the meeting was that the CEO agreed with the proposed restructuring plan while we  remained in very good relationship.

Using this tool in a tense situation focuses the discussion as well as the people involved to a more  collaborative approach. Focusing only on hard facts and figures without describing the context can have a  negative impact upon the perception of you counterparty. Storytelling makes communication to have an  emotional approach. Having in mind that people easily remember emotions, the above mentioned  situation revealed a benefit of such a communication strategy.

Approach

I strongly believe in the power of storytelling in business environment. Business is done with “flash and  blood“ counterparties and using a communication method that allows easy message decoding is always  recommend. At the same time, successful utilization of storytelling tool means to select the right story for  each context.


Design Thinking for Innovation – Assignment Storytelling – Reflection ; Challenge & Selection Storytelling in a tool that I use for in order to communicate with the stakeholders of the business that I am involved in – corporate banking . This tool proves to be extremely efficient when interacting with high level/ top management of various companies . It is always a challenge to transmit a clear and unequivocally message in a negotiation with a CEO or CFO that has very little time and becomes bored very easily in case too many details are part of a discussion . Corporate banking involves a lot of technical details ( financial , economical , regulatory etc . ) important for any decision or recommendation . Accordingly , identifying the right tool of communication , in this case the right story is highly important for the effectiveness of a business meeting . As it was mentioned in Week 3 Storytelling movie , a story needs to be logic and emotional and at the same time is mandatory also to solve the problem . Selecting the optimum story for each context needs preparation and knowing very well you counterpart/ audience . Application When I met the CEO of a company that had financial difficulties and needed to restructure its debt in order to create the context for an improvement of the business cash flow . In this situation I needed a tool in order to be persuasive but also generate a positive emotion and constructive approach . Having a long time experience in different situations with companies form the same filed ( agricultural farming ) I selected I story that was about a case happened a few years ago in a different country but with similar characteristics . I started by underling the similar aspects between the companies and their challenges . Since emotion is very important for a story telling strategy , the presented similar aspects were not only related to financial position but also to the human aspect like the dilemmas that the management of the peer company had with regards the performance of their teams / employees . The story included a clear sequence of events that influenced the destiny of the peer company starting from the appearance of the financial difficulties and then measures taken together with the stakeholders including banks , decision process and solution implementation . I stressed the impact of the implemented solution since the larger purpose of the current restructuring phase was the following : in a certain time frame the business can stabilize and create value for its customers and shareholders . Insight The outcome of the meeting was that the CEO agreed with the proposed restructuring plan while we remained in very good relationship . Using this tool in a tense situation focuses the discussion as well as the people involved to a more collaborative approach . Focusing only on hard facts and figures without describing the context can have a negative impact upon the perception of you counterparty . Storytelling makes communication to have an emotional approach . Having in mind that people easily remember emotions , the above mentioned situation revealed a benefit of such a communication strategy . Approach I strongly believe in the power of storytelling in business environment . Business is done with “ flash and blood “ counterparties and using a communication method that allows easy message decoding is always recommend . At the same time , successful utilization of storytelling tool means to select the right story for each context .