In a rapidly evolving business landscape, it pays to be a pioneer. 

Companies in every industry are looking for ways to innovate, both to help them grow and stay resilient. Great leaders are always seeking new strategies to stay ahead of the curve and their competitors. 

According to a study by McKinsey, companies that prioritise exploration are five times more likely to achieve above-average growth compared to their peers.¹ And the earlier you start exploring, the better. CB Insights found that startups that prioritise exploration are 17 times more likely to become unicorn companies.²

‘Explore’ is Airwallex’s starter bundle, designed for businesses that are ready to farewell old-school banking and usher in a new generation of dynamic financial tools. To celebrate the transformative potential of this revamped package, we’re zooming out to take a look at why fortune favours the bold in business. 

Explore with Airwallex

Before we get started, we want to share why exploration is so important to us. We truly believe that it’s transformative when it comes to business, so much so that we've named our starter package ‘Explore’.

Our ‘Explore’ bundle is your gateway to Airwallex’s powerful suite of products, unlocking our incredible Business Account. This powerful account is our response to old-school business banking; packed with next-generation and digital-first features to help businesses move, manage, and grow their money.

What can businesses do with our powerful Accounts?

• Move money globally

  • Open Global Accounts in 60+ countries in minutes, without needing a local entity

  • Accept payments from 180+ countries, and transfer to 150+ countries

• Manage money easily

  • Issue corporate Visa cards for FX-free global spending. 

  • Enjoy smart integrations with the existing platforms in your tech stack

• Grow money effortlessly

  • Grow your funds with Yield, our high-rate business saver

  •  Earn competitive returns in AUD and USD

Explorers also get access to our Payments suite, complete with ​​online card and local payment method acceptance globally. They also unlock with multi-currency company and employee cards with zero international fees (includes 2 free employee card users).

5 Australian business leaders who champion exploration

A spirit of exploration is a common trait in the most successful leaders. Taking risks, pushing boundaries, and fostering a culture of innovation are all hallmarks of a visionary leader.

1. Scott Farquhar and Mike Cannon-Brookes are prime examples of Aussie pioneers. Establishing Atlassian in 2002, using only a credit card with a $10k limit to fund their startup, they are now two of the most respected business leaders in the world, with Mike Cannon-Brookes even being named on Time’s global list of “100 Most Influential People”. 

2. While it’s impressive to create an innovative company, it’s remarkable to bring a national institution into the digital age. Formerly the CEO of Australia Post, Ahmed Fahour is known for his transformative leadership. He spearheaded significant changes within Australia Post, focusing on digital innovation and expanding the company's services to meet the evolving needs of customers.

3. One of our very own Shark Tank sharks, Janine Allis, Founder of Boost Juice and Retail Zoo, has been a champion of innovation in the retail and food industry. Her entrepreneurial spirit and desire to do things differently has led to the creation of successful brands that have expanded internationally.

4. Dick Smith is an entrepreneur and literal adventurer. As well as being a household name for electronic goods, ​​​​Smith is known for his aviation feats, including the first solo helicopter flight around the world. His explorations have inspired many Australians on their own business journeys.

These leaders are living proof that the spirit of exploration is a potent catalyst for success. By embracing risks, nurturing innovation, and pushing limits, they've made groundbreaking achievements and ignited flames in countless others to follow suit.

Mastering the art of exploration

So you want to start unlocking the potential of exploration? There’s a few fast things that you can do today to start thinking bigger. 

Embracing cutting-edge technologies 

Another must in your pursuit of mastering exploration. These innovations can be transformative in shaping the future of your business operations. Let’s take a current example — AI and machine learning can streamline your everyday operations, and offer insights that can help you make data-driven decisions. By remaining at the vanguard of technological innovation, you position your company to lead rather than follow industry trends.

Adopt a ‘growth mindset’

A growth mindset is the belief that abilities and achievements can be gained through effort, learning, and resilience – embracing challenges as opportunities to grow. It’s all about being flexible and open to new things, which will let a habit for exploration naturally evolve. 

Psychologist Carol Dwek, brought this thinking into the mainstream. “Mindset change is not about picking up a few pointers here and there,” she writes in Mindset: The New Psychology of Success. “It's about seeing things in a new way. When people change to a growth mindset, they change from a judge-and-be-judged framework to a learn-and-help-learn framework. Their commitment is to growth…”

Communicate with curiosity

Equally important is the practise of maintaining open channels of communication with your team, stakeholders, and customers. By actively listening to their feedback and insights, you can gather valuable data that can drive enhancements and excellence for your product or service. This is also important when considering new tools for your business; the feedback you've received will help provide a framework when you’re exploring options.

Turning great ideas into action

So, you’re ready to transform new ideas into tangible outcomes? A strategic approach made up of three key steps is essential. 

Validate

The first crucial step is to validate your ideas, ensuring they're aligned with your business objectives. This validation process might encompass market research, internal feedback, and the backing of company data. You’ll need several sources to back up your hypothesis, so make them as solid as possible.

Collaborate 

By enlisting the support of others, you can gain fresh perspectives. Whether you're working across different departments or engaging with external partners, collaboration can help you to bring your ideas to life more quickly. This buy-in from others in the business will also help you when it comes to building a business case, if you need one.

Prepare for change

It’s a cliche because it’s true, fail to plan and plan to fail. Develop a flexible strategy that allows your organisation to pivot quickly and capitalise on the emerging opportunity. Lead by example and demonstrate ​​a willingness to adapt and evolve, inspiring your team to do the same.

Are you ready to Explore the potential of Airwallex?

Feeling inspired to explore what’s possible for your business? It’s time to carpe that diem! Start your one-month free trial of our ‘Explore’ bundle today. 

Sources: 

1. https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/innovative-growers-a-view-from-the-top

2. https://www.cbinsights.com/research/report/unicorn-startups-valuations-headcount-investors/ 

3. https://www.goodreads.com/author/quotes/217172.Carol_S_Dweck 

Disclaimer: The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk.