Connect with us

Business

How Adaptability and Open Mindedness Lead to Success

mm

Published

on

By Aaron Vick

Aaron Vick is acting CEO for Cicayda due to the long time CEO’s activation by the ARMY Reserves to serve on the COVID-19 National Response Team. Prior to 2020, Aaron was Chief Strategy Officer for Cicayda providing tailored solutions and support within the realm of litigation eDiscovery. He routinely speaks and teaches on discovery best practices and trends as well as meets with international groups to discuss evolving discovery practice rules around the globe.

If you’re just starting out in your own business as an entrepreneur, or if you’re a hiring manager of C-suite personnel, you’ve probably found yourself putting on different hats—jumping into roles that could or should be filled by other employees. And as a leader, you and your company need to be adaptable.

Understanding every aspect of your business is a strength that will give you better insight into how to run your company, how employees behave, where you might be able to streamline production, and where you might need improvements.

This can be considered both a hard skill where you learn how to do specific jobs that are required for the business to function, and a soft skill where you’ll learn more about communication, teamwork, and how to deal with interpersonal relations (people skills).

But understanding every job from the mailroom to the boardroom is not the only area where adaptability will serve you.

When it comes to getting out a product or service, adaptability to the market, its ups and down, and its demands are the focal points for staying on top of your game. You’ll need to be open-minded and resilient. In other words, you need to make the best of things, regardless of how they have turned.

That doesn’t mean you should just “go with the flow”.

It means you need to be resourceful. Change what you can and adapt to the things you can’t. There’s no time like the present for assessing, reassessing, and growing a skillset. This should always be at the forefront of your mind.

You need to trust your own judgement. If you started with a solid plan and something didn’t work, be patient and tolerant until you and your team find a solution. When things go wrong, don’t lay blame.

Yes, someone may have overtly dropped the ball, but always try to put yourself in their shoes and show respect for the shortcomings of others. Get to the root of why this happened, then be positive in your outlook for finding a solution.

Strive to be able to bend without breaking. In other words, don’t compromise the values and vision of the company, just work toward a solution that will bring the same big picture outcome by a different path.

Being highly adaptable means being:

  • Tolerant
  • Confident
  • Empathetic
  • Positive
  • Respectful
  • Versatile
  • Flexible

Being open-minded means:

  • Being flexible
  • Looking for solutions instead of laying blame
  • Listening to the opinions and creative ideas of your team
  • Looking at things through someone else’s eyes

What’s most important here is to focus on the big picture outcome and apply maniacal flexibility and creativity in the execution path.

Can you be too open-minded? Probably not.

Being open-minded to changes or the ideas of others does not mean you must implement every idea that comes along. But it will go a long way to being able to find solutions that will improve your chances of success.

  • Be honest about where ideas can add value, and have a conversation about why one idea may be implemented over another.
  • Explore what might be uncomfortable and unconventional even if you don’t pursue it.
  • Force yourself to have two perspectives.
  • Implement active listening and dig into details.

If you find yourself being rigid, discontented, unwilling to change your attitude or how you do things, or being competitive even among your lower ranking employees, you’re not adapting, and this can cause the breakdown of trust and respect, which in turn leads to lower productivity and creativity among the ranks.

Can you be too adaptable? Yes.

Adapting to changes in the market, for example, means you’ve discovered how to keep your business running and turning a profit when consumer demands change—how people shop, how they spend, and why they buy. When the price of raw materials increases, for example, you’ll need to find a way to adjust your budget and your output to maintain your current status. If you’re not making as much profit as last month, that does not signal failure, it simply means you’ve got to get on top of the game and adapt.

  • Focus on solving hard problems by unlocking many smaller problems and solving them first.
  • Prepare a list of questions that challenge how your company operates in the marketplace, then answer those questions with viable alternatives that will allow you to adapt.
  • Utilize your team to hone in on key pieces that might be missing and that might work to give you more leverage in a changing market.
  • Reduce choices to two options.

So in being adaptable, what’s the difference between being versatile and being flexible?

When you’re flexible, you’re able to make changes without compromising too much—you (your company) can bend, but you won’t break. You’re ready to boost your awareness and willingness to make necessary changes.

Being versatile means you (your company) can cover many areas successfully and competently. You can move in a different direction if the need arises.

When America joined World War II in 1941, factories—automobile factories in particular—rapidly converted to the production of military tanks, rifles, ammunition, and airplanes. They served a greater purpose and were able to adapt to the needs of the country.

You will likely not have to make this kind of swift and drastic conversion, but knowing what your company is and is not capable of will guide you along the path to success and keep you there.

The paper and packaging industry is a great example of how the structure of an industry might need to change based on new technology. The need for graphic paper (newsprint and coated papers such as those used in photography) has been replaced by digitization, people don’t write letters and send them through the mail, and even copier paper is less in demand due to the proliferation of emails.

So how is this industry adapting? They’re focusing on other areas where paper is now in greater demand—packaging in both the consumer and industrial markets, and tissue products.

  • Can you find a way to consolidate production or focus on a specific area of your industry?
  • Are there lines that cannot be crossed?

Being adaptable and open-minded shouldn’t start when a crisis arises. Know your options—what your company is capable of–ahead of time by planning options for change or at least keeping change in the back of your mind.

Being adaptable, flexible, versatile, and open-minded about options will keep you and your company prospering. It will allow you to revitalize and renew, and it might incite new ideas that can bring growth even when you’re not pressed to adapt.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

High Volume, High Value: The Business Logic Behind Black Banx’s Growth

mm

Published

on

In fintech, success no longer hinges on legacy prestige or brick-and-mortar branches—it’s about speed, scale, and precision. Black Banx, under the leadership of founder and CEO Michael Gastauer, has exemplified this model, turning its high-volume approach into high-value results. 

The company’s Q1 2025 performance tells the story: $1.6 billion in pre-tax profit, $4.3 billion in revenue, and 9 million new customers added, bringing its total customer base to 78 million across 180+ countries.

But behind the numbers lies a carefully calibrated business model built for exponential growth. Here’s how Black Banx’s strategy of scale is redefining what profitable banking looks like in the digital age.

Scaling at Speed: Why Volume Matters

Unlike traditional banks, which often focus on deepening relationships with a limited set of customers, Black Banx thrives on breadth and transactional frequency. Its digital infrastructure supports onboarding millions of users instantly, with zero physical presence required. Customers can open accounts within minutes and transact across 28 fiat currencies and 2 cryptocurrencies (Bitcoin and Ethereum) from anywhere in the world.

Each customer interaction—whether it’s a cross-border transfer, crypto exchange, or FX transaction—feeds directly into Black Banx’s revenue engine. At scale, these micro-interactions yield macro results.

Real-Time, Global Payments at the Core

One of Black Banx’s most powerful value propositions is real-time cross-border payments. By enabling instant fund transfers across currencies and countries, the platform removes the frictions associated with SWIFT-based systems and legacy banking networks.

This service, used by individuals and businesses alike, generates:

  • Volume-based revenue from transaction fees
  • Exchange spreads on currency conversion
  • Premium service income from business clients managing international payroll or vendor payments

With operations in underserved regions like Africa, South Asia, and Latin America, Black Banx is not only increasing volume—it’s tapping into fast-growing financial ecosystems overlooked by legacy banks.

The Flywheel Effect of Crypto Integration

Crypto capabilities have added another dimension to the company’s high-volume model. As of Q1 2025, 20% of all Black Banx transactions involved cryptocurrency, including:

  • Crypto-to-fiat and fiat-to-crypto exchanges
  • Crypto deposits and withdrawals
  • Payments using Bitcoin or Ethereum

The crypto integration attracts both retail users and blockchain-native businesses, enabling them to:

  • Access traditional banking rails
  • Convert assets seamlessly
  • Operate with lower transaction fees than those found in standard financial systems

By being one of the few regulated platforms offering full banking and crypto support, Black Banx is monetizing the convergence of two financial worlds.

Optimized for Operational Efficiency

High volume is only profitable when costs are contained—and Black Banx has engineered its operations to be lean from day one. With a cost-to-income ratio of just 63% in Q1 2025, it operates significantly more efficiently than most global banks.

Key enablers of this cost efficiency include:

  • AI-driven compliance and customer support
  • Cloud-native architecture
  • Automated onboarding and KYC processes
  • Digital-only servicing without expensive physical infrastructure

The outcome is a platform that not only scales, but does so without sacrificing margin—each new customer contributes to profit rather than diluting it.

Business Clients: The Value Multiplier

While Black Banx’s massive customer base is largely consumer-driven, its business clients are high-value accelerators. From SMEs and startups to crypto firms and global freelancers, businesses use Black Banx for:

  • International transactions
  • Multi-currency payroll
  • Crypto-fiat settlements
  • Supplier payments and invoicing

These clients tend to:

  • Transact more frequently
  • Use a broader range of services
  • Generate significantly higher revenue per user

Moreover, Black Banx’s API integrations and tailored enterprise solutions lock in these clients for the long term, reinforcing predictable and scalable growth.

Monetizing the Ecosystem, Not Just the Account

The genius of Black Banx’s model is that it monetizes not just accounts, but entire customer journeys. A user might:

  • Onboard in minutes
  • Deposit funds from a crypto wallet
  • Exchange currencies
  • Pay an overseas vendor
  • Withdraw to a local bank account

Each of these actions touches a different monetization lever—FX spread, transaction fee, crypto conversion, or premium service charge. With 78 million customers doing variations of this at global scale, the cumulative financial impact becomes immense.

Strategic Expansion, Not Blind Growth

Unlike many fintechs that chase customer acquisition without a clear monetization path, Black Banx aligns its growth with strategic market opportunities. Its expansion into underbanked and high-demand markets ensures that:

  • Customer acquisition costs stay low
  • Services meet genuine needs (e.g., cross-border income, crypto access)
  • Revenue per user grows over time

It’s not just about acquiring more customers—it’s about acquiring the right customers, in the right markets, with the right needs.

The Future Belongs to Scalable Banking

Black Banx’s ability to transform high-volume engagement into high-value profitability is more than just a fintech success—it’s a signal of what the future of banking looks like. In a world where agility, efficiency, and inclusion define competitive advantage, Black Banx has created a blueprint for digital banking dominance.

With $1.6 billion in quarterly profit, nearly 80 million users, and services that span the globe and the blockchain, the company is no longer just scaling—it’s compounding. Each new user, each transaction, and each feature builds upon the last.

This is not the story of a bank growing.

This is the story of a bank accelerating.

Continue Reading

Trending