Are You Making The Most Of Positive Innovation?
All organisations need to innovate to maintain their market share let alone even attempt to grow it!
Much effort and exercising of corporate minds goes into the mix of an exercise to innovate production, sales, marketing and services yet often the chosen path comes from a pressure to get this process started as soon as possible: innovation sadly becomes the mother of invention.
So, what aspects of the business should a organisation look at when trying to innovate?
The following should be the focus in ALL Innovation exercises, whatever the organisation:
- Stabilise operations: identify where operational performance is good, where it is poor and assess why areas perform better than others. What learning points emerge from this and how can this be used in a wider sense?
- Improve the business: we all know the areas that are underperforming, whatever the context of our activity, yet this picture often perpetuates until a crisis emerges and change is essential. Head this off and do something effective NOW!
- Define our purpose: what is the primary function of the business and has this become lost in a sea of activity that is failing to deliver? What is the Vision and is it still relevant? If not get it changed so that is does mean something!
- Organic growth: what parts of the business are growing and achieving income in a way that you had not expected? Where are the new developmental areas and how big could they become? Lever resources into such areas, explore the opportunity for a new direction/development/achievement.
- Offshoring: what can be floated off and done at arm’s length to free up more resources. Why spend huge amounts of time/money/effort in areas that could easily be given to an external agency to manage? Why are we, ourselves, spending huge sums on recruiting staff when parts of that exercise could be dealt with by a separate organisation?
- Restore the Balance Sheet: put focus onto making good profit with an eye to the future where innovation cuts out areas of debt in favour of those that bring a positive to the organisation. Innovation that sweeps away loss-making activity and areas of slow/minimal growth should be stripped out and replaced.
Innovation may be painful and difficult, upsetting many people’s agendas and vested interests but this has to be preferable to stagnation, serious decline and ultimately not having an organisation at all!
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