As many individuals and organizations begin to look toward new beginnings in 2017, I encourage you to think through what worked in 2016, so you can effectively target your future goals. Why? Because innovation will set the foundation for your organizational success in the New Year…if you are intentional.
The Value of Innovation
It is important to have an effective innovation strategy in place as a key component of your business because it helps to transform ideas into commercial value, which improves a company’s bottom line profits. However, I am not saying that you should innovate just to innovate, innovative ideas must be replicable at an economical cost and must fulfill a specific need.
Radical or Incremental
Innovation can be radical or very incremental in nature. Radical innovation can drastically alter what businesses sell, while producing large gains in profit and revenue. Incremental improvements can add or sustain value by improving existing products and services. Let me share a five steps to immediately add value through innovation.
5 Steps to Target Innovation:
- Conducting market research to determine customers’ needs.
- Taking advantage of all available resources for advice.
- Encouraging risk-taking within your firm.
- Training and empowering team members to think in terms of innovation.
- Asking questions and listening intently to feedback.
Innovation Sets the Tempo
Innovation is vitally important to the growth and success of your business in the marketplace and creating the right atmosphere can greatly enhance the innovative process. For that reason, business leaders must promote and encourage outside-of-the-box thinking in order to ensure the future of their organization. After all, when employees are more engaged, they become more creative and more willing to accept innovative ideas from others.
Point of Clarity Quote: