Is your company full of smart, passionate people, who have strong ideas about your business? Do they have trouble agreeing on a strategy and sticking to it? The problem is pretty simple: many smart people are used to being the smartest person in the room. Consequently, they are often rewarded for ignoring the ideas of […]
Continue readingChanging Threats to Opportunities can Lead to Game-Changing Innovation In strategic planning, we consider opportunities, and scary things, like threats. Some of the best innovations come from changing threats to opportunities. Game-changing innovation that transforms an industry and stymies the competition can come from serious threats. Examples of changing threats to opportunities First, one client, […]
Continue readingWhy is commitment crucial and how does an organization get and keep it? Commitment means that senior management and key personnel throughout the company buy-in to driving the company forward to reach its objectives. Therefore, they have committed to the success of the company. Furthermore, they execute the strategies of the organization as effectively as […]
Continue readingPrice sensitive products – how can you differentiate? When you’re selling price sensitive products, find a way to add value, so your customers will pay a premium. Understand your customers’ needs and preferences, however, and understand what you can do to improve your products and services. Standard Textile was faced with this dilemma – in […]
Continue readingBeing different is one of the keys to profitability, however, it is also one of the most feared strategies. Clearly, there are very few success stories about companies that behaved just like their competitors. This may be because managers feel unusually vulnerable when considering a strategy that builds true distinction for their brand. In so […]
Continue readingImplementation pitfalls are common in strategic planning. But why is this – and what can we do about it? We’ve noticed six very common issues that have hindered execution at companies we’ve worked with, and none of them is intractable. The most common implementation pitfalls are: Overcommitment Poorly defined objectives Poorly crafted implementation plans Hidden […]
Continue readingInnovation Process In addition to creating an encouraging atmosphere, management must create some procedures to channel the innovation process. Although unstructured thoughts are necessary for brainstorming, they can lead to missed opportunities and wasted resources in the innovation process. The innovation process must be reasonably well structured First, management must create an environment to encourage […]
Continue readingSources of Ideas First of all, earlier we have discussed how brainstorming sessions can be sources of ideas for the innovation process. However, where do the ideas that are brought out in the brainstorming session come from? One area is inside the company. Your fellow employees are often good sources of ideas for improvements in […]
Continue readingChallenge By setting forth a challenge to the appropriate people, top management will encourage innovation. Furthermore, without a challenge, there may be no drive to innovate and nothing to provide the impetus. For example, President John F. Kennedy challenged the nation to land on the moon by the end of the decade. Consequently, that one […]
Continue readingBeat the Competition Aircraft engines: how did GE beat the competition? Mohammad Ehteshami was faced with a seemingly impossible task. He needed to significantly increase the value of the next generation of GE jet engines. Mr. Ehteshami had years of industry expertise and he and his team set up to achieve the objective. After failing […]
Continue readingInternal communication is a key component of innovation The innovation process will be better when everyone understands the company goals and objectives. Additionally, internal communication based on openness and trust helps to set this atmosphere. Internal communication, however, is a weakness in many companies For example, a recent article profiled a well-known company. In the […]
Continue readingA creative atmosphere fosters innovation. This is a cultural matter you must encourage and nurture, but it is not as simple as flipping a switch. One must set an environment that encourages people to think in unusual and creative ways. This is not easy to accomplish when much of business is, by definition, so structured […]
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