Tag: innovation

LOOKING FOR TIPS ON GETTING TEAMS TO HELP INNOVATE AND IMPROVE YOUR BUSINESS?

Here are two of my strategies I use to help teams innovate to turn the business around or take it to the next level.

Staff and customers are fantastic sources for ideas on what to improve, yet many businesses don’t tap into these gold mines well.

1. Permission to fail.

When encouraging staff to suggest and try better ways to do things (that are not life threatening or financially crippling), make sure you give them permission to fail.

“Try it, if it doesn’t work, change it or try something else.”

It’s that simple. No big deal. Encourage your team to try new ideas they have.

The culture has to be one of giving permission to try.

I see so many teams frustrated and demotivated because they can’t implement their ideas. It is common to see morale turn 180 as soon as the team feel listened to and able to suggest ideas.

2. Ask customers for suggestions.

The trick here is to appreciate they can have a fixed opinion of what you can do.

They have put you in a ‘box’. Therefore you need to encourage them to think outside the ‘box’.

I will literally say something like, “if anything was possible, what features would you really love to see?”

Encourage them to forget what they believe you can offer, and to talk about what they would really love to have. Sure, some ideas will not be practical, realistic or feasible but in my experience, there is always at least one good idea that helps improve the business.

If they seem a bit stuck for ideas, ask them if there is anything your competitor does really well that they like.

Technical or Value Innovation Trap

Technical innovation…or value innovation? Stop…don’t make this mistake…

Are you innovating in your business to stay ahead of the game and to stay fresh and relevant?

Be mindful of technical vs value innovation. I’ve made this mistake more than once.

More than once I’ve focused on technical innovation because I love technology and I’ve got caught up in the excitement of achieving a ‘technical outcome’. One example was a bladder rainwater tank I spearheaded the design and development of.

Long story short, we spent close to a million on developing it, and we got it into Bunnings, but it bombed. The customer just didn’t see value in the innovation. It was a great technical innovation, but didn’t offer enough increased ‘value’.

iPhone sales are dropping drastically for a similar reason. The increased ‘value’ of new versions isn’t there compared to early days.

We buy value. So…if you are innovating, and want a sufficient number of people to buy it, please do a stock take and make sure you are adding plenty of ‘value’.