Are you an innovative leader?
Do you have an “innovation strategy”? If not, here’s how to develop it and take your leadership and organization to the next level in innovation!
Statistically, Here's Why It Matters
Can you see the gap highlighted by these four statistics (from McKinsey, PWC, EY, and PA Consulting)?
- 79% of the most innovative companies have well-defined innovation strategies
- Innovative organizations are 3.5X more likely to outperform their competition
- 87% of CEOs say that innovation is essential to survive, succeed, and grow
- Yet, a meager 10% or less of all companies have an “innovation strategy”
As a leader, developing a clear and actionable “innovation strategy” can take your leadership, culture, and people to new heights.
Your Innovation Strategy Blueprint
Your “innovation strategy” should be a written document that you can share with others, and the world is your oyster for what you would like to include! And, have fun with it! To help you get started, here are some categories you can consider including:
Vision and Goals
What is your organization’s long-term vision for innovation? What do you want to innovate? In what industry and product categories? What does the culture look like? Set specific, measurable goals for your innovative efforts. How will you track progress? For example, Becoming Your Best “pioneers and develops the #1 time management solutions for the world!”
Embrace the Unknown
Innovation thrives on calculated risks. Adopt a mindset and build a culture that encourages risks, ideation, and experimentation. Eliminate criticism and punishment of risk taking. Celebrate “failing forward.” What does this look like for you? Is it scheduled brainstorm sessions? Is it “recognition” for new initiatives? Is it competitions and prizes for “new product ideas”? Can you shadow customers? Try giving people “stretch assignments.”
Define the roles of leadership in fostering innovation and building culture. One simple idea: give your leader’s “thoughts books” and ask them to share thoughts they’ve collected at monthly or quarterly meetings. Many of today’s greatest inventions and ideas were captured in a leader’s “thoughts book” (here’s an example).
Listening
There are two primary groups that should be listened to when it comes to innovation: your people and your customers. What ideas do they have? Do they feel comfortable sharing their ideas? How do you collect those ideas or create open communication to hear those ideas? Articulate how, where, and when you will listen to your people and customers. Do you involve customers in new research and product development? 65 percent of the high-growth companies collaborate with customers.
For example, do you have an internal (for your people) “idea board” or “idea box”? Do your provide feedback on those ideas? Do you have a customer “feedback board,” whether physical or digital, where customers can share their ideas? Do you comment on it, so they know you’re listening?
As an example, a local gym — that is quickly growing — has a single “Ideas Board” for employees and customers, with post it notes and pens, so everybody can see the ideas. The gym leadership uses a marker to respond on the post-it note to those ideas.
Future Proof Your Approach
Stay ahead of the curve. Research and adopt new technologies that align with your vision. Train your people in AI relevant to their roles. Identify in your “innovation strategy” how you will stay ahead of the curve and relevant with technology.
Well-Being and Training
Teach your people how to collaborate, work as a team, communicate, innovate, and solve problems — because let’s be honest — innovation is best used and most impactful when working through problems. Try training your people in the “Six-Step Process” to this end.
And, teach them to how to take care of their well-being. A burnt-out, overworked, unhealthy workforce will simply not be innovative. For example, teach them how to pre-week plan (Do What Matters Most). When people pre-week plan and prioritize what matters most, including their well-being, health, and relationships, they open up their mental bandwidth to allow for more and better innovation, creativity, and teamwork.
The Art of the Start
To start, keep it simple! Come up with just a few ideas and write them down. Start with a simple single statement for the vision, and a few ideas that you’d like to implement to build an innovative culture, engage your people and customers, and stay ahead of the curve technologically. Start simple, and let your innovation strategy grow with time.
“There is no innovation and creativity without failure. Period.” – Brene Brown
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Leadership Development: The 12 Principles of Highly Successful Leaders
Do What Matters Most: The #1 Time-Management and Productivity Solution
The Six-Step Process: Six-Steps to Solve Your Biggest Challenges
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