Strategy – Innovation – what’s that?
By Roger La Salle
Of course we have a mission
No doubt you have a mission which is most likely about growing your business to be best in class, but do you have a formal documented business strategy? Have you documented underpinning tactics of how you will implement that strategy?
Have you included your team in developing your strategic approach and more importantly, has each member of the team embraced an implementation role with metrics and deliverables they have accepted and agreed? Without that you may be flying blind and simply bounding from one opportunity to the next ever searching for short term revenue and profit growth.
Is it Innovation?
To many people innovation is thought of only in terms of making new and better products and services with the expectation that such new offerings will keep the business buoyant and growing.
Though this is a sound strategy it’s just one of the so called “verticals” that are possible, and the art of innovation, and in particular the new paradigm of “Opportunity Capture” are the means to access the many other verticals to achieve business growth, just some of which include:
• Range extension
• New verticals
• New markets
• Cost down
• Customer Service
• Efficiency and speed
• Off-loading orphan technologies
• Staff inclusion – part MBO
• Basic research
• And many more
It’s all very logical
This may all sound like management 101 but how many businesses really do develop a documented strategic approach to business building with underpinning tactics and reports as to progress?
I think it would be fair to say we are living in uncertain times with businesses all facing margin squeeze, the BREXIT unknowns, the USA deep in election mode and the Chinese market in transition. The time to be revisiting your strategic plan is now, and to do it with your team in an
“off-site” where you are free of disturbances. The alternative may be to wake up one morning and realize the world has changed and we didn’t change with it.
**** ENDS ****
Roger La Salle, trains people in innovation, marketing and the new emerging art of Opportunity Capture. “Matrix Thinking”™ is now used in organizations in more than 29 countries. He is sought after as a speaker on Innovation, Opportunity and business development and is the author of four books and a Director and former CEO of the Innovation Centre of Victoria (INNOVIC) as well as a number of companies both in Australia and overseas. He has been responsible for a number of successful technology start-ups and in 2004 was a regular panelist on the ABC New Inventors TV program. In 2005 he was appointed to the “Chair of Innovation” at “The Queens University” in Belfast. www.matrixthinking.com