PARTNERSHIPS CREATING SUCCESS
By its very nature innovation is about change management and moving from the relative safety of the known and familiar to the dark depths of the unknown.
Innovation requires not only generating new ideas but implementing them, and that means overcoming the barriers to change.
A sudden focus on innovation by businesses looking to secure their future and drive growth, can come as a shock to those in the business who must engage with this journey.
Generally speaking, people don’t like change.
As a business owner, your challenge is to overcome the fear of change and the fixed mindsets that lurk deep within the comfort zone of the status quo.
You must tackle the barriers to innovation and create a shared growth mindset, purpose and vision focused on growth and the need for change.
Yes – removing the barriers to innovation is about managing change, and managing change is about leadership – winning the hearts and minds of your employees and taking them on a journey of growth.
Where innovation needs are about growth rather than immediate survival, it is often best to begin with a small innovation project that will allow you to establish some traction.
Starting small gets the growth activities underway while allowing space for the development of the core requirements necessary to build innovation and change management into your business.
You are allowed to learn as you go!
This will ensure that by the time you are ready to engage with deeper and more significant innovation, you will have begun breaking down the barriers to change.
At the same time, you are building the processes, routines and culture necessary for innovation to become part of your business’s DNA.
Starting small and building your innovation and change management process as you go is a practical innovation transformation process.
Depending on how far down the innovation path you are, this should generally entail:
As projects proceed, further barriers to innovation can be identified and removed.
Remember, do not punish mistakes, instead celebrate success and celebrate what you learn from failure. A negative response to failure creates a fear of failure and is a major barrier to innovation!
Be sure to give special attention to the culture – reward the process and growth mindsets to ensure innovation begins to embed in the DNA of your business.
Establishing traction through an initial small innovation project can have a big impact.
A recent example that I was involved with, related to a business that had experienced good growth in recent years, however, the owner’s goal was to significantly increase the business value within four years and to have it well placed for a future sale.
Clearly, a greater focus on business management activities was required. He needed to:
Unfortunately, the existing business systems were holding it back.
The business’s bookkeeping and accounting were being outsourced to service providers whose focus was to meeting the business’s legal compliance obligations NOT provide information regarding business performance and insight into growth opportunities.
Its outdated accounting system and the lack of performance measurement was holding it back, acting as a barrier to growth!
What the business needed was a system that would facilitate new revenue generation AND meet compliance obligations.
This was successfully achieved by implementing existing technology.
The solution was readily available but not on the owner’s radar – the business just needed to commit to some innovation and change.
The new system provided:
By following recommendations and committing to this initial innovation project, the business was able to start its innovation journey and commence breaking down the barriers to change.
The end result is that the owner now has the information needed to actively manage the business, to focus on generating new revenue, with more robust and efficient business systems, reduced risk and increased business value.
For the business owner, this has been an excellent step toward successfully achieving his goals.
Innovation is the essential ingredient for not only business growth but in an increasingly competitive marketplace, innovation is a necessity for survival!
If you are looking to grow your business and would like to learn how to remove the barriers to innovation and introduce effective change management into your business – give the team at Fortitude Business Consulting a call on 1300 551 040.
Overcoming the barriers to innovation!