Overcoming The Barriers To Innovation!

Overcoming The Barriers To Innovation!

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.

Innovation & Change Managment

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.

How?

Replace the barriers to innovation with a desire for change!

Manage change.

  • Work with those who have fixed mindsets and encourage everyone in your business to adopt a growth mindset – provide ‘mindset’ training!
  • Know why your business exists – be clear about its deeper purpose and why people should care!
  • Aim for a challenging and crystal clear vision of the future – something capable of inspiring significant and sustained effort!
  • Communicate your purpose and vision at every opportunity – share it with those whose support you seek!
  • Engage your people and communicate the progress your business is making, its successes and failures and the underlying reasons for these outcomes – measure performance and learn as you go!

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.

How to remove the barriers to innovation?

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 processesroutines and culture necessary for innovation to become part of your business’s DNA.

How to get started with innovation in your business

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:

  • Reviewing the opportunities that exist withing the current business situation.
  • Selecting a project that has the potential to provide meaningful benefits without being all consuming.
  • Allocating resources and providing innovation training.
  • Researching the current situation and generating ideas for new alternatives.
  • Evaluating, testing, refining and ultimately implementing the alternatives with the most potential.
  • Reviewing the innovation process and implementing the learning outcomes.

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.

Small change can make a big difference

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:

  • Refine strategy
  • Set goals
  • Implement plans
  • Measure performance
  • Undertake corrective action

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:

  • One central accounting package that the business could use to maintain both reporting and compliance, without duplication
  • A platform for integrating additional management systems and tools to create one expandable, integrated and business-wide reporting and management system
  • A high degree of automation, removing costs while providing ‘live’ information for business analysis and decision-making

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.

A small innovation with a HUGE impact!

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.

About the Author

Grant Ferry

With over 20 years experience in advising business owners, I passionately believe small to medium size business are the engine room of the economy and that ongoing innovation is the fuel that powers their growth and their owner’s long-term success.

Through a wide range of practical experience, I understand that Business Strategy and Business Innovation are critical elements for sustained business success.

The right Business Strategy is needed for the business to realise the owner’s goals and dreams. Ongoing Business Innovation is needed to not only survive in an increasingly competitive and global market but to also drive sustained business growth and success over time.

Featured Articles

  • How To Make Your Life A Success! Thubmnail

    How To Make Your Life A Success!

    How to get what you want from life, how success is achieved is very much a personal matter – a unique journey through life. For most, the journey to success involves a degree of ongoing personal discovery, discovering what is most important as we negotiate the twists and turns of

    Read more
  • Finding Opportunities For Business Growth Thubmnail

    Finding Opportunities For Business Growth

    If you are not constantly exploring opportunities for business growth by creating the new value needed to stay ahead of your competitors, your competitive advantage will quickly be eroded! A lack of business growth destroys your business viability, putting your income and wealth at risk! When it comes to business

    Read more
  • How to innovate and grow your business! Thubmnail

    How to innovate and grow your business!

    Every business owner shares an underlying need – the need to innovate and grow their business. You want to maximise wealth and success. We all do! But not every business knows how to go about it. It’s not a secret – innovation is crucial to business growth, wealth creation and

    Read more
  • Failing To Innovate Destroys Businesses & Industries! Thubmnail

    Failing To Innovate Destroys Businesses & Industries!

    Failing to innovate leaves business and industries at risk of destruction. Competition constantly increases and customers’ expectations constantly grow. No matter how successful you were in the past, you need to innovate to survive. Not just change, but make the strategic change that results in greater customer value and sustained business growth. Doing

    Read more
  • Do you have a clear vision and the right innovation strategy? Thubmnail

    Do you have a clear vision and the right innovation strategy?

    Trying to innovate without a clear business Vision and Innovation Strategy wastes valuable time and money! As business owners, we all want happiness and prosperity; we may know innovation is key, but where do you start? Many businesses just brainstorm a list of ideas and begin at the top, believing

    Read more
  • How To Develop Business Creativity! Thubmnail

    How To Develop Business Creativity!

    Business creativity requires an understanding of the nature of creativity and what it takes to make it flourish within the individuals and teams.To survive and successfully grow a business in a sustained way, creativity must be a part of your business culture.If you are not constantly developing new and novel

    Read more
  • Overcoming The Barriers To Innovation! Thubmnail

    Overcoming The Barriers To Innovation!

    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

    Read more
  • Business Strategy – Are You Making This Mistake? Thubmnail

    Business Strategy – Are You Making This Mistake?

    A critical mistake many business owners make when it comes to Business Strategy and which precludes them from getting their businesses to achieve above average performance, is the lack of understanding about how to grow their business! Too often business owners mistakenly believe that striving to be the ‘best’ is

    Read more
  • How To Evaluate Business Opportunities! Thubmnail

    How To Evaluate Business Opportunities!

    A question we are often asked is how to evaluate business opportunities? Sometimes business opportunities find you, and on other occasions, you need to diligently search for them.  Preferably, your efforts identify multiple opportunities with potential. Either way, once you have found a potential opportunity, it is important to ensure

    Read more
  • Why Mindset Matters To Business Innovation! Thubmnail

    Why Mindset Matters To Business Innovation!

    Your mindset determines business innovation effort and is one of the most powerful determinates of success and the outcomes you achieve in your life. It can be the fuel for ongoing learning, continuous improvement and the foundation for your success, or it can be the source of insurmountable obstacles that

    Read more
  • Why businesses must innovate or risk dying young! Thubmnail

    Why businesses must innovate or risk dying young!

    As a business owner, you’re probably quite time-poor. If you don’t get much time to think about strategy and innovation – you’re not alone. In terms of priorities, the main thing is that everything keeps running smoothly. Right? WRONG! You might be living in the past There was a time

    Read more
  • Ten critical elements to drive business innovation! Thubmnail

    Ten critical elements to drive business innovation!

    Innovation is vital for business growth and survival.  By using creative ideas to generate new value, growth and success will follow. Innovation is more than coming up with new ideas; it's about putting winning ideas into action. What distinguishes the successful businesses, is the ability to embed the innovation process

    Read more
  • Creativity And Innovation – The Keys To Success! Thubmnail

    Creativity And Innovation – The Keys To Success!

    Creativity and innovation are fundamental to long-term growth and success! Success requires that you not only create sufficient value for your customers, but critically, that you capture enough of that value for yourself! This involves identifying opportunities, diagnosing problems and developing and realising valuable commercial solutions. Central to this process

    Read more
  • Why Business Owners Need A Mission & Purpose! Thubmnail

    Why Business Owners Need A Mission & Purpose!

    Creating success involves planning, innovating and taking deliberate action to shape your future the way you want it to be. Your Business Mission plays a pivotal role in creating your success.  You must have a Business Mission that complements and furthers your personal goals and aspirations, guides the development of your Business

    Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

  • Testimonial Author Thumbnail

    "I have come to know Grant recently and have engaged his services to assist in the operations and structure of Books In Shape. His knowledge, expertise and wisdom exceeded my expectations on each occasion he has consulted with us. Every time we met to discuss various aspects of our business, he was punctual, reliable and went out of his way to provide a service with a high level of excellence. I highly recommend Grant as a man who not only has a wealth of knowledge, but as one who is able to astutely apply it to the situations faced in business. We have benefitted greatly as a business as a result of his input."

    ~ Keith Berry – Managing Director, Books In Shape Pty Ltd
  • Testimonial Author Thumbnail

    "Grant has helped me manage a wide range of business challenges.  His unrelenting pursuit of positive outcomes has helped me achieve my goals, both personal and business. He is truly committed to my success."

    ~ Brett Pickering – Managing Director, Fruit Master
  • Testimonial Author Thumbnail

    "Grant dedicatedly works as a true business partner in a way that we find both very refreshing and rewarding in today’s business environment.  He has been pivotal to the effective management of our business and attending to many pivotal commercial issues and transactions.  No matter what the situation at hand, Grant always has something valuable to bring to the table."

    ~ Col Beasley – Managing Director, Thurla Farms
  • Testimonial Author Thumbnail

    "For over 15 years, Grant has provided me with expert financial and commercial advice and support that has translated into significant value.  He has been invaluable in taking a lead role in developing and implementing strategies that enhance my business’s performance and my personal wealth and security."

    ~ Frank Tierney – Managing Director, Tierney Property Group
  • Testimonial Author Thumbnail

    "We have been working with Grant for more than 20 years and have relied on his expertise during the acquisition, growth and sale of a range of business ventures through this time.  He has a sound appreciation for our personal goals and provides us with the high-level business advice and support we need to make the most of our opportunities.  His breadth and depth of knowledge, negotiation skills and in particular his ability to bring new ideas to our businesses, have been a significant asset that continues to play a pivotal role in growing and protecting our business and realising our long-term dreams."

    ~ John O’Connor – Managing Director, Sharps Australia
  • Testimonial Author Thumbnail

    "We had no idea that we were steering a rudderless ship until we spoke with Grant. Through revision, vision and the ownership that Grant has applied, our business has found a new and exciting direction.  Our goals for growth are now in view and we feel confident and excited about our future."

    ~ Shaun Halit – Managing Director, Rural Fence & Trade
  • Testimonial Author Thumbnail

    "I have known Grant for many years, and have worked collaboratively with him to assist his clients with their legal and taxation needs.  During this time, I have been extremely impressed by Grant’s comprehensive understanding of his client’s businesses and the care and concern he shows for addressing his client’s issues. Grant is a very proactive adviser, thinking two or three steps ahead and addressing issues before they become a problem. I have seen first-hand on numerous occasions how Grant’s skills and deep understanding of how businesses operate have led to genuinely innovative solutions. As a legal adviser, it is a great help working with an adviser who has such a comprehensive knowledge of what the client is looking to achieve, and can add his own experience and lateral thinking to help resolve legal issues. Above all Grant takes genuine care of his client’s, treating the needs of their business as if it were his own. No stone is left unturned if it can lead to an improvement in the business, or could become a problem in the future. I would recommend Grant to any small to medium business owner who is looking to improve the way the business operates, needs help to address something holding the business back, or wants a knowledgeable and trusted adviser to help guide them."

    ~ John Storey – Managing Director, Velocity Legal
  • Testimonial Author Thumbnail

    "Grant has been a great asset to The 500 Group providing business advisory and strategic planning services. Grant’s expertise and advice helped navigate The 500 Group through complex commercial and legal issues and assisted enormously in the growth of the business. We are grateful for his support and professionalism and would recommend Grant to anyone who is looking to maximise the value of their business"

    ~ Greg Pierlot – Managing Director, The 500 Group Pty Ltd

Find out how we can assist your business today! Contact Us