Tag Archives: Planning

7 Rules for Improving Innovation: #3 Better Planning

Better Planning.

Many great ideas will cost money to implement, but not as much as you would think. Spend your money and resources in the right ways. Provide your employees with a meaningful, exciting environment and innovation will explode.

Better yet, hire innovative people and give them the power andfinancial backingto make things happen. For instance, an executive we spoke with told us about his company’s failings when it came to planning for and implementing new innovations. All across the organization, there was never ashortage of ideas being offered, and employees interacted and collaborated freely to come up withsolutions to major issues. A team was even put together to review and vet the best ideas.

But when it came to implementing thechosensuggestions for new projects, that’s where the company completely dropped the ball. Itquickly became apparent that some of these new programs were going to take resources, time, people, and cost actual money. Some required the hiring or redirecting of staff, earmarking time to do research and testing, purchasing or upgrading of new equipment, investing in new partners, and so on. The company was ill-prepared and most of their new programs fell short, or never even got off the ground.

Maybe your organization could learn from this mistake and plan out not only the process of innovation, but what you’ll do with the projects and programs you decide to launch out of yourinnovationprocess. Youalready allocate a certain amount of money for marketing, capital purchases, hiring new employees,and R&D, to name a few. Innovation cuts across all these areas. Take a small portion of these budgets and earmark them to only beused for innovativenewprograms in these areas each year.

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Start Small With Innovations

A mistake that many people make when they decide to implement innovation into their organization is taking on too much at once.

There are many advantages to encouraging innovation in a business organization, but it’s unreasonable to attempt to implement innovation in every area of the business at once. Instead, it’s better to focus attempts in one particular area.

Is there a project that needs to get off the ground, but is still in the planning stages? Is there a new product that needs to be developed? Is there a customer base for you company that you’ve identified as being under served? Is there an area in your organization where there is a problem an area of the business where things are not going smoothly?

Identify one of these areas or aspects of the company and specifically encourage innovation in regards to this particular problem.

An innovator in this area, Peter Drucker, said that when it comes to innovation, you should keep it simple and focused, keep it small work on one specific thing and don’t diversify into too many things at once.

If you attempt to innovate and undershoot, all you’ve done is create an opportunity for the competition and give them ideas.