Growing your career or business to the next level
by Bob Hooey
Business in North America is struggling thru the doldrums of anaemic corporate growth, the bursting of the bubble economy, the merger hangover and of course the fall out from 9-1-1. However, some companies are flourishing in spite of these outward indicators and challenges. Some are still reeling from the after-effects and investor demands.
Investors still want growth and it has been sadly demonstrated that sustained growth will not result from mergers and acquisition binges. Most of the big mergers of the 1990's actually 'lost' shareholder value, big time.
McKinsey & Company studied 116 deals made by companies over an 11-year period. Their findings: only 23 percent of the acquisitions actually earned back their cost of capital. Now isn't that a wake up call?
Price Waterhouse Coopers 2002 Trendsetter survey of fastest growing companies says innovation gives them a distinct advantage over their toughest competitors: "respondents said they expect 30% faster revenue growth from innovation."
Could it be that innovation will become the solution to overcome slow growth? That is my thought! Looking inward, honing and harnessing the creative juices of your team, seeking input and insight from your clients and suppliers, studying diverse groups, operations and companies to learn transferable insights, just may be the answer you seek as you work to take your company or organization to the next level.
"Growing your people will result in growing your organization."
Okay, so you'd expect that from someone who makes his living coaching executives and conducting training for their staff.
I truly believe this is a novel and sustainable approach to success in business. Making innovation an embedded process and a training function may just be the answer to your long-term growth and profitability. After all, you have a process for almost everything else don't you?
Came across a new book by Robert B. Tucker awhile back that shed some additional light on this process and offers some solid advice on how to do this.
In 'Driving growth through innovation,' Robert Tucker outlines a synthesis of options based on what leading companies like Proctor & Gamble, Colgate-Palmolive, EDS, Royal Dutch/Shell and Citigroup are doing to encourage growth and earning rates thru applied innovation.
In his book he describes how they have been able to bring new ideas to life for "greater speed, payback and more consistent momentum."
What sets these corporate role models apart is their ability to include everyone throughout the organization in the innovation process. They are able to seek unmet client needs or desires, create and produce prototype ideas in a short time frame, and assess feasibility quickly.
Organic or inward growth will become more critical in the years to come and it will come from applied innovation, not cost cutting bottom line oriented activities. These are always important, but they don't drive top line growth or sustain profitability. Often, if not handled correctly, they will be counter-productive.
Investing in innovation and teaching everyone on your team these principles of applied innovation, shared by Robert B. Tucker, will bring you the desired ROI you seek and perhaps some solid top line growth as well.
Buy the book and make it a must read for your leadership team.
Here are a few of my ideas and reflective interpretations based on the creative mind of Robert B. Tucker.
Tucker's 5 Principles of Applied Innovation
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