Strategy Transformation: Reconnecting with the Entrepreneur

In tough economic times,  many businesses and particularly entrepreneurs are faced with the Strategy Transformationchallenge of evolving with the times or going out of business. But it is not only in tough times that some difficult decisions need to be made either about the future direction of the company or new pathways to grow, today businesses and people are faced with the challenge of remaining relevant in their market or workplace on a daily basis.

 

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You might have heard some people say “Let’s not reinvent the wheel!” but that sometimes is exactly what is needed to re-inject the energy, passion and enthusiasm that went missing somewhere along the line and left us stagnating and irrelevant in an every changing world. Look at what Uber did to the metered taxi industry…..

 

Today, innovation, disruption and optimisation need to be embedded in the very fabric of every business. The notion of these three concepts should be enshrined in the DNA of the business from the Vision, right down to final step in the post purchase experience of the customer. Although this task may sound daunting to the business trying to reinvent themselves or to the entrepreneur trying to get a new concept off the ground…..it need not be.

 

Innovation & disruption go hand-in-hand, most innovation disrupts a current paradigm resulting in a shift in mindset of consumers…..look at what Steve Jobs had to say: “A lot of times, people don’t know what they want until you show it to them.” The difficulty with innovation is that many people feel that they are not innovative or creative and that innovation refers to technology…well it doesn’t. Innovation finds itself in the opportunity to keep refining until optimisation has been achieved. It doesn’t take a person with fantastic and extreme ideas to innovate, it takes a culture that endorses, supports and celebrates the journey towards optimisaton across the business.

 

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There are opportunities to innovate in most areas of a business, from customer experience to marketing, production, finance and process, right through to the people we hire. And we don’t have to have all the brightest ideas to be able to innovate, there are specific behaviours we can embed into our business which drives the innovation cycle.

 

There are three main areas I like to hang my hat on when comes to embedding innovation into a business:

 

  1. – Differentiate (In the market place)
  2. – Demonstrate (Innovation)
  3. – Never Procrastinate (Provide guidelines for decision making)

 
Strangely enough, these three points should also be the major elements of a strong business MISSION Statement.

 

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