the
innovative LEDGER
An e-Newsletter from The Innovative Edge™ Inc.
Vol.
8, No. 12 - December 2008
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Don't Listen to the "No" in Innovation
By Jeff Govendo
It's
officiaI now. I no longer have to refer to our economic state as "the
R word."
A
few months ago, I noted in this newsletter that business consultants
don't like to utter the word "recession." Too gloomy. Consultants
shouldn’t be pessimists. (Also, we might convince would-be clients
this isn't the time to hire us.)
But
we now have the U.S. Government's permission to say it. In fact, we're
told it would have been OK to use the word for at least the past 12
months.
So...
RECESSION! There, I’ve said it!
Saying
it, of course, doesn't make it go away. And most experts say it's
not going away anytime soon.
And
while conventional wisdom might suggest that during a recession, businesses
ought to be shrinking back from the rather expansive (and sometimes
expensive) notion of innovating for competitive edge, I would like
to suggest otherwise. This may, in fact, be exactly the time for
thinking new thoughts: maybe about new product ideas, ways to
increase efficiencies, or improving customer service. We will come
out of this at some point, and those who can think beyond simply how
to keep the lights on will be well-positioned when things start looking
brighter.
But
your approaches to innovation may require some special considerations,
a few of which I'd like to offer now:
1.
Cut down the "chunks" of your strategic plan into kibble-size
bites. (Can you tell my dog is barking as I write this?) It may
be that while the overall strategy is sound, the timelines for achieving
various parts of it are too ambitious for the economy we are in. If
so, break it down into more manageable, realistic portions if necessary.
But...DO NOT give up on it! Do not scale back on the overall
scope of your vision for the company. Keep moving forward, even if
at an altered pace. Your strategic plan and the vision behind it are
what anchor the business during this economic storm.
2.
Do that lemonade thing (if you are handed lemons...). Even as
we speak, our newly-elected president is positioning the country to
embark on major new, game-changing initiatives in the face of this
daunting downturn. Instead of merely trying to "fix" the
symptoms, he intends to use this as a jumping-off point to address
long-neglected problems that would pull us back down if not rectified.
I fully recognize how difficult it can be to look for opportunities
in the midst of severe financial stress. Yet historically, companies
that have managed to do this have emerged from recessions stronger
than before, and well beyond their competitors.
3.
Innovate around the little stuff. While spending habits may change
significantly during a recession, creativity remains free. Left unused,
however, these muscles will atrophy. Don’t let this happen in
your company. Even if the big opportunities have to be put on hold,
engage your people in using their creative energies to find solutions
to challenges that may not involve high costs: adding something
extra to the customer's experience, for example; or improving internal
communications. If you value the payoffs of innovation under the
best of circumstances, it’s important to keep the process in
tune, even if the goals are more modest.
4.
Make some new friends. This may be the time to explore new collaborative
opportunities. From a company perspective, perhaps there is another
firm with which you might pool your resources for the common good.
As an individual leader, there may be self-directed or professionally
facilitated peer groups in which to generate ideas, share best practices
and, yes, even commiserate a bit (but not too much!). It has typically
been the case that in troubled times, people tend to reach out to
each other; not just for hand-holding, but for mutual problem-solving.
5.
Stay healthy. It’s well known that poor physical health and
lack of fitness lead to mental stress, and vice versa. Business leaders
always need to be sharp, but never more so than when the challenges
are as great as they are now. The time and dollars spent on maintaining
your physical well-being are but a small investment in maintaining
the company’s viability during these troubled times.
The
word innovation contains the smaller – but louder – word
"no". Amidst the noise of this recession, don’t
let that be the only part of the word you can hear.
