 | |||
         |
 | ||
 |
the innovative LEDGER Vol. 2, No. 1,
Spring 2002 The February issue of Innovation Alert, a Harvard Business School e-publication (http://www.hbsp.harvard.edu/innovate/alert.html), reported on a survey in which readers were asked about the importance of innovation in a lean economy. Apparently, they received so many thoughtful responses that they have to report the results in two - not just one - subsequent issues. What they've reported so far suggests that most readers consider innovation to be critical during the down times; it's the "key to survival in a continuously changing environment," as one reader put it. At the same time, there was a cautionary theme: that the added pressure to meet quarterly earnings expectations will inevitably supercede any strategic innovation initiatives during lean times. "As long as money and creative thinking are linked," one reader said, "I can see budget constraints having an effect on innovation." This brings up the question: how does an organization keep its innovation muscles toned when money is tight? Certainly, any major R&D initiative aimed at creating a new product or technology represents a large investment over time. Innovation projects such as re-designing the organizational structure or re-engineering manufacturing processes are extremely costly, though hopefully in the long run worth the investment of money and time. Even training employees in innovation principles and skills, if done in a comprehensive manner, requires a sizable outlay of resources - resources that are hard to come by when the economy is down. How, then, can executives and managers keep the spirit of innovation alive in an organization when merely staying alive is the top priority? What can be done at little or no cost to convey that innovation is still highly valued in the organization, as well as employee creativity? A key to this is contained in that very phrase: "employee creativity." For many innovation-related projects, a major expense is the cost of outside experts and consultants, who may be very astute, but certainly don't know your business as well as your own employees! So, one way to keep innovation costs down is to call upon your own people more often to generate new thinking and ideas. But…you say they keep coming up with the same ideas over and over again? It's probably not due to their lack of creativity. They may be risk-aversive - something in their current or previous circumstances has discouraged them from using their imaginations. They may be afraid to offer up ideas that are untested, sound naïve or are too speculative. They don't want to look bad. You can counter this in a number of ways:
A
professional athlete is supposed to maintain his/her physical conditioning
during the off-season. Those who don't find it much harder to get
back into peak form as the playing schedule approaches. Think of these
lean times as your company's off-season. Keep those innovation muscles
well toned and you'll hit the ground running when the "economic
season" is back in full swing! * * * * * * * * * * * * * * * * *
* * * During the downturn, many companies are cutting costs by reducing the frequency or length of their corporate conferences. Here are some ways of getting the most value for your conference dollars, and doing it in less time. 1.
Be proactive in addressing problems or opportunities - use your
time together to aggressively deal with specific company challenges.
Listening to reports, speeches, market surveys, etc. is important,
but often can be accomplished through other means. For
a fuller treatment on this subject, see the article "Don't Eliminate
Your Meetings - Increase Their Value" in the Publications section
of our website. * * * * * * * * * * * * * * * * * * * * Names We Like We're always on the lookout for creative business or product names. If you know of any good ones, send them along! You may see them in an upcoming issue!
* * * * * * * * * * * * * * * * * * * * Innovation Quotation "It's
easier to act your way into a new way of thinking than to think your
way into a new way of acting." - Millard Fuller, founder of
Habitat for Humanity * * * * * * * * * * * * * * * * * * * * The Innovative Edge™ Inc. is a consulting firm based in Massachusetts that helps client organizations tackle tough challenges through creative problem solving. Its president, Jeffrey A. Govendo, works in a broad range of industries as a project consultant, group facilitator, trainer and conference designer, enabling organizations to achieve their goals by increasing their capacity for innovation. Contact
The Innovative Edge at: Copyright © 2002 The Innovative Edge, Inc. The
Innovative Edge, Inc. |
| |