How Leaders F-Up Innovation
When it comes to innovation, most tools, processes and frameworks are prescriptive. They promise, in essence, if you’d just do it right, you’ll always be successful. Somehow despite this, 75% of companies still report that their innovation efforts are not meeting their expectations, 60% of product launches continue to fail and 50% of innovation projects are abandoned.
Embracing AI in Innovation
There is no doubt that AI will transform how innovators work, collaborate, and innovate. It will shape innovation itself both in terms of what is created and how it is practiced. AI is creating transformative opportunities for innovation leaders who must adapt quickly or risk being left behind.
Why Leaders Hesitate: Overcoming Inaction
Leaders are constantly faced with the need to initiate change from addressing small daily issues to capturing major strategic opportunities. They know the consequences of failing to make changes eventually compound – creating bigger problems down the road. Yet, many leaders will go to great lengths to avoid changing how things have been done before – the status quo.
Routines Power Business Success
Daily routine meetings are often seen as a time sink with little to no value and can be one of the most disliked aspects of running a business. However, they may also be the most critical system for moving quickly, identifying and solving issues, and improving alignment between the company’s strategic goals and day-to-day activities.
Top Tools to Boost Profitability in Your Service Business
Profitability is the purpose of any business, yet many, both successful or struggling, are challenged to achieve the profits they should have.
Here are some strategies I use to enhance my clients’ profitability:
INNOVATIONS AT THE 2024 FANCY FOOD SHOW
Almost every booth at the 2024 Fancy Food Show claimed they offered something new, an innovation. But I found most were not more than incremental changes to existing products; new flavors, formats or packaging. However, a few booths did stand out to me as being both innovative and aligned with market trends.
The Need for Speed: The Most Effective Way to Move Quickly is to Make the Right Decisions the First Time
Speed is often touted as a critical factor for success, with businesses of all sizes striving to move swiftly to capitalize on opportunities, stay ahead of the competition and save money. However, there’s a crucial nuance to this need for speed: it’s not just about moving fast; it’s about moving fast in the right direction. Here lies the distinction between mere haste and effective leadership.
Unlocking Profit: The Case for Hiring a Fractional COO in Small Businesses
In the world of small businesses, sales performance, efficiencies, structure and product/market fit are keys to unlocking profitability and growth. Yet, many business owners and CEOs find themselves struggling to capture the profitability they believe their business should have. This is where the value of a fractional COO becomes evident.
How to Fail at Innovation #8: Believing Users Can Tell You What They Will Buy
Advising against relying solely on consumer focus group feedback in the innovation process can seem counterintuitive at first glance. After all, customer insights are crucial for designing products or services that meet market and user needs. However, there are compelling reasons why researchers and innovators might need to exercise caution with focus group feedback.
How To F-Up Innovation #16: Poor Project Portfolio Management
Innovations have no value until they are launched. The most effective way to launch more, and better, innovations is to practice innovation portfolio optimization. The issue isn’t ”if” your company is practicing innovation portfolio management, it’s “how”.