All About Innovation Strategy

innovation-strategyIntroduction

When undertaking an innovation audit, the auditor often looks at five principal areas, the first of which is around the innovation strategy. This article looks at innovation strategies and why they are important. When undertaking innovation, all to often companies get their people together and tell them that they are going to be innovative. What they often fail to do is to give their people guidance as to what areas they wish to be innovative in, and how this relates to their corporate strategy. Without such a strategy, and without copious amounts of luck, their innovation desires fail.

Innovation strategy

Companies need to create an innovation strategy. Such a strategy should be prepared taking into account both the corporate strategy and the marketing strategy. All three documents must cross relate and mutually support each other. If they do not, then people within the organisation will not understand where their efforts should be directed and confusion will reign. If they do, there will be a shared common purpose. This strategy should identify and prioritise the needs for innovation, by examining the ‘gap’ between the future as

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Skills That You Should Have On Superior Business

Every major business empire and successful entrepreneur has used seven basic business skills to build their empires. Be it John D. Rockefeller, General Electric, Apple, Microsoft or any other FORTUNE 500 company, these seven skills are the cornerstone for all business and entrepreneurial success.

The seven skill sets of successful entrepreneurs are:

1. Sales
2. Marketing
3. Product Development
4. Raising Capital
5. Negotiation
6. Networking
7. Cashflow Management

The first four skill sets should represent 80-90% of where an entrepreneur needs to invest his time in building his business, especially in the startup phase. Many new entrepreneurs make the nasty habit of focusing on things such as getting office space, office equipment, stationary and even develop the ultimate business plan. Instead, the entrepreneur needs to focus on one thing: creating and keeping a customer. Customers represent sales. Nothing happens until a sale is made. Before that, nothing happens until marketing starts. My business mentor always stressed to me that the entrepreneur must create a customer before creating a product or service.

Product development comes after a market demand is created or met. As a former partner

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Secure Bank Loans With Equipment Appraisal

When you plan to set up a business or expand the existing one, bank financing is the foremost concern. If the bank asks for collateral, your existing machinery or equipment seems to be the most viable solution. If you do not possess any asset to be presented as collateral, then you may be required to pay hefty interest rates. But, if you possess some machinery that you can use for this purpose, it is advisable to avail services of certified equipment appraisers. They are experienced and experts in this domain. As such, they can offer you better business valuation services that you can present to your bank. Here are some other reasons to opt for professional appraisers for your machinery before using it as collateral for a bank loan.

– It Helps To Ascertain True Value Of Equipment:

Certified equipment appraisers can offer you specialized services for valuation of your existing machineries. Banks accept this valuation agreeably because it is verified and true to the facts. Hence, you can negotiate in a better way to resettle the terms of your loan with respect to its

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Looking for the Good Printing Solution? Here we are!

Technology has developed so much nowadays. We know that there are many kinds of developments used to help people have the good living in their own life. With the help of technology, we can have many kinds of easiness in our life. Let’s say the development of technology like the car, we can move or go wherever and whenever that we want easily. We do not need to go by foot and we simply sit in the car and we only need to drive our car wherever we want. The way is so that simple and we will not need to be worried much about it.

Furthermore, when we talk about the development of technology, we also have that in the computer technology. Since the computer has developed well and significantly, we can find out that the computer can be used for many kinds of purpose in our life.  If you want to have the good printing quality for instance, you can take the help from graphic design peoria az. Or for the other aspects, let’s say that you want to have the video call communication, you can easily use that in your computer. Your computer will

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Starting the Promotion? This is the Way!

Are you interested anything about the business? Why are you interested in business? Commonly, many people are interested in business since they can earn money from business. This is one of the best way that you can do in order to earn money by your own effort. You do not need to work to others and you will get the money from your own effort. If you are interested to start a new business, what kind of business that you are looking for? If you want to have a new business, make sure to prepare it well.

Preparation for a new business is not such an easy thing to do. There will be many kinds of preparation that you should really consider much. Let’s say here that we will need to prepare for the budget, the strategy, the leadership, the employees, and also the promotion. Promotion is one of the most important parts that you need to really consider. If you do not consider the promotion much, I am afraid that you cannot have the good development of the business.  For the promotion, one of the solution you can ask the help from promotional products phoenix.

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All About Salesforce

We know we’re living in a world where the line between philanthropy and business is being blurred. Fortunes greater than we have ever seen in human history are being made. A lot of it has to do with technology and how we relate and interact with it. One of those companies that many in the business and nonprofit sectors know well is Salesforce.

What Is Salesforce?

Salesforce has the number one CRM product in the world. The platform is cloud-based and the fact of the matter is that many nonprofits have migrated to it. One of the reasons is because Salesforce cuts a lot of the expense of an IT team. It’s about as close as you can get to plug and play.

What Is Salesforce’s Integrated Philanthropy?

The integrated philanthropy model is also called the 1-1-1 model. All it means is that Salesforce takes its business and philanthropy and aligns the focus on technology, people and resources. It’s an exciting model and as the lines blur between for-profit businesses and philanthropy, it’s certainly something corporations should take a look at modeling.

In the words of Salesforce, it defines integrated philanthropy as seeking to: “Leverage Salesforce’s technology, people, and resources to help improve communities

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Putting Emotion in Marketing Communications

Great marketing seeks to tug at the emotional strings of the audience. Because if you can get them to think about things that trigger emotions – like happiness, longing, their sense of loss and more, you can also trigger them to answer your call to action. In fact, if you do it right, you can elicit those emotions in an audience just by them seeing your brand.

* Titles – Use emotional trigger words in your titles to get your audience’s attention. Appeal to their sense of curiosity or loss. Words like “last chance” or “limited time offer” can and will go far in helping you get more click-throughs and responses, too.

* Headlines – Whether it’s an email marketing message or a blog post, it’s important to develop creative headlines that don’t confuse the reader but instead pique their attention. Use headlines such as “8 Ways to Ride a Bike” or “101 Ways to Avoid a Dating Disaster” to get their attention and make them want to read the article, eBook or content.

* Subheaders – Sometimes a subheader can help explain what’s going to be inside so that you entice your audience to read the content, listen to the podcast,

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Build a Successful Business With Movement Marketing

Why Movement Marketing?
A fundamental shift is taking place in the Customer Engagement economy that deals with the way in which we communicate with customers and prospects and the way in which we build our brand. How we do that must be done in a certain way to make sure that we are building a brand that is built to last. There is an alignment between the values of customers and prospects and the values of the companies they do business with, and it’s much more than simply understanding values and shaping culture. Yes, all that is super important, but it’s part of a bigger picture.

Wanting to learn more about this subject, my research includes reading a very interesting book recently, Scott Goodson’s Uprising: How to Build a Brand – and Change the World – by Sparkling Cultural Movements, published by McGraw-Hill. I give credit where credit is due in sharing many ideas from that book. If the information resonates with you, then you owe it to yourself to pick up a copy. And if you really like what we’re talking about, you can tweet the author, as I did, and encourage him to do an interview for Customer

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Tricks For Best Event Marketing Strategies

If you are willing to know some of the best event marketing methods, you might search up the internet and know the entire ifs and buts of event marketing and management, but it’s better to understand the experiences first. When it comes to marketing tips for events, you don’t need to follow the old rules that are no longer applied but should go out to search for better experiences to work for your event. As we all know, with the grace of social media, marketing and promotional side of event is already taken good care of, making it much more easy and convenient to circulate the information to all. You need to keep a check that your event should reach to the right people at the right time so as to make sure you have utmost registration and participation.

So in case you are about to plan your next event, here are some rules and guidelines that can work wonders for you:

  • Try to think a step ahead of everyone. The best marketing strategy that all the event management companies should do is to plan ahead. If you are not having a year to get started, a few months of planning

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Missing Piece in the Project Managment

A project manager has a tough job to satisfy all the stakeholders involved! They have specific targets to reach, which are traditionally defined in financial terms as well as a strict time line. Certified project managers are well trained and often experts in different project planning methods, scheduling structures and project management tools. However, the results are rarely congruent with expectations, and projects frequently experience cost overruns and delays. Here are some pertinent questions:

  • Why is project management generally so stressful?
  • What are reasons that targets are rarely met?
  • What is wrong with the process?
  • What other tools would make a difference?

A key element in project management seems to be consistently overlooked and undervalued: Effective leadership! Some of you may be thinking “What does he really mean by that?”

Let me elaborate on the concept of leadership for a moment, as there are essentially three premises we would need to get alignment on:

    1. The main purpose for which effective leaders are sought after and rewarded with a premium is “to create results”. Obviously, the expectation is that they create the desired results!
    1. Consequently, the function of leadership is “creating results THROUGH people”. The key word in this particular premise is “through”, which essentially unfolds into a

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Tips To Use KPIs for Iterative Strategy Execution

Instead of implementing our change initiatives as long, drawn-out projects, we can run them as a series of iterations. Iterating our way toward a closed performance gap is going to be faster than trying to close that gap with a single big solution.

A single series of iterations could be focused specifically on closing one performance gap; on reaching the target for one specific performance measure of one specific goal. We could, for example, have a series of iterations solely about moving customer satisfaction from 7.2 to 8.5.

Just as validly, a single series of iterations might focus specifically on one strategic or operational goal, and each iteration might focus on a different performance measure. The goal might be to reduce workplace accidents. The first iteration might focus on increasing the reporting of near misses, and the simple raising of awareness could be enough to see a small reduction in workplace accidents. The second iteration might focus on the most prevalent near-miss, such as trips and falls, and by making it easier to keep workplaces uncluttered, it could take another chip out of the workplace accident performance gap. And so on.

Inspired by Josh Kaufman’s WIGWAM model for the iteration cycle [1], there

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Questions That Every Leader Needs to Ask Every Day

Everyone is a leader – everyone influences, communicates and impacts other people and therefore everyone could be a leader. It’s a shift of perspective.

Regardless of whether you have the title of a leader there are leadership attributes that everyone can master. Increasing the ability to communicate effectively and increasing the ability to make decisions are just two leadership skills that everyone would benefit from.

But what makes a master leader?

What makes a leader beloved or makes people loyal to him or her?

A master leader is a leader who consistently looks to learn and to impact others in an inspirational and meaningful way.
A leader that inspires loyalty or who is beloved has mastered the art of knowing how to make people feel good (even when being given feedback) and how to help people grow.

In order to master leadership and to become a beloved leader there are three questions that a leader needs to ask himself or herself every single day.

Question #1 – What can I do today to share inspiration, ideas, and creativity for myself and my team?

Question #2 – What can I learn from the people around me whether I like them or not?

Question #3 – How can I

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The Reasons Leaders Not Delegate the Design of KPIs

It’s not uncommon, in larger organisations particularly, for the senior leaders to write the strategic goals, then delegate the design of the KPIs for those goals to the strategy and performance people. And the result is a lot of wasted time for a set of KPIs no-one really owns.

Of all the strategy and performance people I’ve seen in this position, greater than 90% of them simply can’t do it; they can’t produce the ideal set of KPIs for their leaders’ goals. They have to guess, or give up. And here’s why:

Firstly, the strategy and performance people weren’t part of the goal design conversation.

They don’t always know the context of those goals. “Build the capability of our people” sounds quite familiar; most organisations have a strategic goal like this. But in an automotive sales company that has failed to attract and develop its workforce to meet even the basic role requirements, the context of such a goal is very different compared to a defence agency that must prepare its workforce to meet a new era of national security threats.

Secondly, leaders are still using weasel words to write their goals.

‘Capability’ is a weasel word. Its definition is the ability or power

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Losing Away The Past Fear in Business

Burning the ships

Have you ever been told to “burn the ships”? Probably not. However you would have heard the saying to “take the plunge” or “take a leap of faith”. To “burn the ships” is not new but I believe it resonates more today than ever before.

So where did ‘burning the ships’ come from?

In 1519 Hernan Cortes landed in Veracruz (what we now know as Mexico) to overthrow the Aztecs and take hold of the vast treasures of Gold and Silver if they won. Cortes landed with only 600 men and they reportedly didn’t have any amour unlike their Aztec counterparts. Cortes demanded the ships be burnt. I imagine an army up in arms on the shores of Mexico looking at each other thinking their leader had turned into a madman. The idea was simple, creative, thought provoking and most of all – it worked. Cortes army had no way to retreat. No way to get back home if things didn’t go their way. This army was either going to be successful or go down fighting. There was no turning back here. The idea of having no other option spurred the army into a “grit” mindset that was so

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The Importance of Leadership and Innovation

There is no doubt that a company which has a visionary, or innovative leader is more likely to fulfil its innovation dreams than one which does not. Furthermore, a leader too concerned with innovation is likely to result in a rudderless company. So what is the ideal situation? Why does it matter?

We believe that a leader needs to support and nurture innovation, lead by example. It is not enough just to talk about innovation, actions are required to demonstrate such a commitment. You need to be consistent in your approaches, you cannot switch resources between core activities and innovation on a whim. You need to have appropriate resources in place to manage both activities, recognising their differences. What works for managing core activities, are unlikely to work managing innovation.

Why does it matter? Research has shown that organisations see innovation as a top-three business priority. Recognising this, they accept that senior management must be involved, although, as data from the following surveys indicates, to a lesser degree than one might expect.

A 2007 McKinsey report, “How Companies Approach Innovation” considered innovation and leadership as part of the survey. When questioned as to the ‘types of innovation decisions made by leadership teams’,

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Benefit of Strategy and Governance for Global Business Services

Welcome to my third article in a series focused on insights, experience and practical advice on an operating model called Global Business Services (GBS). The GBS operating model is the latest step in the evolution of shared services (SS). To refresh your memory, SS is an operational model that’s been around for decades. It enables functional resources (i.e., HR, IT, Finance, etc.) to be leveraged across an entire organization, resulting in lower service costs. My first article discussed the evolution from traditional SS to GBS, the drivers for the change and the desired benefits. Article two highlighted that even though the transition to GBS continues, there seems to be a return on investment (ROI) shortfall with a number of implementations. The primary reasons for the ROI shortfall and some solutions to enhance success were also covered. This third article takes a “deep dive” on two key elements to ensure a successful GBS implementation: strategy and governance. Let’s get started.

When you talk to experts who guide companies through GBS transformations (and I have had the pleasure of working with many of them, such as Deloitte, Accenture, The Hackett Group, and others), or talk with GBS leaders who are viewed as

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Building Your Effective Business Plan

A business plan is a document that indicates what one intends doing, how and when. This document outlines in great details, how a particular business activity is to be carried out. It gives a perfect picture of the things needed for the work, the skills to be employed, the time span to be covered, the capital needed for the productions and even how to market the finished product. In fact, it gives the total outlook of a business activity.

A business plan has several purposes. It serves as a guide in controlling the direction of an enterprise. The business plan dictates the activities of a business. It is the boss who makes the decisions as to how to do it, how much to spend, the section of the large market to target etc. It single handedly guides the affairs of a business.

Moreover, it helps in monitoring and evaluating the progress of the business. It plays a supervisory role for any business venture. It meticulously and regularly monitors the progress of a business while evaluating it to see if the set goals and objectives of the business are being achieved. When a business is declining or advancing in terms of productivity

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Tips To Be Effective Leaders

Entrepreneurs and small business owners often feel lonely and precarious on their perch as the leader of their business. Keeping the team and themselves motivated despite seemingly overwhelming challenges can be a daunting and draining daily task. Putting on a brave face and smiling can go a long way in keeping the team working. You may be convinced that they would bolt if they were to comprehend just a small fraction of your fears.

No matter how hard you try to maintain a positive outlook and attitude, your doubts and fears can easily slip into the words and language you use in everyday communications. You begin to use hedging language, or phrases, that reveal hidden uncertainty about the subject at hand. Consider simple phrases, like, “I think so… “, or, “It should be… “, or, “I hope so… ” They seem harmless enough but they suggest uncertainty or doubt and over time they create a pattern that permeates the attitude of the entire team.

These expressions can do major damage to your own psyche as well. They reinforce any uncertainty you are already feeling and allow the doubts to grow into self-destructive fear and distress. Saying your doubts out loud to

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The Reason Business Plans Will Never Disappear

After graduating with an MBA, I thought I had figured out the way to ensure entrepreneurial business success. Up to this time, I had failed twice in operating a pair of businesses (an online travel agency and a network marketing business). One of the things that I did not value during this time was having a clear and focused plan. The courses I took taught me about business plans, but did not make clear the value of having a comprehensive. Over ten years later and various opportunities of working with and for entrepreneurs in addition to operating a consulting business, I’ve come to realize that without a clear and focused business plan, the owner and / or investor is well on his or her way to a quick dissolution and a possible material decrease in personal net worth. The purpose of this article is to reinforce the importance of taking the time to create a solid business plan and initiating the action to make it a reality.

Reason 1: Is the Business Opportunity Valid?

Too many times I’ve had the unfortunate privilege of talking about entrepreneurial opportunities with aspiring business owners with the only goal being the desire to make money.

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Make Confidence in Business

Do you sometimes feel like you just don’t have the bold confidence necessary to succeed in business? Maybe you need a boost in your business confidence, or maybe you are just getting started and need some extra confidence to take that first step. Here are some tips for building confidence in business.

Get Educated

One of the most important confidence-builders is knowing that you know what you know! You may have a lot of great business ideas but you don’t have the know-how to make it happen. Educate yourself about how to market your product or service – what is your competition? How can you reach your demographic? What kinds of advertising should you do?

You may need some nuts-and-bolts education, too – for example, how do you set up an effective website? You may need some practical knowledge to help you reach your goals.

There are many ways to educate yourself in business. You can hire a business coach to help you one-on-one. You can also download eBooks, sign up with boards and forums where business-savvy people congregate, and ask questions of successful people.

Get Focused

Getting educated is key to getting focused. You really can’t boldly march forward if you don’t know what

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How To Beat Your Competitors

In today’s consumer world we are all bombarded with choice. Choice of more suppliers, choice of more products, and every one of them promising to provide better service.

It doesn’t have to be January sale time to see that everyone is competing on price as well.

In consumers’ minds this can be a turnoff and cause decision paralysis.

Add to this volatile mix the new threat of disruptive and innovative new business models such as Airbnb and Uber and you had better watch out. You may not be in accommodation or taxis but if you’re not yet struggling against serious competition you can be sure you will be faced with similar challenges soon.

Repositioning is the key

The way to beat this challenge is really quite simple, but most businesses just don’t get it.

It serves us well to recall what Peter Drucker, the father of business consulting said years ago.

“The single purpose of a business is to create a customer, and the business enterprise has two-and only these two-basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.

“Marketing is the distinguishing, unique function of the business.”

In most businesses, owners and managers spend their time in the day-to-day whereas they

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