Most business leaders believe they must organize around functions. In doing so, they create silos that kill market innovation creativity.
Innovating is the hardest of the 5 critical drivers of business success, but it’s also the most crucial. Your business will not continue to grow without innovation.
It is critical for small businesses to establish an operational growth plan. Identify the factors that lead to growth, the factors that prevent growth, and how potential markets fit into those factors.
Business owners often misread or ignore the causal factors that were the basis for their early success. From the very beginning of sales, owners must determine those few decision factors that will define success.
Only half of small businesses survive more than five years, and further decays continue over time. The reasons are similar to those that cause mid-level and large firms to stagnate. But the small business has one advantage.
Market-driven innovation success requires a market orientation mindset and must address the demand drivers in the value-adding chain.
Business leaders are beginning to focus more on execution than process. This means taking faster actions with less emphasis on outdated controls. But how do we do that without risking what we have today?
It’s not news that innovation and new product offerings are the keys to growth for the most successful companies. But the road from concept to commercialization is fraught with risks.
Successful commercialization of a new innovation requires a good understanding of the demand drivers for change.
Creating the right mindset begins with leadership behavior and that suggests that managers must examine how they lead and not how they manage.