Is Your Company Everyday Inventive and Reinventive?
While revolutionary ideas and quantum leaps get all the attention, "everyday inventive and reinventive" companies survive and thrive. Being everyday inventive and reinventive is not about creativity or patent applications; it's about basic good business -- everyday improvements, everyday progress, and great implementation. Far too many companies forget the basics. Little things actually mean a lot. Everyday inventive and reinventive companies achieve the greatest financial returns. They beget better products. They create sustainable value.
RE:INVENTION's Ten Guiding Principles for Everyday Inventive and Reinventive Companies
Adapt and Embrace Change
Simplification, reinvention, change-ups, subtle pivots, improvising, initiative, and incremental continuous improvements can all drive value and long term growth. Change is a force of possibility. Adaptive companies outperform companies with non-adaptive cultures by a factor of 900 to 1 as measured by long term net income and stock price growth. Taking small steps every day can achieve big goals and sustain progress.
Delight Customers (and Non-Customers)
Engage with them, collaborate with them, listen to them, build their trust and lifetime loyalty. Obsessively mine knowledge about your customers – even non-customers – until you develop broad and deep insights. Then give them what they don't yet know they need.
Prioritize Your People
Employees are as important (if not more important) than your customers. Great employee experiences drive great customer experiences.
Diverse teams solve problems more creatively than homogeneous teams. Diversity delivers competitive advantage and encourages non-conventional thinking. Gender diversity, ethnic diversity, age diversity, diversity of experiences and perspective. In addition to promoting team diversity, you need knowledge of diversity issues in a global context. Think globally.
Mine and Leverage Hidden Assets
Using what you've got in unexpected ways delivers surprise utility. Look beyond the obvious. Consider resurrecting ideas that were once tabled. What hasn't worked in the past may very well work now.
Encourage Experimentation and a Culture of Play
Invite imagination, inspire questions, and reward/incentivize both success and failure. Encourage internal cross-functional collaboration, productive friction, good-spirited competition, and creative destruction – punishing only inaction.
Collaborate Externally and Bridge Boundaries
Open ethos cross-industry collaboration -- partnerships, alliances and coalitions -- can create favorable opportunities and sustainable advantage. Successful companies don't just reconstruct boundaries, they bridge them.
Resist Rigid Processes/Methodologies
Inject planning and discipline without locking into or mandating ridged processes and methodologies. By using agile/responsive approaches and flexible/adaptive frameworks, you inspire practical solution finding from the bottom ranks of the organization up.
Place Lots of Little Bets Then Double Down
Be comfortable with uncertainty and adopt Darwinism when faced with risk. Track, monitor, and measure. Summarize progress. Then advance what adds value, discarding or tabling the rest.
Avoid Relying on One Idea or Strategy
Don't go "all-in" on one idea. Sustained growth requires a balanced portfolio of strategies and the management capabilities to implement them.
INTRODUCING The RE:INVENTION EveryDay Inventive and Reinventive Diagnostic Test
Is YOUR company everyday inventive and reinventive? RE:INVENTION's new Everyday Inventive and Reinventive Diagnostic Test calculates your company's capacity and propensity to innovate amid prevailing market forces. With just 15 simple questions, the test is a breeze to complete. We'll tally your score and give you a quick analysis. We'll also compare your company's performance with data sorted by industry, organization size, organization age, and geography. Quarterly checkups can track your company's innovation progress and culture shifts.
About the Creator
For over a decade, RE:INVENTION (www.reinventioninc.com), a market intelligence and innovation consulting firm, has jump-started growth and sparked a culture of transformation for over 60 clients, from Fortune 500 leaders to mid-size ventures and startups. Using our Everyday Inventive and Reinventive Diagnostic Test™, 12 C's of Commercialization Guide™ and Interactive Business Blueprinting Matrix™, RE:INVENTION has helped companies invent and launch over 40 new products and ventures and reinvent underperforming brands and operations. Meet our team of change agents, led by RE:INVENTION president and founder, Kirsten Osolind.
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