A culture of innovation will drive your business to success….so what’s stopping you?
There are many barriers that can be expected to hold-up implementation. Being ready to address them is the first step in ensuring the right culture for you is assessed, developed and embedded in your company.
Our top 10 barriers and why they really shouldn’t stop you at all.
1. The regulators won’t approve
Actually, the regulators are keen for businesses to provide a culture that delivers solutions for today’s problems and moves away from “profit-is-all’ mentality. Now that FRC has outlined that culture will be the responsibility of Board Directors and must be reported on annually there is likely to be even more of a focus on it from regulators.
Download our paper Reporting On Culture
to find out what the new FRC regulations which come into effect from 1 January 2019 will mean for you.
2. Investors won’t back it
Investors are looking for a return on investment and a leadership team which is adapting in response to a changing market. Being ahead of the curve is what is important for investors so that you are ready and able to capitalise on opportunity. A culture of innovation will create just the right business environment for this to happen.
3. There is no public appetite
There is no doubt that the newest models or trends are at the top of the customer list, they are only too willing to accept change when it is presented in just the right way, just look at the queues that appear outside of the Apple store when there is a new model being launched. Ensuring the story of change is just right will take your customers on the journey of innovation with you. And don’t forget, Generation Z is actively looking for new models and ideally want to be involved in the co-creation of your products and business.
4. Employee resistance
“We’ve always done it this way” is one of the hardest challenges to overcome. Managing change and educating employees is a key element of any change and it can be developed with a program of involvement and ownership. There is of course always the “if you don’t like it leave” approach. Most certainly not a first stop approach, however as leader of your business you need to balance your employee happiness with the long-term future success of the business. is an approach for consideration.
5. It’s too risky
The success of a culture of innovation is dependent on putting together the right structures and goals and managing the risk associated with any change. Changing your culture within the right structure will drive your business forward while minimising risk. Standing still in an innovative and changing market will provide more risk in the long-term to any business.
6. The technology isn’t there
Luckily we live in a time where the advances in technology are so speedy that if it doesn’t already exist it probably will soon. In fact, it might even be you who invents it because often the tools to construct and deliver are there for you to shape the market and to create new ones.
7. It doesn’t fit with our strategy
Innovation in itself requires a robust strategy that is just right for your business. That means a set of actions that will take it from being a dream to a reality just like any other objective.
8. Our people don’t have the capacity to deliver innovation
Innovation requires an organisation-wide approach to the tools, techniques and the processes that enable and enhance it. If you don’t have the processes in place then the innovation just won’t happen.
9. Our product is so similar to our competitors
The ultimate goal of innovation is the driver of differentiation. If you can only compete on price then the war is over before the battle has begun. The time for innovation is to really allow the right environment to create a differentiation on your product or service.
10. We can’t measure and get an ROI on culture change
Generating lots of ideas is all well and good but the potential solutions must add value internally and externally. Measuring and gaining an understanding of the starting point and the ongoing effect of culture change is a crucial part of developing any culture of innovation.
There are always lots of challenges in creating and embedding a culture of innovation but we believe that the effect on your business will be transformative. Find out even more about our approach by getting a copy of our book Building a Culture of Innovation