{"id":5858,"date":"2021-03-04T09:49:52","date_gmt":"2021-03-03T23:49:52","guid":{"rendered":"https:\/\/www.www.walshaccountants.com\/?p=5858"},"modified":"2021-05-12T11:53:30","modified_gmt":"2021-05-12T01:53:30","slug":"why-are-some-businesses-able-to-innovate-while-others-cant","status":"publish","type":"post","link":"https:\/\/www.walshaccountants.com\/why-are-some-businesses-able-to-innovate-while-others-cant\/","title":{"rendered":"Why are some businesses able to innovate while others can’t?"},"content":{"rendered":"\t\t
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Identifying and embracing new ideas is a challenge for many businesses, especially those businesses who have not made this a key focus of their culture.<\/p>

This can be a major source of frustration for business leaders who realise that in order for the company to be as successful as it can be, it must be able to evolve at least as fast as the business environment they are in does.<\/p>

One of the challenges is to find an effective way to encourage ideas that can lead to improvements.<\/p>

Simply asking for ideas and encouraging people to give ideas generally isn\u2019t sufficient to make meaningful inroads.<\/p>

With this is mind (and having similar challenges to other business owners),\u00a0I have done some research on what businesses that are good at fostering innovation do differently.<\/p>

To keep this note clean and flowing, I won\u2019t bore you with the long detail, but I have written a summary of the main points of those companies that have been successful in fostering innovation.<\/p>

In order to foster innovation, a business must encourage and facilitate an environment of:<\/p>

  • humility<\/li>
  • empathy<\/li>
  • curiosity<\/li>
  • rewarding risk taking (this will be a challenge)<\/li><\/ul>

    It is important for people to know that they don\u2019t have to be right or have all of the answers (or else they won\u2019t feel free to be curious).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    The foundation of innovation starts with learning, the pattern is:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    • encourage people to \u2018ask questions\u2019 \u2013 it will help you to innovate<\/li>
    • this should \u2018create curiosity\u2019<\/li>
    • with the goal of hopefully \u2018encourage risk taking\u2019<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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      Guidelines to foster this in a business:\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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      1. Make learning a priority:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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      • have formal learning systems, combining both technical and non-technical personal growth<\/li>
      • encourage people to undertake their own development in areas that interest them<\/li>
      • assign people accountability partners or mentors to check in on them and keep them accountable<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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        2. When in doubt \u2013 \u2018test it out\u2019:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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        • Don\u2019t assume it won\u2019t work<\/li>
        • Don\u2019t assume it won\u2019t be accepted<\/li>
        • Don\u2019t assume that management won\u2019t go for it<\/li>
        • Don\u2019t accept someone saying \u2018that\u2019s not how it is done here\u2019<\/li>
        • Don\u2019t worry If it doesn\u2019t work \u2013 everyone would have learned something<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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          3. Measure \u2018Return on Intelligence\u2019:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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          • Track and share the new ideas – good and bad<\/li>
          • Highlight the impact the new ideas or innovations are having processes, costs, customers and the business<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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            Success would be an organisation where people have the awareness to know what they don\u2019t know and the confidence to say it out loud and then using empathy, curiosity and humility to learn our way ahead.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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            Identifying and embracing new ideas is a challenge for many businesses, especially those businesses who have not made this a key focus of their culture. This can be a major source of frustration for business leaders who realise that in order for the company to be as successful as it can be, it must be […]<\/p>\n","protected":false},"author":13,"featured_media":5859,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[67,93,62,63,90,65,68,66,99,91,14,64],"tags":[],"acf":[],"yoast_head":"\nWhy are some businesses able to innovate while others can't? | Walsh Accountants<\/title>\n<meta name=\"description\" content=\"Identifying and embracing new ideas is a challenge for many businesses, especially those businesses who have not made this a key focus of their culture.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.walshaccountants.com\/why-are-some-businesses-able-to-innovate-while-others-cant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why are some businesses able to innovate while others can't? 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