Continious Innovation

http://www.managementexchange.com/hack/optimization-management-10-20

Market Analysis:

  • Economic outlook
  • Market and industry analysis
  • Market potential
  • Industry benchmarking
  • Competitive data


    • The Numbers:

  • Current year actual vs. plan
  • Five-year history (current year vs. previous four years)
  • Diversification efforts and next year's plan
  • Five-year growth plan (next year and following four years)
  • Marketing budget


    • Strategy:

  • Overall strategy and goals
  • Contingency plans
  • Employee survey (to measure understanding of and confidence in the strategy)
  • Comparison of acquisition targets (if any) to industry ratios


    • The Innovation and Optimization Quiz

    While every organization is under constant pressure to optimize, you have to develop your own internal mechanisms for driving innovation. Striking the right balance will improve the health of your financials and make for a more enduring organization.

    So how balanced is your organization? Note which of the items you believe to hold true in your company.

    Innovation:

  • You have regular meetings focused on developing new products and/or services.
  • You have spun off an entirely separate business from a new concept.
  • Your sales personnel are rewarded for developing new markets, not just more sales to existing customers.
  • Your organization could handle the loss of a customer or a significant shift in market demand.
  • Your company encourages experimentation and accepts the failures that come along with them.
  • Your coworkers are focused on driving out vulnerabilities.
  • Your organization is creative and entrepreneurial.


    • Optimization:

     Your meetings focus on driving down costs and reducing waste. 

  • You regularly have discussions with managers about improving productivity.
  • Your company focuses on doing old things better.
  • You've eliminated or avoided creating jobs in engineering, market research, or other support functions.
  • Your coworkers focus on process improvements.
  • Your company strives to be lean.
  • Your company's profits and efficiencies are in the upper tier of your industry.

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