Imagine paying your employees to make you money or save you money.
You’re probably thinking “Purdeep you’re a little slow because that’s what I do”.
What if your average employee (the executors) were paid a little extra for doing a little extra?
I mean going above and beyond to be creative and innovative in generating NEW ways to do things to make your business money or save your business money.
This is what some of the best businesses do.
For example: what if you gave one of your office employees a nice bonus if he/she came up with a way to do save your business $10,000 per year.
Would you give her a small portion of that? How about a one-time bonus of $1,000?
That’s a pretty nice bonus for her/him and I’m sure you’ll be happy with the continuous savings of $10,000 per year so the bonus becomes pocket change for you.
Why doesn’t this happen more often and why don’t companies implement this?
Everybody is so busy with doing the day-to-day “stuff” that true innovation is really put to the side.
Or innovation is designated to certain departments or roles.
Innovation is everyone’s role. From the CEO to the front-line person.
The more you get your employees to think about innovation and execute on it, the more progressive your business becomes.
Now what is innovation?
It’s really just improving your business to deliver MORE VALUE to your Super Fans.
It’s doesn’t have to be disruptive, just progressive!
More value means that you attract more Super Fans and keep more Super Fans which is the true function of your business.
The business that creates more value for their Super Fans also has the competitive advantage over their competition.
To have an innovative business, you need these three things:
1. The right people – Find people that want to think and be creative. If you have people that are brain lazy (meaning they just like to do routine tasks), you’ll have a tough time creating an innovative culture. Having the right people isn’t enough. They must also be team players. Innovation is about working off the ideas of others to expand your own ideas.
2. The right processes – I spent a decade studying innovation along with doing my EMBA in innovation and becoming a certified innovation executive. Here is what I learned from all of this. Innovation has a process and you can create that process. Some people think that innovation comes from flashes of genius like a bolt of lightning striking your rear end while you are in the shower. The ideas may come in flashes but it what you do with the ideas that makes innovation come true. A great idea can be destroyed if the right process to nurture it isn’t present. An average idea can also become amazing if you have the right process to build upon it.
3. The right priority – Innovation must be a part of your business model and should be a high priority. The competitive environment is rapidly changing. Businesses are going out of business faster but at the same time, businesses are being created and expanded faster as well. This difference comes down to one thing, INNOVATION.
Remember that innovation can be your best friend!
Purdeep Sangha (Business Expert & Coach)
P.S. If you want to grow your business even more, subscribe to my new Super Fans podcast because you’ll get great tips to improve your business. https://purdeepsangha.com/podcast/