Quote for the Day
“Creativity is thinking up new things. Innovation is doing new things”
Theodore Levitt
Innovation
As we have grappled with Covid, we have had to innovate the way we do business. As we make our plans for the future, what does innovation mean for you?
The topic for my first Growth and Profits Club is Innovation and, with that in mind, I am starting the discussion off by asking you to answer my ten innovation questions and let me have your scores.
The Growth and Profit Club session will take place on 24 November, at 16.00 pm.
Apply for your free place by emailing me at alan@mrwcs.com with a request to join the session
A recent real-world example of Innovation is in retail car sales. One company sold 20,000 used cars in the 14 months to February, spending big sums on marketing and delivering them to customers’ doors. The other sold 200,000 new and used cars in 2019. It didn’t have high marketing costs, and customers came to pick them up on forecourts.
Guess which is Cazoo and which is Lookers? Cazoo is set to be valued at $7bn in a New York listing whereas Lookers is unloved and valued at only £213m.
Test yourself on your state of readiness for Innovation by asking yourself each of the following questions in my Innovation Diagnostic:
- Do you see Innovation-led growth as critical to the future of your business?
- Do you commit enough resources to Innovation?
- Do you have a winning customer value proposition?
- Are you working on new ways of doing business?
- Can you beat your competitors in the innovation race?
- Can you scale up what works well?
- Can you spread what works well by using your contacts outside your business?
- Is innovation a natural part of doing business?
- Are your people motivated to innovate continuously?
- How receptive are you of other people’s ideas?
Which are your top three Innovation issues and what action are you going to take to help your Innovation activities to thrive?
If you would like to know more about avoiding the pitfalls of getting our lives back, contact me by email alan@mrwcs.com or phone 07860 813444.
Growth and Profit Club
I am delighted to launch my new free Growth and Profit Club, running parallel with my Growth and Profit Coaching Group for Professionals.
We have all learned to use video and save travelling time so we will meet virtually once a quarter to discuss the things that really matter to you, learn new skills and experience business performance coaching for the first time.
Membership of my Growth and Profit Club will allow you to access other business leaders’ experience, knowledge, and wisdom, and share your own, helping to develop the expertise and proficiency of everyone on the Zoom video call.
If you would like to discuss the challenges and opportunities for your business or would like to join my Growth and Profit Club, please contact me on alan@mrwcs.com