What characteristics should a business possess to demonstrate innovativeness?
I want my business and my employees to possess a culture of innovation. What core values or characteristics should a business have to fulfill this? We are a production company in filming, script writing, and editing.
The process of innovation includes an externally focused, learning based, flexible, value-added approach to increasing revenue and solving business challenges.
Externally focused - emphasize the unmet business needs of current customers and prospects rather than focusing on internal procedures and processes.
Learning based - there should be a series of short-time frame 'test and evaluate' projects where you evaluate new services and strategies. The emphasis is on incorporating best practices learned in one project into future 'test and evaluate' projects.
Flexible - the market needs will dictate where you go. Be ready to change your course based on new information.
Value-added - the goal is to identify new services, strategies and tactics that are financially sustainable.
Supporting a culture of innovation includes these characteristics:
Creative - new ideas can challenge the way you operate your business today. You need to create and support a work setting where employees are comfortable brainstorming ideas for your 'test and evaluate' projects.
Consistent - innovation becomes a business strategy that becomes part of the way you approach your business rather than a project completed in a defined time frame.
Aligned - your company's employee evaluation and compensation/reward practices should at the very least not contradict the learning-based approach where some projects fail, some projects just increase knowledge, and some projects add measurable business value.
Accountable - you should establish business goals for implementing a culture of innovation, measure success against those goals, and make adjustments in your plans and goals based on what you've learned.