What can businesses do to move forward in this economy? While there is much a business can do, one of the most important actions is to generate ideas that create new value.
- How do you go about creating new value? What does the process look like?
Sometimes it's not about the process. It's about creating the right environment for new ideas to emerge. Here are some ways to do that:
- Create a "Bright idea" campaign
Encourage employees to bring forward new ideas about what they can do personally, or what the business can do, to deliver more value. This will increase the flow and quality of ideas. Capture the ideas visually or in writing. Too many bright ideas are lost because they're simply not captured or recorded. Recognise ideas that are implemented.
- Move
Research has shown that physical movement stimulates your thinking. Take a walk, or take the stairs. Get out of your office and into a space in which you can move. You'll put more ideas in motion as well.
- Encourage brainstorming
Call a regular meeting specifically for brainstorming purposes. No problem solving allowed. No ideas discarded. Just ideas flowing. As Thomas Edison said, "To have a great idea, have a lot of them". Even a dim idea can turn into a bright one.
- Link value to customer need
Think about the new needs and demands of your market. Be cautious about implementing something new that you haven't confirmed is desired by your market.
For example, you may have an impressive new technology application you think is perfect, but your market may not be ready yet. Or you might assume that your market wants more information when they really want stronger relationships with you.
- What does new value look like?
Any new value must benefit customers, clients or stakeholders. Your new value may exist in the form of better education, planning, follow-up, tracking, assessments, feedback, problem solving or communication. You can create new value by managing projects differently, or expanding the capabilities you offer by developing strategic partnerships.
- Communicate your company's value
Communicate your value in terms of benefits or outcomes. Possible examples include: administrative ease, problem prevention, faster learning, better decision-making, easy access, time saving, improved teamwork, etc.
- Rethink your value proposition
Look at the value you've created in the past. Build on it. Expand it. Modify it. Don't assume the same value you've created in the past will be what your market needs or wants in the future.
Generate bright ideas in collaboration with those you serve. New value and new business will follow.