Total HR Management Presents 5 Guidelines For Innovation In ...

Business Leaders Need To Innovate

Working in evolving marketplaces is as common today as it has ever been. With changing technologies, a global economy and a roller-coaster ride of ups and downs, every business leader needs to apply best practices when it comes to innovation and growth. Total HR Management provides 5 basic guidelines for practicing innovation in evolving marketplaces. Although far from encompassing, these best practices can help put a business leader in the headspace needed for true innovation.

In 2011, an international survey of leading CEOs revealed that execution of new business strategies ranked first and third amongst their ?greatest concerns?. However, according to management guru Robert Kaplan, less than 10% of formulated strategies are executed effectively. Companies with formal strategy execution processes that apply such changes outperform the rest when it comes to innovation and adapting to evolving marketplaces.

According to Harvard Business Review, companies on average realize only 60% of the financial performance their new strategies promise.?Top executives should be able to effectively guide the implementation and execution of such innovations in evolving marketplaces. To be a successful leader, you need to be as diligent in guiding the execution of a new marketplace innovation as you are at setting and communicating the overall strategic direction of your company.

Total HR Management suggests that you practice these five behaviors to help innovate and improve your business:

1. Focus on the real competition?the marketplace?not on your peers and direct competitors. The marketplace is what defines your business, not your competitors.
2. Be willing to change the rules for how your marketplace works. If you don?t, a smarter competitor will.
3. Build your market understanding process into a real advantage by guiding its actual implementation when it comes to applying it to any new strategies or innovations.
4. Never conduct a strategic assessment of your business at the start of budget cycle. It will prevent innovation by reducing quality ideas to quantitative data. Accountants tend not to innovate or take the chances necessary to succeed.
5. Invest in your personal growth as a leader and invest in your leadership team. The capacity of your company to change effectively as the marketplace evolves will depend on whether you keep up with the developments and how effectively you can implement that knowledge.

Total HR Management realizes how broad these guidelines tend to be; more ideas than actual methodologies. But they are ideas that can be applied in the context of each business and employed as guidelines. By taking an innovative approach towards your marketplace, you can continue to successfully grow and expand your business and your business model.

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Source: http://www.totalhrmanagement.com/5-guidelines-innovation-evolving-marketplaces-business-leaders

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