Innovation driven growth is the goal of every well run company. It should be the goal of every company, but it’s harder than it sounds. It’s easier when a company is new, but gets harder when a company is old because the young entrepreneur with the drive to succeed can become the old businessman with the drive to survive.
Innovation driven growth is what happens when customers are drawn to a company because of their innovative nature. It can describe a company’s early development phase or their long term growth strategy. It depends on whether they’ve had to deal with the success and growth of their company and how they dealt with it
Successful companies find a way to maintain their innovative nature as they grow. They understand it’s why they’re successful. They continue to listen and provide innovative solutions. They continue learning and adapting, even when they’re at the top of their game because they understand that in life and business “You’re either growing or you’re dying, there’s no in between”
So the question is how if you want to implement an innovation driven growth strategy how do you go about doing it. It’s harder than it sounds because it’s more of an attitude than a discrete set of steps that you can memorize and execute. If you like the idea but it’s foreign to you take John Burroughs advice.
Leap and the net will appear
To make an innovation driven growth strategy work your employees, vendors, and customers should believe in it too. Everyone should see it in every decision you make. Say it out loud. Growing and making money are important, but they are the result, not the goal. Say it again.
Remember that the goal is to always be better than you were yesterday. Consider any new idea from anyone that supports this goal. If an idea sounds good do a few experiments to validate its merit. If your experiments prove the benefits are greater than the cost, invest in the idea and openly reward whoever came up with it. Repeat.
Be consistent and true
Take the time to get to know your customers and your vendors and your employees. When you know them, and know what they want and need, you can provide it. You’ll also know when their wants and needs change so you can adapt. It’s your responsibility to understand and provide what they want and need.
Continue to listen to your customers, vendors and employees and provide innovative solutions to their problems. Let them know your thought process. Keep their expectations in line with reality. Let them participate in the solution process. They should see your way of thinking as an extension of their own.