| April 15. Did We Forget What Today Is About? |
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| Thursday, 15 April 2010 19:34 | |
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Yes, we know what day this is. And no, we didn't forget. But why waste an entire post on the subject of paying income taxes when there are more interesting and positive things to write about. For instance, we could continue where we left off last time on the subject of innovation and the role it's played in building wealth for companies and individuals. We felt this was such an important topic, we dedicated a whole section of our book,The Big Gamble: Are You Investing or Speculating?, to famous innovators and speculators. The premise of our book is to help you recognize the difference between investing and speculating, with a reminder that it's all just speculation. But, not to be misunderstood, we also note that it's the informed speculators and innovators with a high degree of risk tolerance that grease the wheels of industry. Recently we've been telling you about the renewed interest in innovation at the corporate level. National conferences are exploring the subject and symposiums bring high-level managers under the same roof so they can brainstorm about sharing best practices and melding ideas for their mutual benefit. It's changing the mindset of management and setting a new standard for the future. This kind of collaborative thinking might be the key to getting the economy recharged. But companies don't change overnight. There are some important ground rules and guidelines that need to be put in place first. Executives and company leaders must include the concept of innovation into their overall business strategy. It's something that must become part of the corporate culture from top down and from the bottom up. We believe you can never underestimate the value of a strong innovation culture. It's fine to designate champions or special units within an organization to lead the charge, as long as the perception doesn't devolve into employees thinking that these champions have full responsibility for making it all happen. There need to be processes in place that give everyone opportunities to get involved and share ideas. They might be in four main areas: finance, process, product, and delivery. There also has to be a great deal of trust established in the process, so that regardless of where one finds themselves on the corporate ladder, they feel free to share new ideas. You never know who might come up with the next big thing. One final point, and often one of the most difficult to accept: Kill the sacred cows! When someone says, "We can't change that. We've always done it that way," that's a sacred cow that probably needs to go. Get it out of the way so things can move forward. Who's been doing it right? A lot of corporations have the right stuff, but Federal Express is one of our favorite models for a company with a culture of innovation. See the section in our book entitled "When it absolutely has to be there overnight." There is a lot to learn from this book. You may find something that will spark your own ideas. |
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