While some businesses have a tried-and-tested core product they can stick to long term, most will need to innovate to keep agile and promote growth. NatWest’s Content Live site explores how to spark innovative thinking in your business, with comment from Cirrus CEO Dr Simon Hayward.
From tapping into new markets to streamlining processes and developing new products, it pays to stay ahead of the game.
Everyone on your team has the potential to help with innovation – but only if you create the right environment.
Adaptability is vital, says Dr Simon Hayward, author of The Agile Leader and CEO of leadership consultancy Cirrus. “The most successful entrepreneurs I meet have the ability to adapt and evolve,” he says. “They adopt the ‘fail fast and learn’ principle – if something isn’t working, they stop doing it, learn from it, and move on. You create innovating teams by bringing great people together and giving them the freedom to make mistakes”
Hayward suggests creating innovation hubs – agile teams working in areas where you want to effect real, rapid change. “Give those teams the freedom to experiment and to learn from failure,” he says.
Finally, it’s important to be willing to take risks. “The biggest barrier to innovation is risk-aversion,” says Hayward. “This often leads to layers of decision-making bureaucracy, which prevents agility and stifles innovation. If you trust people to experiment and make decisions in a safe and supportive environment, you will contribute to a climate of innovation.”
© NatWest Content Live 2019.