What is Your Business IQ?

Fresh ideas, concept wordsThe question is not related to your personal or business intelligence, it is your business Innovation Quotient (IQ).  Your business IQ is connected to how you manage change and performance improvements in all facets of your organization, from operations to product. The origins of the word innovate go as far back as the 16th century.  It is simply introducing something new or different.

There are some companies that are perceived to “own” innovation and are frequently on lists of the most innovative companies. Expected and recognized mainstream mega brand companies like Apple, Google, Amazon, Nike, Target, Coca-Cola recently topped Fast Company’s 2013 Most Innovative list, along with newer innovators like Pinterest, Sodastream, Tesla, and Yelp . They all have visible innovations and a high “product” IQ.  We come to expect they are doing something new and different all the time.  What we do not see is how these businesses innovative internally. How they get on these lists takes more than smart, cool products. We don’t know how often they change employee policies, management teams, adopt new software programs or retire practices that no longer get results – unless you are Melissa Mayer of Yahoo!

What is your business IQ?  How often are you “innovating” the 4 P’s: product, people, processes and policies?  If you were to rate how innovative your company is today, on a scale of one to 100, with 100 being the most innovative, where do you rank?  If you are never changing, you probably have a low business IQ.  If you are always changing, your business IQ should be close to 100.  The most realistic place to be, without completely disrupting or killing your business, is to aim for above 50.

If you are an innovative trailblazer with a high IQ, congratulations and press on!  It is difficult to stay on the forefront and constantly introduce “new” into a business. Trailblazers make change and as a result, often make money. They innovate, pivot and innovate again. Maverick companies with high business IQ are in a continuous cycle of innovation and change.

If your business is lacking in the innovation department, it may be time to set new company standards.  If you asked everyone on your executive team to provide you a recommendation of an old idea or way of doing something that needs to be retired, without measure of cost or risk to the business, what do you think would be on the list?  Perhaps it is time to find out.  Innovation begins by identification.  Where there is opportunity in your business to innovative, there is opportunity to improve.

Old or young, businesses need to always be monitoring their business IQ.  Innovation takes place within companies as well as in products and services.  Being an innovative company requires a constant and systematic evaluation of how the company will stay competitive and continue to grow or maintain sustainable profits.  The lack of innovation is a one-way ticket to performance doldrums.

Not all innovation is good and there are certainly small and big failures to note.  One point is certain, if your business is low on IQ, it is probably not maximizing the potential of products, people, processes or policies.  Start by asking the questions first, what needs to go? What is holding your business back?  Identify where you can improve your business IQ and then go — innovate!

If you want something new, you have to stop doing something old.” – Peter F. Drucker

Jamie Glass, President and CMO of Artful Thinkers @jglass8

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2013 is Here to Stay

ImageAnother New Year.  We made it, despite the ominous predictions of the Mayans and challenges that seemed insurmountable. We have a whole year to put four new numbers at the end of every month and day — 2013 is here to stay.

As the hours tick away and we realize there is no turning back to a year gone by, we may spend time reflecting on the past for all the greatness or demands that became part of our personal history.  How much time should we reflect on what was and what might of been?

We put a lot of pressure on ourselves and others as we leap ahead into the first day of a new year. Though the date is only a marker in time, it brings significance to recall where we have been and where we want to go.  We are conditioned to set goals, broadcast resolutions, make commitments.  We are all lined up in business to start our annual sprint toward revenue targets, profits and sales quotas.  Departments and executives lay out the vision and business plan. We stand and cheer as we round the corner and “pass go” to do it all again. We give ourselves and others another year to achieve great success.

Yet it can be hard to forget some of our nagging challenges and failures of the past 365 days. The reflection of what we did not accomplish can cloud our view of what lies ahead. Obsessive reflection deters progress. Could have, would have, should have really needs to be can, will and shall in the coming year.

We are all moving forward, together!  The earth is rotating and time is passing.  We can not stop our momentum. Some may want to slow the inevitable; however, there is not a time machine to take us back.  If we continually reflect on the better days of the past, we will miss the turns we need to take in the future.  We will be left behind.  It happens to very successful businesses and leaders as they get mired in their own greatness and fail to see what lies ahead.

We must focus on what can get done, what we will accomplish in the New Year. Historical performance gives guidelines of the best path forward.  At every fork, we need to turn to previous decisions and analyze how well we executed on each task or goal to determine the reality of which turn we take in the future. We don’t drive always looking in the rear view mirror. Watching what is behind, does not allow us to focus on what’s ahead — in life or in business.

Memories serve great purpose. Predicting the future requires history.  It is important to use past performance, decisions, data, research to better predict future outcomes.  It does not mean we should get buried in our past or mesmerized by our own reflection so that we fail to see the path forward.

We should all take time to reflect – briefly.  Use our past to build our map to the future. Know our goals.  It’s time to move ahead. The 2012 bus is leaving the station. The calendar tells us so.

As we move forward into 2013 with celebratory optimism, it is up to everyone to make choices that make us better and more prosperous.  Hope burns eternal. So, clink that glass half full and let the confetti fly! One thing is absolute, 2013 is here to stay.

Happy New Year!

Jamie Glass, CMO & President of Artful Thinkers and Managing Director of Sales & Marketing Practice at CKS Advisors.

Entrepreneurial Lessons from Your First Job

We have all had one. A first job. Someone looked you in the eye and said, “You are hired!” The decision confirms they trusted you to represent their business. They were willing to invest in you, train you, teach you how to earn a paycheck.

Your confidence swells with the first yes. Your stride is more brisk, your smile broadens. You did it! You are accepted, wanted and needed. Someone recognizes you for being a contributor. Then, the apprehension begins. What if they don’t like me? What happens if I make a mistake? Can I do this job? The overwhelming reality of being responsible of earning a wage is measured by the sudden onset of nervous excitement.

Many of the emotions and fears of starting your first job are similar to starting your first business. Entrepreneurs have to balance the adrenaline associated with being in complete control with the reality that businesses fail. Lingering in the bravado are facts from the Small Business Administration (SBA) that nearly a third of businesses fail within the first two years. Reverting to your confidence that says “just do it” because you are different and better, you focus on the statistical favor that you do have a 66% chance you will make it.

The first time you do anything is valuable experience. Recalling what you learned at your first job is an excellent way to apply past experience to a new first – starting your own business. Here are some tips to take from your first job that are nuggets of wisdom to apply to your startup venture:

1.  Embrace the Fear of Failing – You have an option to be paralyzed in fear or embrace the opportunity that if you try, you may succeed.  We all know examples of the person who tried over and over again, failing countless times before they finally made it!  They never quit. Using the knowledge of each failure, big or small, prepare yourself for the possibility of next time.

2.  Take Pride in Your Work – Others are counting on you to help them.  Any business is defined by satisfying a need.  If they need you, take satisfaction in your ability to help.  In the early stage of a new business, people will flock to those that are confident in what they deliver.  Uncertainty creates worrisome customers, or even worse, potential customers who never buy.

3.  Always Be Learning – You are glowing green at your first job.  You are a blank slate.  Your training is the groundwork for how you will perform. Soaking up expertise from those that proceeded you is smart business.  What you don’t know today, can propel your business to the next level. Find expertise.  Be a knowledge consumer.

4.  Businesses Reward Hard Work – As you master the skills necessary to do your first job and do it well, you soon learn that businesses reward performance.  Promotions and raises are given to those that work hard and do more than their peers.  Your customers will reward you for your hard work.  Their loyalty is associated to your ability to outperform your competition.

5.  Listening Skills are Important – Listening to your customers in your first job and in your first business is elementary.  Your customer is paramount to delivering products and services that meet the customer’s needs.  Failing to listen increases your odds of an unhappy customer.  Unhappy customers tell others of their experience.  Listening improves potential for high customer satisfaction.

6.  Time Management is Critical – There are no rewards for showing up late or missing work.  One of the most important skills acquired in the first job is how to manage your time.  You soon learn there are no acceptable excuses.  Juggling priorities becomes primary to your success.  Owning a business depends on the genius of multitasking.  You will work harder and that means you have to work smarter to get the job done.

7.  Handling Money Builds Trust – When you take money for any product or service, you are now accepting the currency of trust.  You are expected to provide equal or greater value in the exchange of cash for goods.  Exceeding expectations builds credibility.  Manage others money with the same respect you demand from those that manage yours.

The knowledge acquired from a first job is fundamental to a startup. How you apply that knowledge and skill will often result in similar or better experience as an entrepreneur. The mistakes are lessons of how to do something different. The successes are foundations to build upon.

Challenge yourself to reflect on your first job. What was the best lesson learned on your first job? Can you instill this in your values, culture and standards as a business owner today?

Nothing is a waste of time if you use the experience wisely. ~Auguste Rodin

By Jamie Glass, CMO & President of Artful Thinkers and Managing Director of Sales & Marketing Practice at CKS Advisors.