Three Ways to Sell Innovation in Your Organization
April 9, 2019 | Tripp Graham
When it comes to change, organizations at one end of the spectrum are highly resistant and sometimes fearful of adopting new ideas, while organizations at the other end are constantly attempting to innovate, but struggle to see projects through or to determine which ideas are most effective. Most companies fall somewhere between these two extremes, and can even have differences of opinion between departments and teams.
How does your organization approach innovation? Regardless of how your organization manages change, championing new ideas requires buy-in from owners, executives and upper level management. In my experience, there are three ways to present a new idea that are directly tied to most key stakeholders’ concerns:
1. Show exactly how your idea(s) can increase revenues, and/or lower costs.
These are the ideas that are typically the biggest attention-grabbers for company leaders. Maybe you manage a restaurant group, and see opportunities in new neighborhoods or cities. How can you show how this could change the revenue mix for your company? If you run a contact center, investing in new processes that reduce the time spent on each call by just a few seconds could create significant cost savings, or allow you to redeploy staff elsewhere. Cost/benefit analysis is crucial to obtaining support from your organization’s leadership team.
2. Express how your idea(s) will make your organization more competitive.
Some changes are necessary to remain relevant, even though it is difficult to present a positive ROI in some cases. Are our competitors investing in better customer service? Are they entering new lines of business, if so, for what purpose? What value-added services or features will create more loyal customer relationships? Many established firms have struggled to compete in an age of e-commerce, global competition, and increased customer choice. Where are your firm’s “blind spots?” Identifying these and showing how it could cost your organization in the long run may help you reposition your company for success.
3. Turn regulatory requirements into a competitive advantage.
Regulatory compliance is far from the most exciting topic for key stakeholders, but a thoughtful approach to compliance is extremely important for long-term sustainability. Your firm’s response to its regulatory environment can be a distinct competency! Investing in new software or processes related to regulatory compliance can prevent costly fines and penalties, and can contribute to positive customer perceptions. Even more of an advantage can be gained by seeking opportunities to be more efficient and accurate in regards to compliance than your competitors.
Are you looking to take your business to the next level? Let HHM CPAs be your partner in identifying your “blind spots” and areas of risk. Our audit, tax, and advisory professionals are uniquely equipped to help you take the guesswork out of compliance so you can focus on making your business more profitable and competitive.