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Keys to Success for Successful Innovators

Margaret Reynolds, Principal — Reynolds Consulting, LLC

• management strategies • personnel development • leadership training • business model

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Margaret Reynolds, principal of Breakthrough Masters, specializes in helping executives understand how to break out of their historical patterns and become innovators. In this video, Margaret and Randy MacLean discuss the skill set and core competencies executives need to lead.

Improving versus Innovating

Continuous improvement is important to meet the everyday challenges. But, Margaret and Randy talk about avoiding the pull of business gravity—doing things the way they have always been done because it works—by keeping your eye on innovation.

There are stark differences between tweaking and improving your business, and innovating for the future.

• Improving is tactical

• Innovating is strategic

Innovation can be harder because it causes you to stop and think purposefully about what you're doing and gets you out of your comfort zone. The challenge is in recognizing that what we know how to do is not necessarily what we need to be doing now. Businesses today must be able to think about innovation as much as continuous improvement to stay competitive.

Redefining the Business Cycle Curve

The usual business cycle curve is the traditional bell curve. Success in today's business world requires leaders to use innovation to turn their curve into a series of S-curves. This requires continual innovation to be able to ride the growth curves by identifying what will be important to your customers going forward.

A strong example of this is Apple. Apple capitalized on their basic strategy (an operating system) to infiltrate and conquer several major industries, such as computers, music, and telephones.

Tune In to Innovate

Successful innovators make sure they have regular exposure to change in the marketplace through knowing their customers or competitors, being in tune to marketplace and industry trends, reading trade journals, utilizing consultants, attending conferences and talking to peers.

Challenge yourself to be aware of what's going on outside the walls of your business, and use that information to figure out how you can stay on top of those growth curves and get your people to innovate with you!

For more information about Margaret Reynolds, visit: www.breakthroughmaster.com

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