All too often, when we think of our strategy, we do so within existing constraints. We don’t always do this knowingly, but we are often biased by our company, our industry, and what we believe is possible. We stay “in the box.”
While it is important to do the analytical work related to your strategy, it is also important to think about where innovation fits in. “Out of the box” thinking is an important element of strategy. Generally speaking, companies either compete from a cost position or from a value perspective. Unless you have a significant cost advantage, most companies have to innovate to provide a point of difference in their value proposition.
In order to incorporate out of the box thinking into your strategy, you have to allocate time to it and allow an environment where your team has the opportunity to produce non-conforming ideas and innovations for your strategy and your business model. Some of the greatest innovations of our time started as wild ideas that no one gave any hope to.
This is best summed up by the master of innovation, Albert Einstein: “If at first the idea is not absurd then there is no hope for it.”
How are you going to come up with the next innovation for your business? Best to start by getting out of your box with some “absurd” ideas.
Mario O. Vicari is a director with Kreischer Miller and a specialist for the Center for Private Company Excellence. Contact him at Email.
How do you encourage innovation in your business? Share in the comments!
