Innovation for Turbulent Times
One of my CEO leadership coaching clients is a strategic thinker and very innovative. In this down economy, he made a strategic decision that his senior leadership team needed to be more innovative to stay ahead of the competition. Company leaders needed to change the culture of the company to help all employees embrace change and stoke the fires of innovation.
The CEO is an astute student of history and he knows that great things can emerge from economic adversity. He is engaging his talent and positioning his company to thrive in the economic rebound.
A Historical Perspective
While no one can predict with certainty how the global economic crisis will play out, many companies face serious challenges:
• Should they cut costs and streamline innovation projects until business picks up?
• Should they play it safe until the current storm passes?
If history is a guide, the answer is a definitive “no.” We can restore hope and gain a better perspective by taking a step back and considering how past downturns were resolved.
Many successful companies have been launched during recessions. Grim economic times can highlight previously hidden problems or cause old problems to intensify. When a deep-seated customer problem emerges, search for novel ways to address it.
National Cash Register was founded in 1884, the year of “the Great Panic.” At a time when investments from coal and railroads were sharply declining, the Patterson brothers decided to commercialize the mechanical cash register. At the time, they invested $6,500. Today, NCR has more than $6 billion in annual revenue.
Thirteen of the 25 companies on the Dow Jones Industrial Average, as of December 2008, were formed during an economic downturn, including 3M, General Electric, Microsoft and Walt Disney.
A number of game-changing products, services and business-model innovations were developed or launched in daunting economic climates:
• In 1876, Bell developed the technology underpinning the modern telephone.
• In 1900, Eastman Kodak launched its Brownie camera, transforming the world of photography.
• In 1948, McDonald’s pioneered its fast-food service technique under the name Speedee Service System.
• In 1957, Sony introduced its transistor radio.
• In 1961, Procter & Gamble introduced the Pampers brand of disposable diapers.
• In 1981, IBM launched its first personal computer.
• In 1982, Nokia introduced its first car phone.
• In 2001, Apple launched its first version of the iPod.
Are you working in a company or law firm where leadership is focusing on innovation? Does your company or law firm provide leadership coaching and leadership development to help leaders become highly innovative? Leaders need to encourage and reward creative thinking for employees to embrace innovation.
One of the most powerful questions you can ask yourself is “Do I lead by rewarding creative solutions to problems?” Emotionally intelligent and socially intelligent organizations provide executive coaching and leadership development for leaders who want to help their organizations become more innovative.
Working with a seasoned executive coach trained in emotional intelligence and incorporating leadership assessments such as the Bar-On EQ-i and CPI 260 can help you create an organization that embraces innovation. You can become a leader who models emotional intelligence and social intelligence, and who inspires people to become fully engaged with the vision and mission of your company or law firm.
