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Wednesday, January 25, 2012

Topic: Enterprise Management

Reference: Steve Tobak..(January 23, 2012).“10 dumb mistakes companies make over and over.” CBSNews.com, http://cbsnews.com/8301-505125_162_57363139/10-dumb-mistakes-companies-make-over-and-over. Cited January 24, 2012.

With the start of a new calendar year everyone is focused on getting off to a roaring start. Usually, there are new opportunities to evaluate new projects  and new budgets allocated to resource new projects. There is generally a focus on getting things done and securing promising new achievements before the year gets away from you. I like this time of year because people return your calls, reach out to you, and express a positivity that wanes during the last quarter of the year. That is why it is important to think about avoiding past mistakes;  wasting resources on ill-conceived projects, and falling into a familiar pattern of sub-optimal behavior. I try to avoid this by planning corporate development projects, networking functions, and project submissions to take place by the middle of January. That gives the organization realistic targets to hit, and near term goals to accomplish.  This forces a re-look at risk profiles, innovation, and new opportunities.  New opportunities drive new energy and new energy drives the acquisition of new success. It is also important in this process to be mindful of things that don’t work, have gone wrong, or paid little dividends in the past. Can they be tweaked, reworked, or updated for higher value? If not, then it is prudent to move beyond these items and add portfolio items that may make a significant contribution to your operation. I look for positive opportunities, collaborations, and outcomes. In the referenced article the commentator takes a different approach and looks at the dumb things that organizations do that hold organizations back and that should be avoided. This is a different approach but drives you to the same place – correct your missteps and create new value. Some of the mistakes that the commentator references includes: (1) killing promising new businesses to maintain old ones; (2) lack of objectivity; (3) failure to articulate strategy; (4) not challenging the status quo; (5) poor risk management; and (6) ignoring hot new trends. As I have often commented, #4 not challenging the status quo is one of my favorites. #6 ignoring hot new trends is also critical. Often new trends are a leading indicator of  new opportunity.  This is a good time to analyze those for your industry and outline how your organization can take advantage of them. No matter how you evaluate it, now is the time to get active and create new value.  Checking your industry trends may be the answer that you are searching for.

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Tuesday January 10, 2012

Topic: Innovation Management

Reference: Paul Schoemaker. (January 5, 2012). “You need to Make More Mistakes.”Inc.Com. Http://www.inc.com/paul-schoemaker/make-more-mistakes.html

The fear of making mistakes can be debilitating. The fear of mistakes can lead to analysis paralysis which can lead to missed opportunities, failed business plans and the failure to innovate. There is more and more data available, but seemingly less and less information. Increasingly leadership means taking action not with too little information, but sometimes too much. The availability of information does not ensure that mistakes will not happen, but rather that the best decision to be made at the time can in fact made.  Good leaders now know that is all that you have to go on and it is usually a judgment call. All mistakes are not created equally – some mistakes are in fact valuable. The problem is that you can’t be sure which mistakes are the good ones. The key is that the aggressive mindset that causes you to take action and that can lead to mistakes is the difference between being on the positive side of the mistake ledger and staying on the negative side of the ledger. You have to have the mindset to take calculated risks. That means not accepting the status quo and challenging the underlying assumptions related to key decisions. In the referenced article the commentator asserts the same thesis.  “Successful people tend to have a different view about mistakes than most ordinary people. Not only are they more tolerant of them…but they often embrace them.” For example the commentator mentions that Albert Einstein had numerous mistakes in his published works, but still achieved monumental insights in theory. Mistakes led to the creation of post-it notes, different medical treatments, and different payment policies. All have led to positive outcomes. “The only hope to escape from your self-imposed mental box is to test beyond the scope of what you deem worth testing.” I agree with this thought process and a mentality that focuses on learning from your mistakes rather than completely eliminating them. Failing forward and taking aggressive action is required to overcome the challenges that we face in business, government, and in our communities.  It is the place where innovation starts.