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From: Michael Wynne <mykwyn@aol.com>
Subject: News from International Mgm't Consulting Associates
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Innovation Where We Are and Where We Are Headed
Mike Wynne's Global Profit Builder
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Innovation
Where We Are and Where We Are Headed
November 2007
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In this issue
-- Where we are so far
-- Where we are headed
-- How to plan the future
-- The Innovation Principles
-- Closing comments
-- The Next Issue


Where we are so far
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In previous issues of this series on Innovation, we have explored the importance of innovation in the future of every business, where to find inspiration for new ideas, how to convert them into products and services, and how to determine which ideas, products and services have the best potential for success and competitive advantage.

Commoditization is the curse of 21st century marketing. As technology and marketing spread around the world, products and services quickly begin to look alike; in the eyes of buyers they cease to be different from one another. When products are undifferentiated, the customers most likely will pick the one with the lowest price. As a general rule, by all possible means avoid - competing on price - and the best way to do that is through innovation.


Where we are headed
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Reading the latest information on innovation in business magazines such as Business Week, Entrepreneur, Fortune, Forbes, and others, It is becoming increasingly more evident that the traditional approaches to growing businesses, and even to managing national economies, no longer work.

Globalization, among other things, has created a new paradigm where the old solutions no longer apply. More and more, technology and new ideas are the defining sources of business growth. Nowadays it is vital to differentiate your products, your company, yourself, and everything you are and do from all others.

Innovation is not limited to products and services; companies must constantly be reinventing themselves to keep up with the pace of change. The same thing applies to processes, policies, and procedures, as well as business models. Most business models - the way that companies go to market - either are, or on their way to becoming obsolete.


How to plan the future
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As circumstances and customers change, as generations come and go, companies must also adapt and do so quickly. Many traditions and Sacred Cows are disappearing - and more will follow. As a result, innovation is becoming not only a fact, also but a way of surviving.

Today's generations expect a steady stream of new products and services. Microsoft taught us to expect - and believe that we needed to buy - upgrades, and fear that if we didn't get the upgrade we would fall off the edge of the technical world.

The way of the future demands that businesses everywhere be developing new ideas and products. The great management philosopher of the 20th century, Peter Drucker, said, "A company has two functions, and only two that make it distinct, marketing and innovation." He also said, "The best way to plan the future is to create it."


The Innovation Principles
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With Peter Drucker's guiding thoughts in mind, let's review the innovation principles and see how we, too, can create the future.

innovation chart

When you follow these Principles and apply these Action Steps, you will innovate and along the way, you will have created the future!


Closing comments
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Innovation cannot be a once-in-a-while effort; it must become a part of the regular responsibilities of everyone in the organization. It must start at the top, and permeate the entire organization. Special time and activities must be set aside to make room for innovative thinking and projects.

Set goals and deadlines because if you don't - nothing will happen. Finally, bear in mind that perfection is the enemy of invention; get something done and test it in the marketplace. But also remember that - if it isn't different, it isn't innovation!


The Next Issue
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In the next issue of this Innovation Series, we will explore the importance of getting to the prototype as quickly as possible. For now, suffice it to say, that until everyone, including selected customers, yourself and your own team, can actually see, touch, and see the innovation physically and, hopefully, in action, it will be practically impossible to predict how the market will react to it.

Running out of ideas? Looking for inspiration? Need help turning ideas into realities? The entire collection of Mike Wynne's Global Profit Building Tips, including the Innovation Series, is now available for free in the Archives section of our website www.FreeProfitTips.com ; put the information to work in your business and you will begin to see positive change permeating your entire operation. In addition, if you want to really take your business from zero to sixty million dollars or more in minimal time, contact innovation and business growth expert Michael Wynne at (630) 420 2605 or mykwyn@aol.com right this very minute! Don't wait -- because time and your customers certainly won't!!!



Contact Information
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phone: (630) 420 2605
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