The new CEO of a FTSE 100 client had a significant insight. He realised that during the past three years, 99% of all business investment cases had been approved by the executive team. The executive team had a habit of saying 'yes'.
Being uncomfortable with such a high ‘yes’ rate, he decided to dig a bit deeper and found that staff was preparing near-perfect business cases...
So what is he doing about it? He's asking for more examples of embryonic business cases and has made it okay for people to make less polished presentations. Consequently, the leadership team is getting earlier visibility of a higher volume of opportunities.
Clearly, not all of these higher risk / higher reward opportunities will be approved, many will be rejected, but some won't, and that's the point! Even though leaders will have to say ‘no’ more often than they are today, this new shift enables higher risk / higher reward opportunities to get the spotlight sooner rather than later, which is vital if superior growth is on the agenda.
For senior executives reading this article, are you presented with near-perfect business cases or do you get to see some embryonic business ideas that could potentially deliver superior growth?
Here are some other articles that may be of interest:
- Using Ideation to populate a business strategy roadmap
- 10 recommendations when setting up a group-wide revenue growth programme
- Making a winning Dragons' Den pitch
For more innovation tips, please visit: http://www.3inno.com/our-articles
Do you want to be more successful at innovation? I recommend the book Innovation Unplugged – helping managers prepare today’s business for future growth.
Director of 3inno