- Knowledge: I've yet to meet a management team who can claim to have sufficient understanding of customer needs, insight across a range of markets, and knowledge outside of their core business, to be able to identify and assess new growth opportunities. Other people from across the company (and from outside the business) need to be involved in the process.
- Toolkit: Generating and assessing ideas requires an innovation toolkit and facilitation skills.
- Time: Defining new growth directions is not a quick exercise, but it takes time. A 2-day management meeting might not deliver the results you need.
- Atmosphere: Unfortunately, the atmosphere of management meetings tends to play out in a predictable way, which doesn't always lend itself to the right environment for discussing new growth ideas.
Instead, you should initiate a dedicated growth programme up to 3-6 months before the management offsite takes place (the actual timing will depend on the scope, resource and business deliverable), and use the management meeting to present and assess the project’s findings. It is a much more productive use of senior management time and delivers better results in terms of focussing attention on the most attractive opportunities for your business.
For more advice on how to innovate successfully in a corporate environment, 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