3inno - Making Innovation Happen
Creativity, innovation and teamwork in the right measure
  • Home
  • Projects
  • Services
  • Books by us
  • Our Articles
  • Podcast
  • Team
  • Contact

Ten tips for driving revenue growth through innovation

19/4/2017

 
Bar graph
I think about innovation a lot. As a business adviser and consultant, I help set up and manage revenue growth programs for both large and small sized businesses. Here are my top tips for setting up a program to deliver the right business outcomes. 
  1. Management buy-in is essential – senior management need to be involved in setting the ambition level and defining the business outcomes for the innovation program
  2. Before starting the program, prepare a heat map of your business challenges across the near, medium and long term – this provides a clear focus for the program. Business challenges include strategic, financial, market, customer, commercial and technical questions the program is seeking to address.
  3. To avoid re-inventing the wheel, review all your existing idea logs 
  4. Design a suitable process (and timescales) to generate ideas, build business cases, and launch innovations. A good idea is not enough if it does not get to market or deliver a business impact.
  5. Maximise the business impact by putting in place the right governance structure. Here’s a previous article I wrote on this subject: http://bit.ly/2jQYYo4
  6. In addition to product/service innovation, consider business model innovation. For more examples, please read: http://bit.ly/2dJqGV9
  7. Look inside and outside your organisation for ideas. Engage the help of customers, subject-matter experts, and gain richer insight by talking with people across the supply chain
  8. Resource the program correctly – don’t force fit available staff or assume specialist innovation skills. If necessary, provide proper coaching and support to the innovation team, and bring in external help if necessary
  9. Put structures in place to promote cross-business participation.
  10. Last but not least, share success stories.

Good order is the foundation of all things. —Edmund Burke

An important point: even if you’re focusing on medium to longer term objectives, make sure the program delivers a near-term business impact.

Most companies benefit from having an Innovation Charter. In an upcoming blog, I’ll be sharing the key building blocks of an innovation charter document.

If you want to be more successful at innovation, I recommend our ebook Innovation Unplugged

Other articles that may be of interest include:
  • What you need to know about setting up an innovation-growth team
  • Using ideation to populate a business strategy roadmap

And if you have a question about innovation, contact us at info@3inno.com

-Gerard
Director of 3inno
​
​E: Gerard@3inno.com
W: http://www.3inno.com/
​
T: @GerardHarkin

Comments are closed.

    RSS Feed

    Need help finding articles?

    ​We have written over 100 articles on how to innovate successfully. To save you the hassle of searching, let us know what you are looking for using the form below, and we will email you the links. 
    Related content
    Picture of a business woman drawing a growth graph on a glass window
    Driving revenue growth with innovation
    More

    Picture of a bar graph showing growth from year to year
    Setting up an innovation program
    ​More

    Abstract image of three hands holding three connecting cogs
    Speeding up an innovation program
    ​More

    A pencil shaped like a a rocket with the words IDEA written on the side
    Generating ideas
    1. Ideation design
    2. Ideation facilitation
    3. Actions after ideation

    Archives

    November 2017
    October 2017
    September 2017
    July 2017
    June 2017
    May 2017
    April 2017
    February 2017
    January 2017
    December 2016
    September 2016
    March 2016
    February 2016
    January 2016
    December 2015
    August 2015
    July 2015
    May 2015
    April 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    October 2013

Picture of 3inno logo
Experienced | Practical | Easy-to-work-with
Small consultancy, big results.
Copyright © 2017 3Inno Ltd All Rights Reserved. Registered address: 100 Church Street  Brighton  East Sussex  BN1 1UJ