I’m privileged to regularly meet with Chicago executives and gain an in-depth understanding of their most pressing business challenges.
Regardless of the company’s size or industry, common themes have emerged from these discussions. Here are two top issues that are keeping Chicago leaders up at night: Innovation
It may be an overused buzzword, but established companies and startups need to account for innovation or risk being trapped in outmoded ways of doing business.
Collaboration in the C-suite
You’ve assembled your leadership “dream team” but how do you collaborate to drive results?
Why innovation?
The topic of innovation is top of mind to many executives, but they’re unsure about why they should care about it or how it could affect their bottom line.
A crucial misstep leaders make is equating innovation solely with developing new products. On its own, this strategy actually provides the lowest return on investment and least competitive advantage. Instead of considering innovation via a narrow lens such as products and services, begin by broadening how you think about it.
Here’s one way to think about it:
■ Innovative configurations: Profit models, networks, structures and processes.
■ Innovative offerings: Product performance and product systems.
■ Innovative experience: Services, channels, brand and customer engagement.
Most firms will first need to undertake an internal and competitive analysis which will enable them to identify where to focus time and budget.
If you lead a complex, large-scale or established business, focus on the one or two most crucial categories each year. If you lead a small firm, devote more time and energy to innovating within multiple categories.
Remember that you need to bring your team along on the innovation journey; change can shake even the most seasoned leader. Be transparent about your goals and why they’ll keep you competitive.
The importance of high-performance teaming
We all occasionally struggle with bringing an executive team together to drive results. I’ve had the opportunity to hand-select members of my leadership teams and have also inherited members of my predecessors’ teams.
With either scenario, there are a few principles to adhere to:
■ Due diligence — Take time to understand your leaders’ professional backgrounds, accomplishments and core strengths. Remember that nothing can replace face-to-face interaction when you’re working with a new team or motivating an existing one. If you demonstrate an investment of your most precious resource — your time — you’ll create a solid foundation for relationship building.
■ Set the tone — C-suite executives set the tone for how teams and organizations are run, and their teams often model their leader’s behavior. Understand your personal brand (e.g., firm but principled; charismatic and open) and demonstrate it consistently.
■ W-I-N — Setting and executing strategic priorities can become daunting, so focus on W-I-N — What’s Important Now. Know your long-term objectives, but realize that they’re achieved incrementally. It helps keep teams focused and drives results. ●
