Innovation in the Middle Market is certainly a topic on almost everyone’s minds. However, along with the possibility of great reward comes the chances of failure or missteps. It’s possible your organization feels innovation risks outweigh the potential rewards. Is it possible that you don’t have the full picture? Have you fully explored all areas of innovation risk?
Why The Risk Might Be Worth It
Certainly, with any chance taken, there is a possibility things won’t work out. Sometimes the repercussions are fatal but, preparation, and mitigating risk can make the difference between success and failure.
There is some fantastic research done by the National Center For The Middle Market that indicates being prepared and skilled at risk taking could pay great dividends. So, if your Middle Market firm could find a blue ocean and be smart about doing so, would the risk be drowned in the rewards?
What To Consider Before Becoming More Adventurous
If your Middle Market organization has realized it would like to become more innovative and take some chances, you’ll want to make sure you can answer some key questions.
If you aren’t certain of these answers, you likely aren’t ready to jump into focusing on innovation and risk with both feet. Take time to develop and focus on innovation initiatives and revisit becoming more of a risk taker in the future.
What Factors Lead To Success?
In general, the more your company tends to focus on innovation being worthwhile and rewarding, the more likely you’ll see innovation success. So, the first step is developing and successfully implementing innovation programs and initiatives within your Middle Market firm.
Next, you’ll want to make sure you have the buy-in, support, and resources of your entire organization involved in an innovation mindset. Your C-Suite and leadership will need to be highly involved and help to drive the innovation processes.
Start thinking outside – outside the norm and your own walls. Consider if a board of advisors dedicated to innovation would make sense. Be open with customers and vendors about your innovation focus and encourage open dialogue between every piece of your company to spark ideas. Make sure you keep an eye on the market and your competition.
Maybe you want to consider starting an incubator program or events that bring your Middle Market company into contact with outside influencers. You never know where the spark will come from, so don’t fear casting a wide net.
Innovation risk is something your company must be mindful of, but before you decide innovation isn’t important or worth it, make sure you have the full picture.
So what’s in the Mighty Middle Market for me? — get it right now at www.Go4ROI.com.