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The D Series: Tools to succeed at innovation

North America, Europe and Brazil: Our Newest Video in Support of the Bestselling Book on Innovation, Cause a Disturbance

 

Whether your business is in transition or simply looking for an innovative spark, give it a lift with a Cause a Disturbance keynote or workshop.

Ken will show you how innovation can change your business in simple steps by walking you through the 90% Rule®: It’s a straightforward philosophy that drives you to constantly ask what’s the next 10%? What’s the next product, service or process improvement that will create a continuously engaged customer base and strengthen your organization?

One of Ken’s great pleasures when speaking about innovation is helping smart and inquisitive people to step out of their day-to-day roles and focus on new ways to push their organization’s forward. As he says to audiences around the world, “The status quo today is disruption, and if your companies don’t find new ways to educate, inform, engage and delight your customers then they’ll walk to a competitor with your bottom line in tow.”

In our new video, Ken highlights how organizations can unlock the secrets of innovation to continuously delight their customers using a straightforward, six-step process:

  1. Engage emotions, not numbers
  2. Change customers’ lives
  3. Connect the dots
  4. Identify and rank opportunities
  5. Build the plan
  6. Communicate the plan

Everyone knows – and everyone talks about – how important innovation is in the competitive battle to find, delight and keep customers and yet, far too few achieve it. As Ken explains, “There’s a big difference between an occasional spark of innovation and an eternal flame.” But the reality is different; most firms struggle to consistently innovate.

All of that can change. Contact us today to book a keynote or workshop for your organization.

Why you need to be selling your company every day

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Originally published on August 2, 2016 as a Guest Column in The Globe and Mail: http://www.theglobeandmail.com/report-on-business/small-business/sb-managing/why-you-need-to-be-selling-your-company-every-day/article31141189/

About a year ago, I was listening to a prominent accountant speak to a room full of business owners. His message was both clear and simple: “Each day you should run your business like you are in the process of trying to sell it.”

This simple message created many frowns and furrowed brows. Clearly, people in the audience wanted to respond, “But I’m not selling my business, and I don’t plan to any time soon.”

Not the point.

It doesn’t matter whether you’re thinking of selling your business. Some lucky owners get to simply pass it on to the next generation. But the real point is this: You need to think and act like you are selling your business, every day.

Why? Selling a business is an extended process, often a gruelling one. Compare it to selling a house. The first step is to “stage” the property. This means taking a hard look at your surroundings with fresh eyes, to help you recognize which furnishings and decorations add to your home’s ambience, and which are just clutter.

It’s a tough thing to do. For most people, everything in their home represents a memory or a milestone on the journey of raising a family. Prospective purchasers care nothing for memory or sentiment, seeing every unnecessary element as a flaw that diminishes the value of your home.

When you are selling a business, the process is little different. Prospective buyers go through your numbers, your assets and your records with the diligence of a home inspector. They will scrutinize your sales, margins, inventory, returns, client list, receivables and payables. They will dig through your sales history and your new product or service pipeline, looking for any irregularity, liability, trend or threat that could detract from the value they are paying for your company.

While some may see this as a tedious, time-wasting process, I see due diligence as a very positive exercise. It’s a way to identify issues before they become problems. In fact, this process shouldn’t just be limited to when you buy or sell a business. I believe that entrepreneurs should initiate a mock due-diligence process every year, preferably just before their company’s annual retreat or strategy sessions.

Think about it. Your goal as the owner or manager of a company is to increase its intrinsic value (how much the business would be worth if it were going to be sold). By rigorously and formally questioning all of your business’s habits, assumptions and processes, you’ll develop a culture that embraces change and continuous improvement – and increases the value of your business on an ongoing basis.

In my opinion, your company’s value is the single best measure of how well you are running and building your business. Value incorporates all key time horizons that buyers and evaluators employ when assessing a business – how you are running your business today, what you are doing to keep it relevant and meaningful to your customers in the short term, and how you establish and execute on your grand, long-term vision.

“When it comes time to sell their business, many business owners are surprised to receive a lower valuation than what they had expected,” notes Murad Bhimani, a Toronto-based partner with accounting firm MNP LLP. “That’s why we recommend to our clients that they should operate and build their business as though they could sell it any minute. This keeps you focused on what is critical every day, such as sound operations, diversity of customer base, building a strong management team, and proactive product development.”

If your kitchen’s ceiling is leaking, you wouldn’t wait for a home inspection to find the cause and fix it. Don’t wait to see whether your company is leaking opportunities and profits. Whether or not you’re planning to sell, take a good long look at all of your key performance indicators on a regular basis. Your bottom line (and your wallet) will thank you for it.

And some day your children may, too.

Why getting in touch with your ‘feminine side’ is good for business

 

for Ken

 

Originally published on July 5, 2016 as a Guest Column in The Globe and Mail: http://www.theglobeandmail.com/report-on-business/small-business/sb-managing/why-getting-in-touch-with-your-feminine-side-is-good-for-business/article30675493/

Sorry, men. But it looks like we are going to have to work a lot harder if we want to be successful in this new age of entrepreneurship. As the voice of the customer speaks louder and louder in the marketplace, the sound of “male authority” in choosing and driving opportunities to market seems likely to give way to better observing and listening skills.

Case in point: I sit on the Conference Board of Canada’s Council for Innovation and Commercialization. When we meet each quarter for two days of innovation talk and learning, we invite an entrepreneur into the room, to listen and learn alongside us, and also to share his or her inspiring story.

Just last month, when we were being hosted by 3M Co. at its Innovation Center in St. Paul, Minn., we were captivated by the passion and energy of Alicia Woods, chief executive officer and creator of Covergalls Inc., from Sudbury, Ont.

You may recognize Ms. Woods’s name and story from Dragons’ Den. Designing and selling coveralls that suit women’s needs and physiques, Covergalls began by serving the mining industry. In no time, Ms. Woods’s understanding that women had different needs – and tastes – from men led her into other products, from bibs and shirts to gloves and tuques. Now, her firm has also moved into forestry, energy, construction and manufacturing – and even ergonomic men’s workwear.

The first time Ms. Woods appeared on Dragons’ Den, in the fall of 2014, she slayed all five dragons – and secured a $75,000 deal from three of them (although two later dropped out during the due-diligence process). Two subsequent appearances on the show chronicled her company’s continuing growth and probably made the reluctant dragons regret their failure to ante up.

Ms. Woods similarly won over the Conference Board’s innovation experts. Picture the scenario: We were at 3M, one of the world’s consistently most successful and innovative corporations. Its innovation centre offers high-tech interactive presentations that both demonstrate 3M’s history of breakthrough products and promote the benefits of partnering with the company’s scientists and innovators.

So why did we find Ms. Woods’s presentation so compelling? She demonstrated the power of simple, observation-based innovation. You don’t need technology and science to create breakthrough innovations – just the vision to see a gap in the marketplace and the determination to keep iterating until you find a winning solution.

In short, she demonstrated three of the most important qualities of the modern entrepreneur: insight, passion and empathy.

* Insight, the ability to clearly understand a situation or opportunity, is paramount. Every marketplace is crowded. A great entrepreneur looks for the cracks and crevices where opportunity is hiding, where the goliaths of industry either missed the signals or were too encumbered by process and bureaucracy to respond. The humiliation of having to wear men’s coveralls in an underground mine – unsafe because of the lumpy fit, and poorly equipped for bathroom breaks – didn’t just make Ms. Woods angry. It opened up a world of opportunity.

* Passion, of course, is the hallmark of every successful entrepreneur. It’s why you so often hear investors, such as those on Dragons’ Den, talk about investing in the person, not the company. If you are not totally engaged in your venture and ready to push through every obstacle, then the long, winding road to success will probably end in a massive sinkhole.

* Empathy is the ability to understand other people’s feelings and needs. To me, the old cliché, “I feel your pain,” is the X-factor for business success today. And as psychologist Dan Goleman, author of Emotional Intelligence, noted in a Psychology Today article, “Women tend to be better at emotional empathy than men.”

Empathy is foundational to both innovation and entrepreneurship. To find opportunities, we have to be looking with our ears and listening with our hearts. I disagree with the critics who play down market research by saying customers don’t know what they want until we give it to them. Clients may not know how to create the actual product or solution that will ease their pain points, but they are certainly the best equipped to articulate their challenges – for anyone who is willing to listen.

People who are highly attuned to the voice of customers, through emotional empathy, will feel their pain best and are most likely to solve their problem first.

Note to the guys: Instead of scoffing the next time you’re told to get in touch with your “feminine side,” it’s time to take it to the bank. If, that is, you want to remain relevant in this age of empathetic opportunity and emotion-driven entrepreneurship.