Most leaders like you miss out on the growth results you deserve.
And not breaking through that ceiling is likely to cost you financially and emotionally.
The most significant area overlooked for business growth innovation is PROCESSES.
Whether it's not knowing how to modernise, automate or leverage a process.
We can all agree that the precious time you spend should be profitable, not risky.
The good news is any leader can find business growth by using business growth innovation processes.
Because it reveals all the hidden areas to achieve growth in, even if you don't have a physical product to innovate on.
One of my Reinvention Club mentoring clients, Lisa, was in a challenging role.
She'd recently become the innovation and knowledge manager for a mid tiered legal firm.
The company was successful but wanted to improve its results without much investment.
Lisa had some BIG hurdles in her new role.
First off, she wasn't a lawyer, and second, she was new to the world of leading innovation (which is why she'd sought out my help).
The firm's partners were at total capacity and a bit cranky at working so hard.
They wanted growth without too much work. This meant that simply hiring new staff would not bring them easy profits.
With a little bit of encouragement from me, Lisa organised a short idea generation session with the partners over lunch.
It was a short session because the partners were time-poor and over lunch, so they wouldn't feel as if they were wasting any time.
Before Lisa's session, I helped her develop a session that would get them to focus their ideas on process innovation for growth.
A common undercapitalised area for business growth is processes. It's no wonder that a more significant proportion of the valuation of a company comes from the quality of processes they have in place.
Usually, I would get my clients to look at improving existing processes as a starting point. Still, in this instance, Lisa needed to get some quick runs on the board.
First, I taught her how to create a safe space for her partners to share ideas. Then most importantly, I shared some prompting questions that would get the money-making ideas happening.
Here's what happened after she had framed up the session and got stuck into some prompts…
Knowing that they were time-poor. Lisa asked, "Are there any processes that the firm has created and using that could be leveraged somewhere else?"
"Do you mean to use one process in another legal department?" Asked one of the associate partners.
Lisa needed to stretch their minds further, so she pushed it further.
"Yes, that's one possibility, but what if we were more daring than that? Could we leverage one of our processes with a competitor?"
"That's crazy. Why would we want to give our competitors our IP?" Hissed one of the senior partners.
I'd prepped Lisa with the usual pushback objections she could expect, which made her more confident in handling this. "Are all legal firms competitors to you?" She asked.
"Oh, mostly just the legal firms with 100 - 300 employees", The partner replied.
Here was Lisa's chance, and she asked, "So might there be some processes and IP that we know are great that we could white-label to a smaller legal firm and license the use of it to them?"
Another senior partner started to get excited. "What about our succession IP? That works amazingly well, and there are hundreds of small firms that would love to be able to offer that as an offering to their clients".
The rest of the session was a success.
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