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The Innovation Formula
Most
six and seven figure producers have a unique
opportunity to dramatically increase three things:
1.
Income
2.
Free time
3.
Innovation in their practice
While coaching hundreds of top echelon performers who
have doubled either of the first two items, something
stands out in over 90% of those quantum leaps. The
third item in the list, Innovation, is the most
frequent reason for a dramatic leap in income and free
time.
The core question for dramatic performance improvement
with individual producers is the same question for
organizations.
How do you foster and continuously improve the rate of
innovation in your business?
Innovation isn’t just trying a new idea, redesigning a
mailer, website or marketing effort, and it isn’t just
about improving your branding or selling effort. Innovation is
systemic continuous improvement
along with the holistic analysis of all facets in your
professional practice.
This is only fostered holistically after the setting
of corresponding objectives for each of the “8 Areas
of Business.” Any one of the objectives may increase
income and free time but the synergistic effect of
improvement in many different areas of a practice over
the course of a succession of four quarters throughout
the year is usually significant.
“I was able to add an incremental seven figures to my
practice over the next several years through minor and
simple innovations, all of which I was able to manage
myself, without an increase to my hourly workload”
quips Steve O. of a commercial real estate practice in
a midsized Florida city. “When I was questioned not
only about who my ideal customer could be, but how to
improve my positioning with them as well as the
offerings I provided, I was able to make fewer calls
with much higher engagement ratios and value per
relationship.”
Focusing merely on attitude, energy, or quantitative
improvements in your efforts is a scratch on the
surface of performance improvement. What are the areas
to consider and how can one person or a team,
implement the changes in week to week activity that
bring about innovation and significant performance
improvements?
Starting with Objectives in the following areas will
allow those involved in the practice to begin the
process of systematic innovation through the process
of self assessment. |
The Strategic 8
1.
Marketing
2.
Innovation
3.
Human Resources/Delegation & Optimization of
Team’s Talent
4.
Physical Resources
5.
Financial Resources
6.
Productivity
7.
Social Responsibility
8.
Profit Requirements
Not having clarity in any of the above areas can limit
long term improvement. Self Assessment is the
process of turning strategic planning or business
planning into a process of continuous improvement vs.
the event type activity of the annual creation of a
map. Maps are fine, but when you can be using a
map in a Tahoe vs. the GPS in a Mercedes and speed is
the key, which will you choose.
Maps don’t often allow for contingencies, innovation,
or continuous improvement and refinement of direction.
Rather dynamic planning, or as Peter Drucker called it
over 60 years ago, Self Assessment is the use of input
from three possible sources:
1.
Management
2.
External Facilitator
3.
Customers, internal and especially external
…to bring about ideas and filter the changes into
weekly activity that will improve the focus of your
greatest talents on the customers who will derive the
greatest benefit and share the greatest mutual reward.
Who are your “coaches” and
how many innovations did
you implement in your practice over the last 90 days.
If it is less than 6 then you may stuffer from
stagnation, boredom, and constant focus on maintaining
the status quo/your standard of living and not managing your practice toward the possible versus the
probable.
Take action every quarter to assess your progress
objectively in all 8 areas, and the quality and
quantity of your innovations. Accountability in
creative relationships and conversations are usually
the key to keeping this type of process on course.
Otherwise we too often fall into the trap of the daily
and weekly routine.
If your management is unable to provide quarterly
assessment, innovation and new energy to your
established practice then the responsibility lies
with you to create the team that will take you to a
Higher Echelon.
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