Thursday, December 9, 2010

Five Steps to Profitable Innovation


Innovation is one of the hottest topics in business these days.  More and more, companies are coming out with new products and services designed to amaze their customers and get them to dig deeper into their pocketbooks.
Only problem is, most of what passes for innovation these days doesn't stand out as very new, different or compelling.  As a result, most innovation efforts are lucky to pay for themselves, much less actually turn a profit.
To develop new products and services that actually make money, follow these five steps.
1. Aim high.
Strive for disruptive, rather than incremental, innovation.
Incremental innovation focuses on making small improvements to existing products and services.  It adds a few new bells and whistles, but does not significantly alter the product or the perceived value to the customer.
Disruptive innovation creates new products or services that solve customer problems in entirely new and different ways.  It fundamentally alters the customer's perception of value, and can literally turn markets and entire industries upside down.  Often, disruptive innovation solves problems that customers didn't know they had or were unable to clearly articulate.
Most companies are set up, both structurally and philosophically, to pursue incremental innovation.  The R&D team strives to extend and improve existing products or services rather than come up with radically new ones.  People get rewarded for doing things a little bit faster, better and cheaper, not for shaking up the status quo.  Managers are trained to protect and defend the existing brand rather than look for ways to make their own products obsolete.
As a result, the pursuit of disruptive innovation demands a very different way of looking at and managing the innovation process.  It involves asking questions like, "What is our goal with innovation?  Where do we get new ideas and how do we handle them when they surface?  How do we keep up with the changing needs of our customers?  How do we determine customer value?  How do we reward (or not reward) innovation, and what message does that send to employees?"
Incremental innovation generally costs less and is easier to achieve. But it rarely leads to a position of market leadership. Disruptive innovation takes longer, costs more, and has a much higher failure rate.  But when successful, the payoff is huge.
2. Get your customers involved.
A recent study of future mobile phone services compared new product ideas from customers with those put forth by "internal" sources: professional developers and technology experts.  Researchers found that the internal experts come up with more new product ideas that had a good chance of actually making it to market.  However, customers created more new product ideas that actually solved their problems, a major factor in determining perceived value.
Getting customers involved in the creative/idea generation phase of your innovation process may take longer and cost more.  But it greatly increases the odds of developing successful new products.  It also keeps you in touch with the problems your customers face, which can change a lot faster than you think. Your customers represent a bountiful source of new product ideas, and the process of engaging them is likely to produce other benefits like stronger working relationships and deeper loyalty as well.
Before getting customers involved, however, I strongly recommend unlearning what you think you already know about them.
Our built-in assumptions, beliefs and "thought bubbles" about the way things work are so deeply ingrained that we often don't realize how strongly they affect our thinking and decision-making processes.  This is especially true with companies that have been serving the same customer base for a long time.  We think we know all about what our customers want and need, so we rarely take the time to question our attitudes and beliefs.  But in rapidly changing markets, those assumptions can quickly become obsolete.
Until we identify and discard our outdated ideas, attitudes and assumptions about customer relationships, any efforts to invite them into the innovation process may cause more harm than good.
3. Manage the process.
Many people think that in order to successfully innovate, all you have to do is come up with a bunch of creative ideas.
Not so.
To reap the desired rewards, innovation must be carefully managed from beginning to end.  It starts with idea generation, followed closely by idea evaluation and then implementation.  Creativity doesn't become innovation until you actually bring a new product or service to market that customers are willing to pay for.
To manage the innovation process, start by identifying the innovation model that best fits your business.  Develop strategic targets to guide your efforts.  Understand the value of close customer relationships, but actively seek ideas from many different sources.  Most of all, train your management team to recognize and skillfully handle breakthrough ideas that lead to disruptive innovations.
4. Build a culture that supports innovation.
To succeed, innovation needs to become an integral part of how you do business.  It must be an ongoing process in which you never stop looking for new and better ways to add value.  And that requires a culture that supports innovation for the long-term.
To establish a culture where innovation can flourish, define what successful innovation looks like for your business.  Paint a picture of what your organization looks like when innovation becomes a way of life and how it will benefit all your key stakeholders.
Get in the habit of constantly challenging your assumptions about your business, your market and your industry so that you don't get stuck in "that's the way we've always done it around here."  Teach your people to think differently so they can see the world in new and different ways.
Show employees how and where they fit into the innovation process.  Ask for their ideas on how to improve products, processes and workflow, and keep the lines of communication open up and down the organization.
Develop teams with diverse skills and analytical styles, and learn to get comfortable with contention, debate, and tension.  Give people continuous feedback on their performance, and reward them (both publicly and privately) for their innovation efforts.  Most of all, demonstrate your commitment to innovation through your actions as well as your words.
5. Look outside the box.
For most companies, innovation remains an internal process.  Ideas are generated, developed, and brought to market using the talents, skills and resources that reside within the organization. In a world that doesn't change very quickly, this approach will generally produce satisfactory results.
But the world moves a lot faster these days, and relying solely on internally generated ideas may mean that faster, more agile competitors will beat you to market with new products or services.  For this reason, forward-looking companies have begun experimenting with innovation models that combine internal and external resources.
Some companies are having success with the "connect and develop" model, which consists of importing ideas from outside sources and enhancing them internally.  Others are "off-shoring" their R&D centers to put them closer to sources of raw materials, labor and new ideas.  Regardless of the model, the idea is that tapping into ideas and resources outside the organization will enable you to bring new products to market faster, cheaper and with a better chance of success.
The next generation of market leaders will do more than just brainstorm their way to success.  They will aim high, get customers involved, establish the right culture, and look beyond their borders for new product and service ideas.  Most of all, they will manage the innovation process as if their very survival depends on it.  In today's markets, that may well be true.

Reduce Your Pre-Christmas Stress


hristmas is an unusual time for business. We tend to put lots for extra pressure on ourselves with "false"  (but real to us)   deadlines of what we have to finish by Christmas.
These deadlines create a loss of perspective on what is important and  what we are here for, more importantly and they also create an increase in stress and tension which leaves us exhausted before the Christmas break.
If you are leading a team then the impact is multiplied as stress contagion causes each person to add to the stress levels of others.
My suggestion for you (if it is not too late already) is to look at the Christmas business break as 2 Public Holidays back to back just like Easter. Then put your deadlines and goals for what you want to achieve before this mini break into perspective, just as you do with Easter.
Even with extended leave though to the New Year. It is still not a huge amount for time out of the office.
Are there any of the "stressed goals" you have set to achieve before Christmas which could be more usefully reset until end 2nd week in January when you are rested and clear headed and able to be more effective? If there are - then reset them and enjoy the holiday season a little more. Pass this message to the rest for your team so they too can reset their "false" deadlines, enjoy their Christmas break  and reduce your overall team work stress levels.
When you come back after your break the phones will be quiet for a while and your email clutter will be down, so you will have more thinking and much more productive time your hands.

The Importance of Core Values in a Corporation and Why!


 In tough economic times, when sales are hard to come by, companies look inward to cut costs.  Marketing budgets often are cut along with sales people.  Another approach that is rarely taken, but can create substantial savings is to address the company's core values.  Companies do not stress their values enough in their bid to be a competitive entity in their market.  These values are not buzz words, or words that represent market conditions.  These values are ideas that are rooted in the company and do not change.  If the company was to change directions or change markets these values should stay the same.  Core values are ideas/attributes like integrity, honesty, creativity, social responsibility and so on.
Why are these values so important?  Values are important and when they are not upheld in the company starting at the top, they lose their meaning.  If the CEO or President does not abide and live by the values, then the values are seen as not important and that notion trickles down to the bottom.  Being the owner of a small company I have seen this and felt this first hand.  I understand and have seen that profitability starts with core values.  If a person does not follow the values of the company than their employment with the company must be evaluated and possibly terminated.  This is a true life example of how values define a company and create its competitiveness.  There is a client of mine that deeply adheres to its values.  This company receives shipments, has a full 10,000 sq. ft. warehouse and creates shipments from its warehouse.   This warehouse operates with incredible efficiency and with only 4 people.  The core values of this company are truth, integrity and organization.  Everyone working this company must adopt and follow these core values if they want employment.  Because each employee in the warehouse follows these values they are able to unload shipments, stock their items and create a shipment in records times.  Each person trusts the other to do their standard procedures every time.  If someone unloads a shipment and places the shipment in location that is not in the standard procedure, but maybe the most convenient location then they are breaking one of the core values of the company, organization.  This one error wastes time and energies when trying to put together a shipment.  Repeats of this action create the need for inventory counts which is very expensive.  If the problem is left unchecked or if the problem is covered up then the owner will believe he needs to hire a person to help facilitate the stocking of the warehouse.  This causes a decrease in profits and competitiveness.  In reality, if repeat errors occur and it is not a break down in standard procedures, but an error in following the values then this person must be replaced.  If someone in the company creates a report that depicts a situation that is not entirely true that person is breaking the values and that issue must be addressed.  If the situation is left unchecked then the executives may make wrong decisions based on wrong reporting.  If someone is causing issues for political reasons within the company, to possibly get ahead, then this person is breaking the company's values and it must be addressed.  When core values are broken and not addressed then the consequences rapidly build up causing the company to lose profits and competitiveness in the market.  Poor business decisions are made because core values were not followed.  Core values are not words that are placed on a web page or hung over head in the meeting room.  Core values continually shape the direction of the company.

Introverted - 5 Great Things About Introverted Leaders


Surprisingly more successful people are introverted than you may first imagine. As an introvert myself this is an area that has been of great interest to me personally, never more so, in my transition from the corporate world to a successful woman entrepreneur.
The dictionary defines introversion as " the directing of interest inwards towards one's own thoughts and feelings rather than towards the external world". So what makes introverted leaders great?
Here's 5 great things about Introverted Leaders
Great listeners - Introverted Leaders listen to what others are saying and respond appropriately. They do not ask questions so that they can jump in with their answer as soon as the other person has finished speaking. Instead they think about what the other person has said before they speak and then they respond. They are seldom the first one to throw up ideas in a brainstorm. Instead they are more likely to be sitting back listening and then at some point after serious thought, they have the ability to provide that one idea that steers the course.
Focus on Depth - Introverted Leaders tend not to indulge in idle chit chat. They naturally focus on more depth. Rather than asking a team member "How are you today?" they would be more likely to ask "What's most exciting to you today?" Having the ability ask the right questions sets introverts apart. As they say "the answer you get is only as good as the question you ask". This focus on depth in conversation can save time and provide that invaluable focus for a business or project.
Calm Manner - During times of stormy seas introverted leaders steady a rocking boat. In a time of crises they provide quiet confidence. Their speech tone is even and they provide the reassurance that others seek. If fully prepared, physically and mentally introverted leaders can do just about do anything. Introverted leaders seek time alone and this quiet time helps them to re-fuel providing the focus and energy needed. This time out allows these leaders to follow-through on commitments made and to provide clarity in leadership.
Writers - Although well able to speak confidently when fully prepared and things are thought through, introverted leaders are very comfortable in written communication. This confidence in writing not only helps them to better articulate their stance on an issue, but also proves invaluable when documenting their actions. In the world of Twitter, Facebook, Blogging this writing ability sets them apart.
"Noticers"- Because introverted leaders are great listeners they are "noticers" too. Here they have the ability to pick up on everything being communicated and not just the actual words themselves. They pick up on the body language messages. They listen not only to what is being said, but also listen to what is not being said. Despite being able to empathize well, they are also able to steer the conversation back on track.

Working through Tough Salary Negotiations


Question: I have been interviewing for a position for which I meet all qualifications. They gave a salary range and asked what my salary expectations are, and I successfully avoided answering. However in my last interview, they asked what I am currently paid, which is below the market rate. How can I negotiate to be paid what I am worth?
Jo Miller answers: You have done well to delay speaking about salary.
When you get to salary negotiations, ask for the highest salary in their range, and explain, "I believe I am uniquely qualified for the position because…" Then, give three or four brief bullet points explaining why you are highly qualified, and the best match for the position.
If they then offer you less, say, "Hmmm. Is that your best offer?" Then go silent, let them do the talking.
If they put the ball back in your court, say, "I believe I am worth top of your range because…" and repeat your previously mentioned bullet points. Then go silent and let them talk.
If they ask what you currently make, continue deflecting their question. A savvy and diplomatic answer is, "I expect that if we decide this is the right match, we will come to a mutual agreement on my salary."
If they persist, explain that among your reasons for leaving your current position is the below-market salary. Remind the employer that you expect your qualifications to be rewarded at a fair-market rate.

How to Make Money Using a Torrent Downloader

After people get a torrent downloader client the first thing that people usually do is find a popular torrent site and begin searching and downloading torrents.  Torrent downloaders aren't just downloaders there also uploaders that are used to share files with people around the world.  And uploading torrents and sharing files is big business for Pay Per Install affiliates.

Pay Per Install affiliates are paid a commission for every torrent file of theirs that receives a download. The affiliate merchants give the affiliates a file to bundle with there torrent upload and every time there file is downloaded the download is tracked and the affiliate receives credit in his account.  All the affiliate has to do is make sure that the install package that he receives is attached to all the files that he uploads. 

Affiliates are paid 10-25 cents for there downloads and all they need to do to keep getting paid is check to make sure that there files are still being downloaded and replace file that aren't being downloaded.  The more files they have uploaded the better.  The great thing about making money using torrents is the fact that all of the advertising for the torrents is already taken care of by the torrent sites. They receive millions of visitors a month and a majority of the visitors are searching for torrents to download. 

The average torrent file will receive a few thousands downloads if it's slightly popular and easily put a few hundred dollars into the pocket of a Pay Per Install affiliate.  And because there's no limit to the amount of files that an affiliate can upload and have downloading.  The affiliates pay is totally up to them.

Thursday, December 2, 2010

Five most Important factors for a Successful Career.

After choosing your success recipe, you must have to provide all of its essential ingredients. Here are some very important factors in your Successful Career.

1. Work Hard

Generally, there are three types of people in world. One, who work hard, second, who work smartly, & third are the combination of above two.

Planning your work, setting its demands, challenges in actually working smart. Keep in mind, that working smart does not mean, Looking for short cuts. Of course, there are not short cuts in real life.

Smart work heavily relies on hard work for a success. As it is evident, you must have to work hard to complete your smart plans & to meet the challenges. As you live in present, so don't make unreachable plans for future. Set your goals realistically. Because, it is your present which determines your future. So, look for your present & future will look you automatically.

2. Never say its enough

Always strive for the best. You must have the determination & motivation to do more & more.
In this way all of your companions think that you are a team worker. It tells them you care for everything.
When you will do this then keep it mind that the quality always shines. Always remain in forefront.

3. Be Passionate for Action

As it is said 'future belongs to those who believe in the beauty of their dreams'. But remember, don't finish as a dreamer but a practical one.
If you take good care of your plans, by having a passion for action, you will never fail. Do not spill your time by talking but make it useful by being consistent in achieving your goals.

4. Don't consider yourself talented.

If many cooks are asked to cook the same food with same ingredients, all of them will prepare almost same type of food. Remember, a cooked food is good not because of how it is cooked, but largely what ingredients
are used to cook it.
A good combination of ingredients, cooking abilities & talent is essential to make a good food. So, talent is of very less importance, when you consider that the food you cook, has very much to do with ingredients that you use.

5. Willingness To Learn & Explore new things.

It is very important that new comers must be ready to learn & to experience new things. So what ever success recipe, you want to cook, it must be a key ingredient for that.
Always, keep in mind that, when there is a will there is a way'. When you will try to learn, everyone one will be ready to teach you.

At last, now ask yourself, what ingredients you have,  & what you need to have to make a Successful Career Recipe.