All companies manage and endeavor to grow the business, or fight for survival. However, the company may find itself in a situation that cannot be fixed by incremental and ordinary improvement in a usual management style and requires fundamental and sweeping measures. Companies that cannot respond to such emergency situations are destined to perish before they know it.
In this blog article, I will summarize “The Seven Keys to Accelerate Management Innovation.”
Summary of Articles
It consists of series of 8 articles. First is an overview, followed by detailed introduction to each of the Seven Keys.
Need to Unlock Seven Keys to Start and Accelerate Management Innovation
To execute management innovation, it is instructive to imagine a door with seven locks. You can only open the door when you have all seven keys to open the seven locks at the same time.
The First Key: Change Vision and Strategy, and Let Everybody Know
The starting point for management innovation is to look squarely at the reality of the situation and re-examine company’s vision and strategy based on the state of the customers, the company and the competition.
The Second Key: Rapid Improvement of Existing Businesses
After having re-examined the Vision and Strategy, we must re-examine the existing businesses on zero basis. To turn things around as fast as possible unconstrained by past successes, we must set bold policies for management innovation and break it down to specific action plans and targets.
The Third Key: Developing Multiple New Businesses
All out effort to turnaround of existing businesses will just prolong their lives, but it will most likely not be the source of new growing revenue stream. Hence, it is essential to develop new businesses for the new era. This is when a new approach to develop multiple businesses by lean startup is effective.
The Fourth Key: Management Innovation Team
To restructure and revamp existing businesses and to implement lean startup projects, highly skilled Management Innovation Team must be established to help resolve all kinds of problems.
The Fifth Key: Human Resource Development Committee
When you embark on management innovation, it is highly desirable to really understand your management resources in the company. The mission of the Human Resource Development Committee is to identify the best people who can drive management innovation on the ground or in the Management Innovation Team.
The Sixth Key: Innovation in Boss-subordinate Relationship
Employees are greatly influenced by the boss to whom they directly report–they grow or suffer depending on their boss. In management innovation, the new policies and ways of management are conveyed from the CEO down the chain of command, so how it is conveyed and the attitude with which it is conveyed from the boss to subordinates make critical difference.
The Seventh Key: Positive Feedback and Active Listening
The last key is about improving communication. Positive Feedback is to take advantage of all opportunities to complement no matter how small, right on the spot. Active Listening is about being very serious and genuinely interested. These easy to acquire but much overlooked interpersonal skills will become critical source of positive energy to execute management innovation.
To execute and accomplish management innovation is no ordinary task—it requires extraordinary efforts. I sincerely hope that these articles may contribute to raise the level of management awareness for how to innovate to run a successful business and what is at stake.
▼ 7keys to accelerate Management Innovation
Need Seven Keys to Start and Accelerate Management Innovation
The First Key：Change Vision and Strategy, and Let Everybody Know
The Second Key：Rapid Improvement of Existing Businesses
The Third Key：Developing Multiple New Businesses
The Fourth Key：Management Innovation Team
The Fifth Key：Human Resource Development Committee
The Sixth Key：Innovation in Boss-subordinate Relationship
The Seventh Key：Positive Feedback and Active Listening