CEO’s greatest barrier to innovation is time

TEC’s Confidence Index Report revealed that 35% of CEOs consider time as the major barrier to innovation. Time is a precious resource — it cannot be purchased, bartered, or sold. And this is especially problematic given that 52% of CEOs have cited new products or services as the centrepiece of their growth plans. To develop these new products and services, innovation is critical. And that requires finding the time.

Make the best use of available time

Innovation and operational effectiveness go hand-in-hand. When running a business, it’s almost always easier to reduce expenses than it is to increase revenue.

Time operates similarly. Though you cannot create more time, you can use the time that you have more effectively. Automating repetitive tasks, making better use of technology, and outsourcing intelligently are all ways that a business can make the most of time as a resource.

By analysing your business for inefficiencies and improving productivity, you can make more space across the board for innovation. Your most talented employees will be working on the tasks that they are best suited for — and they will be able to focus on new products and services rather than routine, mundane, and repetitive tasks. The more productive the business become, the less time will be a concern.

Don’t try to rush innovation

Innovation takes time: there’s no way around it. But it can be difficult for a business to pour resources into a process that appears to be remaining static. Business owners may feel as though brainstorming, researching, and market testing isn’t producing tangible results — and consequently they may feel as though they need to rush it.

But rushing innovation can ultimately lead to mistakes. Innovation is something that cannot be forced. The best a CEO can do is create a culture and environment that fosters innovation; after that, it is often required that they wait.

Innovation must be continuous

CEOs must set aside time every month — or even every week — to collaborate and explore ideas with their teams. Employees will not generate ideas for the company in their spare time; they need to be directed.

Teams of individuals work far better than individuals alone, as they are able to bounce ideas off one another. In a team set-up, it’s easier to point out loopholes in ideas and good ideas will be encouraged. By getting your employees on board, you’ll be able to increase both employee creativity and employee engagement.

Innovation cannot be something that has an end goal, such as one more product or service. Rather, innovation has to be a continuous process — this is how a business can continue to improve and remain competitive.

Develop a clear process

Innovation begins by identifying a problem, and this can range from internal to industry-wide. Consider your current clients and your future clients, and think about emerging trends and market changes.

Once you’ve identified a problem that either exists or that will arise, you can then find a solution to that problem or to that inefficiency. The goal is to find a way to solve the problem that your company can excel at.

The best and most talented employees are experts at innovation. But other employees can still learn — and they should. The process begins by educating your employees on the process of innovation and ensuring that they understand that any employee can be instrumental to the process. Innovation doesn’t require a tech background; it merely requires a solid understanding of a company’s customer base and industry operations.

By refining your creative processes and improving business productivity, you can develop new products and new services that will not only compete with other companies but potentially even disrupt them. Naturally, the process begins with a solid understanding of your own company’s fundamental operations, in addition to brainstorming and creating confidently.

Read the full Confidence Index Report Q2, 2017