Canadian Managing Partner,
The culture of innovation
Traditionally, a constant challenge for any business owner is the balance between containing cost and driving innovation. However, in today’s highly unpredictable business environment, innovation is a must in order to differentiate yourself from others by finding new ways of adding value to your customers. The concept of innovation has changed from developing a new product or service to adopting a corporate culture that defines a company’s constant ability to adapt and evolve repeatedly and rapidly to stay one step ahead of the competition.
A culture of innovation aims to achieve efficiency, creativity and growth. It needs to be sustainable and embraced by the entire company with full hands-on motivation, dedication and commitment to continuous creative thinking by all. The desire for innovation needs to be felt from upper management right down to each and every member of the company. A culture of innovation also concentrates on the core services of the company in order to be able to deliver customer service-focused solutions.
Establishing this innovative culture, however, does not come without challenges. The first being time and resources needed to put in place a sustainable, long-term plan. In the face of a fast-pace business environment with its constant instant demands, companies usually find themselves slow to respond and not coordinated enough to provide valuable solutions, becoming reactive instead of proactive to the market. Often, a limited consumer insight also prevents companies from delivering customer-focused solutions, which can ultimately lead to a conclusion that the investment in innovation is not producing the desired results.
Businesses that have successfully undertaken innovation initiatives have done so by providing strong leadership, following a strategic plan and building multifunctional groups to deliver at each step of the way. Equally, more and more companies embark on innovation from within, by improving internal functions such as sales, marketing or human resources, combined with good leadership through every level of management and a customer-focused business model.
In summary, private companies will maintain a competitive edge by adopting an innovative culture and mindset where the leadership group has established an environment of trust and openness that allows and empowers change, so everyone in the company feels the desire to participate, accepts the responsibility and understands that innovation will reward everyone.
articles in this issue
The place to start innovating is right in front of you
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R&D and Digital Media Tax Credits – Tap into tax savings from your innovations
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The Funding Portal
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At KPMG Enterprise™, we are interested in your business success. Our aim is to arm you and members of your management team with the latest developments and industry best practices that you can apply to your private company.
Our next Private Company Seminar Series national webcast:
Work like a wolf – Survival skills for business owners
The first duty – and continuing responsibility – of any business owner is to strive for the best possible economic results from the resources currently employed or available. Work like a wolf author Steve Prentice will share highlights from the book to help business owners hone their strategic capabilities that will help take their business to the next level.
The session also provides participants the opportunity to gain unique insight to their enterprise through a self assessment of their business in enterprise in the following areas:
- Value creation and future focus
- Strategy and business planning
- Business structure, operations & finance
- Human resources
- Information technology
Understanding the capabilities of your business in these areas will assist you to understanding and managing current performance while providing the opportunity to focus strategically toward areas that may need further attention to support achievement of your business growth objectives.
Wednesday, May 16, 2012
1:00 pm (Atlantic)
12:00 noon (Eastern)
11:00 am (Central)
10:00 am (Mountain)
9:00 am (Pacific)
45-minute – Presentation
15-minute – Q&A
Click here to register with our compliments.
Visit kpmg.ca/staycurrent to browse the seminars available in your city and register online to any that capture your interest.
KPMG Enterprise Leadership Series
Fueling innovation to spark growth
Brought to you by KPMG Enterprise and the Richard Ivey School of Business
This one day seminar focuses on how to create a sustainable culture within your business that harnesses the benefits from innovative ideas, products and solutions. The KPMG Enterprise Leadership Series is open to business owners, CEOs and CFO of private companies.
Participants will experience:
- Strategic creative building blocks you can use to cultivate a climate of innovation within your business
- Ivey’s case study methodology, exercises, and structured debates
- Facilitated learning from each other
- Explore what it means to lead their business through rapid growth, expansion and sustainable success through innovation
Contact your KPMG Enterprise adviser to join us at an upcoming session near you.
Montreal – May 16
Winnipeg – June 5
Fredericton – June 5
Halifax – June 6
Sudbury – September 27
Business Adviser is published by KPMG Enterprise™ specifically for owners and executives of private companies. KPMG Enterprise is a network of professionals devoted exclusively to helping business owners and entrepreneurs build value and grow thriving enterprises. kpmg.ca/enterprise.