How can you be more innovative and then let the world know about it? It’s an interesting question, in the context of last week’s blog, in which we discussed Canada’s drop to 12th place overall, in the World Competitiveness Report.
The Finance Minister, Jim Flaherty, spoke to the matter in a September 16 news release, too. In it he “urged the private sector to increasingly make innovation a central component of business strategies to ensure that Canada can compete with the world’s best and transform promising ideas into pioneering results.”
While the government has earmarked funds for research and innovation, upgraded universities and even the government’s intent to market Canadian business outputs to a global economy, for most businesses in the trenches today, bringing new and promising ideas to market is expensive: they require capital in a difficult lending environment.
To get the financial backing, requires well-researched and astute business planning, often assisted by a great presentation to a lender. This can be burdensome in a more naturally reserved Canadian culture. The key question, however, is this: why should a lender help you innovate so that your business could be more competitive? You’ll need to let your passion show.
For many businesses, that passion is driven by the seductive power of positive reinforcement: how well their innovate value propositions are meeting their customers’ needs. A good starting point, in being more competitive, might be to do some research with your clients.
If you are working in the financial services, for example, you are aware that Canadians are being bombarded with disheartening financial news every day. It’s quite possible that you may be the leader they are looking for to help them make decisions. Have you asked, recently, how well you are meeting those needs?
Do you have the new knowledge and skill sets that are required to do so? At the Knowledge Bureau, we have been passionate about our innovation: teaching Real Wealth Management™ as a framework for building sustainable, intergenerational wealth. It has been a delight to know about the positive results our graduates are experiencing both in new personal insights and in collaborating with their teams.
In a fragile financial world, we can get better results, and that’s why it’s worthwhile trying new ways to do so. Doing the same things over and over again and expecting different results, after all, is the definition of insanity, according to Albert Einstein, who, incidentally, was also responsible for one of my favourite tax quotes: “the hardest thing in the world to understand is the income tax”. (Hard to disagree!)
It’s Your Money. Your Life. What are you passionate about in your work? Are you sharing that with your clients? Let them know. . .you might be surprised at how well you are doing when you listen to your value proposition from your clients’ point of view.
Evelyn Jacks is President of Knowledge Bureau and is currently co-writing a new book with Robert Ironside and Al Emid entitled “Financial Recovery in a Fragile World”. It can be pre-ordered at www.knowledgebureau.com/books