How to Innovate in the Stability Phase
We’re certainly not out of the economic downturn and its challenges such as cash flow, supply chain issues, staffing and employee satisfaction, but as we inch closer to stability, smart leaders will take a necessary pause to evaluate, plan and adapt. They are figuring out how to innovate, as opposed to hopping right back on the hamster wheel and trying to get back to “business as usual.”
Crisis mode is defined by decisiveness. Tough decisions must be made, and they often have to be made quickly. Moving into stability mode allows for thoughtful reflection…a pause to determine how the company is going to evolve into growth. The flow for innovation starts with the company, then moves to the people, and ends with measurement.
Once you hit the stability phase, ask yourself these questions:
- What is our company purpose and can we deliver on that purpose in the same ways?
- What capabilities need to be developed as a company, and what people capabilities need to be developed?
- How do we measure success? Do we have a system in place to measure the team’s results vs. activities? Is there a solid system for accountability that works flawlessly?
Innovation takes focus, which is led by a strong understanding of the vital elements of your new strategic plan. Getting to stability doesn’t mean you’re out of the woods, but by taking the time to innovate you will be more likely to move into the growth phase.