StrategyDriven’s Alternative Development articles provide the key principles and practices of developing high quality business cases from which organizational investment decisions can be made.

The Art of Business Innovation: Crafting Strategic Alternatives

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StrategyDriven Alternative Development Article | The Art of Business Innovation: Crafting Strategic Alternatives

In the fast-paced‍ world‌ of business, innovation has become a critical factor in achieving success and staying ahead⁢ of the ⁢competition. In this article,⁣ we⁢ will explore ⁤the art of ⁣business innovation and the importance​ of crafting strategic ‍alternatives to drive growth and thrive in today’s ever-evolving market. Join us as⁣ we delve⁣ into the creative process ‌of‌ inventing new ideas and implementing strategic solutions to propel your business forward.

Understanding‌ the Foundations ​of Business Innovation

One ‌key aspect of business⁤ innovation is the ability to‍ think outside ‍the box and ⁤come up with​ strategic alternatives.‍ This involves looking ⁣at the current state of the business, ⁤identifying areas for ⁤improvement or new ​opportunities, ‍and then crafting​ innovative solutions ‍to ‍address them. ⁣By taking a creative approach to problem-solving, businesses can stay ahead of the competition and‍ continue to grow and evolve.

Innovation in business ⁢is not just about coming up with new ideas, but also about executing them⁣ effectively. This requires careful planning and a deep​ understanding of the market, the competition, and the internal ​capabilities⁣ of the ‍business. By considering a​ variety of strategic‌ alternatives and weighing the ‌potential risks‍ and rewards of each, ⁢businesses can make informed decisions that drive growth and success. Being able to adapt⁣ and pivot‌ when necessary ⁢is also ​crucial ⁣in⁤ today’s rapidly⁣ changing ⁣business landscape. Embracing​ a ⁣culture of ⁢innovation can help businesses stay agile and thrive⁢ in an ever-evolving market.

Exploring Different Models for Generating Strategic Alternatives

In the world of business innovation, the ability⁣ to craft strategic alternatives is paramount to ‍success.‌ By‌ exploring⁤ different‍ models for generating these alternatives, companies can‍ stay ahead of the competition and adapt to changing ⁢market conditions. One popular⁢ approach is the Blue Ocean Strategy, which focuses on⁣ creating uncontested market space by offering unique ‌value propositions.

Another model⁤ worth⁢ considering is the SWOT analysis, which helps businesses identify their Strengths,⁣ Weaknesses, Opportunities, and Threats. By analyzing‌ these factors, ⁤companies can develop strategic alternatives that leverage‍ their strengths and ​capitalize on external opportunities⁤ while mitigating weaknesses and threats. Ultimately, the art of crafting strategic ⁤alternatives lies‌ in creativity, critical thinking, and a willingness to think outside the⁢ box.

Implementing a Comprehensive Approach to Innovation in ⁢Decision Making

In ⁤today’s fast-paced​ business world, ⁤innovation is a key driver⁢ of⁢ success. ‌To truly ​excel in decision-making processes, companies must ‌adopt a​ comprehensive approach to innovation that‌ encompasses both creative thinking and strategic planning. By crafting strategic alternatives, businesses can explore‌ a range of innovative solutions to challenges and opportunities, ultimately leading to more informed and effective decisions.

One way‍ to implement a comprehensive approach to innovation in⁢ decision making is to ⁤foster a culture ‌of creativity and⁢ experimentation within the⁤ organization. Encouraging employees to think outside the box, take risks, and explore new ideas⁤ can lead ⁢to breakthrough innovations that have ​the ‍potential ​to transform the business. Additionally, leveraging technology and data analytics can help ‍identify emerging trends and market opportunities, enabling ​businesses to stay ahead of ‍the competition and make data-driven decisions that drive growth and success.

Leveraging ‌Technology and Data Analysis to Drive Innovation in Business Operations

Utilizing​ technology and ⁣data analysis in business operations is more⁣ than just ⁢a trend – it’s a ‍strategic imperative. By harnessing the⁢ power of analytics,⁢ organizations can uncover valuable insights that‌ drive ‍innovation and create a competitive edge in the market. Through the​ careful crafting​ of strategic alternatives, ⁣companies can optimize their processes, enhance customer ⁣experiences, and ultimately achieve ⁤sustainable growth.

One key element of leveraging technology⁤ and data analysis is ⁣the ability to adapt and evolve in ⁤a⁢ rapidly changing business landscape. By staying ahead of trends and ⁢understanding market dynamics, businesses can​ identify new opportunities for expansion and diversification. With the right ⁢tools and methodologies‍ in place, companies‍ can pivot quickly, capitalize on emerging ⁣trends,‌ and position themselves for long-term success.

Final Thoughts…

As⁤ we’ve explored ‌the intricacies of the art ⁣of business‌ innovation⁣ and the importance of crafting strategic alternatives, it is ​evident ‌that creativity and strategic thinking ‌are key ingredients for⁢ success ​in today’s competitive market. ​By⁢ constantly ⁣pushing‌ the boundaries and exploring new possibilities,‍ businesses can stay ahead of the curve and thrive in an ever-evolving landscape. So, whether you’re a seasoned entrepreneur or ‌just starting out‍ on your business journey, remember to embrace innovation and think outside​ the box to‌ unlock new opportunities and drive growth. Innovation is ​not just a tool, but a mindset that can propel⁣ your business to new​ heights. So, go forth and⁤ innovate, ⁣and watch‌ as your business transforms and adapts​ to the ever-changing‍ world​ around us. The ⁢possibilities are endless, so dare to be different and make your ‍mark in the world of business innovation.

The Nine Building Blocks of Innovating New Strategic Alternatives

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When organizations consider stepping outside of their traditional boundaries to engage with other players in new types of business innovations, they are often a bit lost in how to go about developing such a strategy process. And indeed, multi-stakeholder collaborations often don’t have the luxury of a traditional leader, as there is no formal hierarchy or power structure. They frequently emerge from a conversation between different players and may have an informal initiator who does not hold a formal position of power. When different participants of different organizations participate in a co-creation event, it is indeed supposed to be a meeting of equals.

However, without that leadership function, it can get confusing who is in charge of what and who makes what decisions. Clarity about ownership and process help in such situations that are unusual for most participants who come from hierarchical structures or have grown up in them before. In our experience, it is helpful to have a facilitator present when holding such sessions in order to ensure that decision-making clarity is present. Such a facilitator allows the initiator to participate with his perspective like any other member of the group.

Not every such strategy process looks the same and it is useful to differentiate between nine basic building blocks of co-creation. These can be grouped into five phases: getting started, gaining momentum, the small innovation cycle, scaling out, and rounding off. With exception of the last phase, each phase consists of two building blocks, see Figure 1.

The book “Five Superpowers for Co-creators” outlines the nine building blocks of co-creation in the context of what it takes to successfully work with external stakeholders to develop new business models and strategies (www.5superpowers.org). The book also looks at the challenges at the individual, group and facilitation levels and suggests practical pathways to progress when the process get stuck.

StrategyDriven Alternative Development Article | Strategic Initiatives | The nine building blocks of innovating new strategic alternatives

Figure 1: The nine building blocks of co-creation

A successful multi-stakeholder process consists of a number of building blocks. These cover three specific activities: those of the initiator of the project, those related to co-creation event and those related to scaling and engagement activities. Each of these can be divided into three building blocks for a total of nine.

The facilitator is mostly involved in the co-creation events and may help the initiator in the activities specific to his role. There is a small innovation cycle consisting of a repetition of co-creation events and prototyping. Combining all nine building blocks is define as the large innovation cycle.

A typical co-creation event consists of a multitude of stakeholder engagement and interaction exercises and workshops designed to balance listening, sharing, visioning, brainstorming, ideation and early prototyping.

A more detailed overview of the objectives of each building block is provided in Figure 2. The building blocks serve as a way to render the process transparent and clear in terms of what needs to happen along the co-creation journey. Clearly, there is no need to use all nine steps. We have indeed provided a pragmatic short-cut of these building blocks as a concise business strategy tool we call SDGXCHANGE (www.SDGX.org) which use only the most essential elements required for business to innovative new strategic alternatives.

StrategyDriven Alternative Development Article | Strategic Initiatives | The nine building blocks of innovating new strategic alternatives

Figure 2: The objectives of each of the nine building blocks

The article builds on extracts of the Book “Five Superpowers for Co-creators”

About the Author

StrategyDriven Expert Contributor | Katrin MuffDr. Katrin Muff (www.KatrinMuff.com) is a thought leader in the transformative space of sustainability and responsibility. She is Director at the Institute for Business Sustainability and holds a position as Professor of Practice at the LUISS Business School. She works with leaders, their teams and their boards in the area business transformation towards sustainability. She co-developed the Competency Assessment for Responsible Leadership (). Most recently, Katrin published Five Superpowers for Co-creators (www.5superpowers.org), which features the nine building blocks of co-creation including a pragmatic solution for business organization with the applied strategy tool SDGXCHANGE (www.SDGx.org).

Alternative Development Best Practice 2 – Organizationally Developed Options

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It’s hard to find an executive who doesn’t believe that his or her people are significant assets and a competitive advantage for the company. Why then are so few employees involved in the strategic planning process? Engaging employees gains their ‘rubber meets the road’ customer and process experiences and earns buy-in it for the plan’s implementation. Therefore, employee involvement in strategic planning is a win-win proposition; the only question remaining is when and where in the process to involve them.

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Additional Information

For an illustrative model of an organization’s hierarchical roles and responsibilities, see StrategyDriven’s Strategic Organizational Alignment model.

For additional insights to the involvement of managers and employees in the alternative development process, listen to the StrategyDriven’s special edition podcast, An Interview with Nilofer Merchant, author of The New How.

StrategyDriven Enterprises

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StrategyDriven is dedicated to providing executives and managers with the planning and execution advice, tools, and practices needed to create greater organizational alignment and accountability for the achievement of superior results.

We help our clients create and execute a clear, forward-looking strategy – translatable to the day-to-day activities of all organization members – that’s critical to their realizing success in today’s fast paced market environment. Not only does a compelling, well executed strategy align individuals to a common purpose, it ensures that purpose best serves the company’s mission.

The StrategyDriven website provides access to a wide array of best practice business planning and execution tools, streamlined process flows, how-to articles, example-rich podcasts, and customizable ready-to-use program management templates. Premium Members receive access to over 200 members-only articles, whitepapers, models, and tools and templates; providing an in-depth look into critical business performance areas; placing specific focus on the alignment of organizational standards, programs, and behaviors to the optimal achievement of mission goals. Sevian Business Program purchasers receive fully implementable business performance improvement processes out-of-the-box, enabling the acceleration of business growth and heightening of operational efficiency needed to significantly improve bottom line results.

Collectively, our products offer business leaders the opportunity to access the knowledge of a highly educated and experienced staff without the associated overhead expense.

At StrategyDriven, our seasoned business leaders deliver real-world strategic business planning and tactical execution best practice advice – a blending of workplace experience with sound research and academic principles – to business leaders who may not otherwise have access to these resources.

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Assumptions: Why Being Right Is Wrong

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While researching my new book What? I discovered that when listening to others, we naturally assume we understand what’s meant and don’t question our assumption. Yet the filters our brain uses to hear what others mean to convey preclude accuracy, leading to faulty assumptions. Essentially, here’s what happens that makes accuracy so difficult (for more detail and research references read my free digital book What? Did you really say what I think I heard?):

  1. We only retain words we hear for approximately 3 seconds.
  2. On direct listening, our brain automatically and haphazardly deletes portions of what is foreign to our typical thinking.
  3. Our brain then takes what’s left over after the initial deletion and seeks an historic match (from a prior conversation our brain deems similar), and deletes whatever is divergent from that match.
  4. Our brain then takes the remainder from that deletion and filters it through our beliefs, values, filters, habits and memory.
  5. Whatever is left after deletions in steps 2, 3, 4 is what we adamantly assume we have heard.

A simple example of this just happened today. I was introduced as ‘Sharon Drew’ to a friend’s friend followed by this dialogue:

V: Hi Sharon.
SDM: Actually, my first name is Sharon Drew.
V: Oh. I don’t know anyone who calls themselves by their first name AND last name.
SDM: Neither do I.
V: But you just told me that’s how you refer to yourself!

Because a double first name was foreign to her, she put it in an accustomed category, deleting how she heard the introduction, and then wrongly assumed a typical a first name/last name configuration. She exacerbated the problem by then assuming she was right and I was wrong when I corrected her.

Assumptions Restrict Authentic Communication 

We all do this. Using conventional listening practice, it’s pretty difficult to hear what is meant without making assumptions. As a result, we end up restricting, harming, or diminishing authentic communication, and proceed to self-righteously huff and puff about what we believe is ‘right’, potentially getting the context, the outcome, the description, or the communication, wrong. Or we assume the speaker meant something they didn’t mean at all. In business it gets costly when we wrongly assume a task we were never asked to perform.

I recently got a reproaching note from an annoyed colleague when, among several faulty assumptions he made that were far, far from my intent (and in one case making an assumption about my behavior that in fact was a direct response to something he did!), I didn’t behave according to his beliefs: I had asked if he wanted to ‘preview’ my new book before it came out, and he felt my subsequent behaviors insufficient given my request that he ‘review’ the book. When I pointed out his faulty assumption he got quite bumptious until I sent him back to the original email. It cost us both a possible business collaboration.

Assumptions cost us greatly, harming relationships, business success, and health:

  • Sellers assume prospects are buyers when they ‘hear’ a ‘need’ that matches their solution and end up wasting a huge amount of time chasing prospects who will never buy;
  • Consultants assume they know what a client needs from discussions  with a few top decision makers while ignoring some of the important influencers, causing resistance to change;
  • Decision scientists assume they gather accurate data from the people that hired them and discount important data held by employees lower down the management chain, inadvertently skewering the results and making implementation difficult;
  • Doctors, layers, dentists assume foundational, standard certainties that may not be true in any unique patient/client situation and don’t get to the real issues, potentially causing harm;
  • Coaches assume clients mean something they are not really saying or skewering the focus of the conversation, ending up biasing the outcome with inappropriate questions that lead the client away from the real issues that never get resolved.

Using normal listening habits we can’t avoid making assumptions. But we can supersede our brains by taking the Observer/Coach role and listening for the metamessages – patterns, system, structure – of what is said rather than the story line or content (which is what our brains use to acquire the assumptions).

About the Author

Sharon Drew Morgen is founder of Morgen Facilitations, Inc. (www.newsalesparadigm.com). She is the visionary behind Buying Facilitation®, the decision facilitation model that enables people to change with integrity. A pioneer who has spoken about, written about, and taught the skills to help buyers buy, she is the author of the acclaimed New York Times Business Bestseller Selling with Integrity and Dirty Little Secrets: Why buyers can’t buy and sellers can’t sell and what you can do about it.

To contact Sharon Drew at [email protected] or go to www.didihearyou.com to choose your favorite digital site to download your free book.