Business leaders are responsible, yes, for bringing in the profits. But if they get too focused on the bottom line, they may miss important growth opportunities. Successful leaders are not myopic. They recognize that they need to continually look beyond the present into the future. Changing conditions demand forward thinking and some level of risk.
There are ways, however, to cultivate innovation and minimize risk…at the same time as you manage your day-to-day responsibilities. Take advantage of three areas learned from action learning and leadership development programs.
- Create an environment where learning and new ideas are valued. Understand that small failures can precede big successes.
- Reward your best managers with opportunities to take on new initiatives and give them the financial support they need to explore new paths for company product and market development.
- Help them establish meaningful goals and reasonable time lines. And check in regularly to coach their efforts as you review their actions, reflect together upon what worked and adjust next steps going forward.