Simon is an expert in helping CEOs grow their business. Today he shares his expertise as we talk about how to innovate without spending money.
The Steps to Innovation with Minimal Financial Cost
Simon Severino talks about the steps that he and his team takes in order to innovate, build, and grow their company. Sometimes it’s the simple things which we avoid doing, which will make the biggest difference for our future. Budgeting, team meetings, and truly analyzing the important questions; these are the things Simon focuses on.
Step 1: Make sure you have a budget
The best practice is to make and/or reanalyze the budget for your company every month. Simon has a system for his budgeted allotment for innovation within his company. They use the system to help learn about themselves as a company, and it serves as a good way to analyze where they should focus their efforts and their innovation budget. Simon calls this “The Equalizer”. This system involves an exercise/meeting that takes approximately one hour. Twelve people from his team look at who the competition is and where they are investing.
Every CEO needs to do a budget. Every month. Unfortunately, some of them do it every six months or every twelve months.
Step 2: Analyze the statistics and numbers during your Equalizer meeting
During the meeting, in addition to talking about what the competition is doing, you should also look at what is going on in your budget. Which techniques and methods are working? Which techniques and methods need to be cut because of their ineffectiveness? Try to be as specific as you can before you cut things from your budget. These things should always be analyzed as a team.
The first time it takes two hours. And then, you get used to [the system] and it takes one hour. Then it’s a half-hour of questions.
Step 3: Download the Equalizer tool and work with a coach.
Not only is the information invaluable, it is also available to you as a free tool. You can download the Equalizer tool from their website at Strategy Sprints Tools.
I like to create value. I know that if you create value and it’s helpful and people need it, they will come back for more.
If you find the Equalizer helpful, you can sign up to work with a coach at Strategy Sprints. Each session goes for 90 days and is filled with useful information, actionable steps, and things that will help you and your company grow and make money. After you (and your business) graduate from the 90-day program, you can qualify for their Mastermind Group, which will allow you to keep evolving and growing as an entrepreneur and will continue to help your business.
Personal Mission Statement: “Focus, Freedom, Flow, Humble, Hungry, Happy”