Criminal Defense Lawyers

How to Manage Business Innovation During a Corporate Turnaround

How to Manage Business Innovation During a Corporate Turnaround

Dealing with a corporate turnaround can be really tough on a business. There’s usually a lot of pressure to cut costs and improve efficiency quickly. But it’s important not to sacrifice innovation entirely during the process. Innovation is what drives long-term growth and sustainability. The key is finding the right balance between optimizing what you have now and investing in the future.

Take Stock of Existing Innovation Assets

When a company is struggling, there can be a tendency to throw the baby out with the bathwater. Before making drastic cuts, it’s important to fully understand what innovation assets already exist within the company. This includes things like:

• Intellectual Property: Assess patents, trademarks, proprietary tech/processes etc. See if any can be monetized.
• Partnerships: Review existing innovation partnerships and collaborations. Determine if any should be maintained/expanded.
• Talent: Identify key innovators and creators already within the company. Look for ways to empower them.
• Ideas Pipeline: Review existing internal systems for generating ideas. See if any diamonds in the rough could be fast-tracked.

Taking stock will help identify innovation strengths to build upon and gaps that need to be addressed.

Focus Innovation Investment on Quick Wins

When resources are tight, you have to be very targeted about where you invest in innovation. Focus energy and budget on quick wins that can drive near-term revenue or cost savings.Types of quick win innovation projects:

• Efficiency improvements: Projects to improve productivity, streamline supply chain etc.
• Enhanced existing offerings: Add new features/capabilities to current products.
• New offerings that leverage existing assets: Develop offerings adjacent to current ones that reuse IP, tech, partnerships etc.
• Process innovations to drive cost savings: Changes to internal processes that reduce costs.

Avoid longer-term, higher risk innovation projects until the company has more financial stability. Manage innovation like a portfolio – quick wins help fund the riskier bets.

Empower Middle Managers on Innovation

During a turnaround, there can be a tendency for top executives to centralize control and decision making. But when it comes to innovation, it’s important to also empower middle managers.Innovation often happens most effectively at smaller scales where teams are closest to customers and day-to-day operations. Middle managers understand these contexts the best. Empower them to:

• Champion innovation: Give them goals/resources to initiate innovative projects within their divisions.
• Unblock innovation teams: Ensure they aren’t creating unnecessary barriers for teams.
• Funnel ideas & insights to top: Connect them to execs so good ideas can get lift-off.

Giving middle managers more ownership over innovation helps unlock the creativity and problem-solving capabilities closest to the real work.

Christine Twomey

2024-03-21

Just had my Divorce case settled 2 months ago after having a horrible experience with another firm. I couldn’t be happier with Claire Banks and Elizabeth Garvey with their outstanding professionalism in doing so with Spodek Law Group. Any time I needed questions answered they were always prompt in doing so with all my uncertainties after 30 yrs of marriage.I feel from the bottom of my heart you will NOT be disappointed with either one. Thanks a million.

Brendan huisman

2024-03-18

Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!

Guerline Menard

2024-03-18

Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️

Keisha Parris

2024-03-15

Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.

Taïko Beauty

2024-03-15

I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!

Anthony Williams

2024-03-12

Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.

Loveth Okpedo

2024-03-12

Very professional, very transparent, over all a great experience

Bee L

2024-02-28

Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.

divesh patel

2024-02-24

I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

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Maintain Some Slack for Creativity

During a turnaround, typically every part of the business is put under a microscope to improve efficiency. However, it’s important to still maintain some “slack” in the system – resources that aren’t tightly managed.This creative slack gives innovators space to experiment, learn and uncover unexpected insights. Without it, people typically just optimize existing ways of doing things. Maintaining slack can look like:

• Innovation time: Allowing certain teams one day a week for self-directed projects.
• Seed funding: Keep some small innovation budget available for testing new ideas.
• Flexible roles: Have people dedicate ~20% of their time for creativity vs daily tasks.

While slack resources need to be small and tightly monitored, they pay dividends by uncovering innovations that reimagine whole ways of doing business.

Leverage External Partners Where Possible

While investing internally has to be frugal during a turnaround, don’t overlook opportunities to leverage external innovation. Look for win-win partnerships with startups, university researchers, vendors etc. where both parties bring unique assets to the table.Types of partnerships to consider:Research collaborations: Fund research projects at universities to solve key challenges.Startup partnerships: Trade access to assets/distribution for equity or first-customer privileges.Innovation outposts: Small, semi-autonomous external teams focused on certain emerging opportunities.Vendor innovation programs: Partner with existing vendors/suppliers on co-innovation projects.Partnerships allow you to tap into talent and ideas beyond the company’s walls on a flexible basis. This boosts innovation bandwidth when internal resources are strapped.

Inspire a Culture of Scrappy Innovation

As leaders, it’s critical that you continue to inspire a culture of innovation even in tough times. Communicate that innovation is still a priority and celebrate scrappy, frugal innovation efforts happening at all levels of company.Some tips for fostering scrappy innovation culture during turnaround:

• Spotlight frugal projects that drove disproportionate value. Tell their stories.
• Celebrate non-financial contributions like creativity, hustle, boldness.
• Encourage quick experiments over big bets. Learn fast, fail fast.
• Emphasize constraints breed creativity and force focus on biggest value drivers.

The more you can spotlight those innovating more with less, the more likely others will emulate them. Frugality is innovative!Innovation may need to slow down and tighten up during a corporate turnaround, but it can’t grind to a complete halt. Following these best practices will help you achieve the right balance. Focus innovation investment on the quick wins while empowering middle managers and maintaining some slack for creativity. And continue to inspire a culture where innovation thrives, even under tight constraints. Maintaining forward momentum is key for coming out the other side stronger than ever!