Your Business Transformation in 2021: Impact Lab: Turning Big Ideas into Real Businesses
Welcome to the final piece from the Business Transformation in 2021 series, Impact Lab: Making Your Big Ideas a Reality. Some time has passed since we set out on this journey together, and here is a refresher of what we have covered throughout the past four posts.
In blog 1 we started our transformation journey together with the concept of build back better. This is code for transforming your organization to be super relevant for your customers. The “Journey Map” tool was introduced to help you think about your current state, the journey, and the future state you wish to reach. In blog 2 we explored the concept of building your growth mindset to re-imagine your organization, and create scenarios for growth. In addition, we also covered the process of imagining and identifying new and big growth opportunities. Blog 3 is centered around estimating the size of prize, and identifying, developing and selecting options for transformative and long-term investments. This includes identifying new revenue streams and cost efficiencies, and segmenting your investment options. Blog 4 was all about defining business scenarios. We helped you imagine and envision the new business scenarios that emerge when you actually pull the trigger, invest, execute and place investments.
As we look back on our journey together through all of these concepts and tools introduced as part of this series, a silver lining for all leaders is that the business environment and our customer and consumer needs will continually change. Consumer and customer attitudes will continue to evolve as we all become more experienced in this new way of living. These attitudes will continue to impact work behaviors and employee expectations. We must have these tools to survive and thrive in these times!
Making Your Ideas a Reality
In blog 5 we will work on making your ideas a reality. For years we have worked with our clients to leverage “design thinking” to test and refine ideas. Design Thinking is a beneficial tool for addressing unknown or unclear problems. Utilizing this mindset allows you to reframe the problem with your team, leveraging ideas during brainstorm sessions, and adopting a hands-on approach in prototyping and testing. Design thinking also involves ongoing experimentation: sketching, prototyping, testing and trying out concepts and ideas according to the Interaction Design Foundation.
The Impact Lab
Our Impact Lab employs “design thinking” methodologies by encouraging a continual loop of prototyping and refining big ideas for growth. Below is a template of the Impact Lab.
Steps for Making Your Idea a Reality
Our Impact Lab starts with defining your idea, and then moves to making your idea a reality. In the lab you answer questions to flush out your idea and define your desired goals and end state for this new innovation. Lastly, you will think about the formula: what it takes to make it a reality.
Step 1: Defining Your Idea!
- Take the time to envision which idea you wish to make a reality.
- When the idea is chosen, what about it inspires you?
- How could this benefit you? Is the benefit through profit, the organization, consumer or something else?
Step 2: Making Your Idea a Reality (Envisioning Success)
- When could you feasibly incorporate this innovation?
- What milestones would you put in place?
- How could this be a game changer for your business?
Step 3: Finding Your Formula for Success
- How could you incorporate this idea into your business?
- How easy or difficult would it be? What would this be worth in monetary terms?
- What infrastructure in terms of resources, skills, dollars etc. is needed?
- How can you pilot this to test and refine for success?
By taking your team through these steps, you are now on your way to success. The Impact Lab can be used throughout your business to define, test and refine ideas to meet and exceed your customer and consumer needs. We invite you to give it a go! Stay in touch and let us know how you are doing.
Now It’s Your Turn – Please Share & We Are Here If You Need Us!
It has been an honor, and we have been very grateful, to have you with us on this transformation journey. The silver lining through this 5-part Business Transformation in 2021 series is that the methodology is both an art and a science – and most importantly it is a discipline!
One important aspect to remember is that the goal in transformation is not the end destination. As the marketplace and the world of business is in constant evolvement, one must always continue to go back and search for new ideas and points of improvement to stay ahead of your competition – while also keeping a close eye on where you wish to go in the future. This is why the tools we have presented will continue to stay relevant for your transformation processes to come.
We hope that the tools in these posts are beneficial to both your team’s mindset and your business. Thank you for reading, and we encourage you to share your work back to us for feedback and guidance.
Please stay tuned, as more informational and inspirational posts are to come in the future.
Cheers and good luck,
Founder – Collaborative Consulting
Previous posts in the Business Transformation series:
- 1: Your Business Transformation in 2021: Build Back Better
- 2: Your Business Transformation in 2021: Re-Imagining Your Organization for Profitable Growth
- 3: Your Business Transformation in 2021: The Discipline of Making Investments to Re-Imagine Your Business
- 4: Your Business Transformation in 2021: Defining Your Business Scenarios and Strategic Investments