Wealth Building Strategies

Leading an Innovative Company

“If you’re not failing every now and again, it’s a sign you’re not doing anything very innovative.”
–  Woody Allen 

summary1Last week I published a post on called Creating a Culture of Innovation which featured the six most important steps I believe a leader should take to build a highly innovative culture.  The step that generated the greatest interest is leading by example, which is the subject of this article.
One of the biggest errors a leader can make while building and leading an innovative company is underestimating the impact of their own action.  It’s not their words that count, but the actions which impact culture.  Leadership is life under a magnifying glass.  Every trait, nuance, skill, error, belief or genius idea is first exposed and then magnified, its rawest form. Great leaders are humbled by this and strive hard to improve and build upon their strengths, or at least mitigate their weaknesses.  Average leaders are eventually exposed and, if they are fortunate, are given an opportunity to develop, or rebound at another time, hopefully, wiser.  This is good and healthy, since most people, whether in an innovative culture or not, demand much of their leadership and detect uncertainty much better than leaders think they can. 
An insightful leader will start with a full, honest and comprehensive appraisal of themselves through a process of reflection, analysis and objective 3rd party assessment.  Not just once, but on a continuous basis, with the improvement reinforced with accountability partners.

They will also embark on a process of lifelong learning and renewal.  Developing leadership skills requires tremendous effort and time dedication with a constant reinforcement of better habits.

A leader striving to lead by example will make the distinction between a company where innovation is revolutionary or evolutionary and then modify their approach accordingly.  Revolutionary innovation requires transformative thinking, disruptive business models and nerves of steel.  Evolutionary change requires exceptional management, timing and a high EQ to manage competing interests as the company transitions.
A good leader will recognize that any innovative company will need financial resources to see major projects through to fruition, and therefore, will maintain a long-term source of funding to maintain staying power. Strategies include full product pipelines with good margins, business unit portfolio management, and good access to capital.

Finally, leading an innovative requires any leader to show humility and turn to his talented people, not out of weakness, but out of strength.  This will encourage all employees to embrace a culture where it is okay to admit that they don’t have every answer to every question and that the true innovations coming from closing that knowledge gap in a way that creates something bigger for the company and better for the customer.

By Eamonn Percy

….also from Eamonn: Creating a Culture of Innovation

Phoenix attracts West Coast tech companies

phoenix22In the 1980s and ‘90s, most of the tech jobs in Phoenix focused on back office and customer care centers for companies with headquarters elsewhere, city officials said.

Now, places like downtown Phoenix, Tempe and Scottsdale are buzzing with entrepreneurs and new companies in the tech space. There are an estimated 132,000 high-tech jobs in Arizona, according to a TechAmerica Cyberstates report.

“We’re beginning to gain a reputation that there’s a real tech community here,” said Steven G. Zylstra, president and CEO of the Arizona Technology Council… CLICK HERE for the complete article

brought to you by Western Wealth Capital

Creating a Culture of Innovation

bulb“An investment in knowledge pays the best interest.” – Benjamin Franklin
You want your company to thrive because it innovates, not innovate to survive.  Major changes in the global economy, technology, and demographics, are significantly disrupting many industry sectors, putting a squeeze on profit margins of companies in status quo mode while rewarding the innovators with new opportunity and stronger market positions. 

By building a culture of innovation into the DNA of both your leadership and company, you become more competitively positioned and create greater long-term shareholder value.  Business leadership must be persistent, aggressive and focused in transforming the company, so innovation becomes the way you are, not something you do.

The 6 keys to building a culture of innovation are:

Make innovation a strategic priority. Ensure you develop and implement a strategic plan to grow your organization, and make innovation a key priority within that plan.  Review and update the strategic plan regularly (no less than annually), ensure the organization is aligned with the achievement of the plan, and consistently measure your progress against its goals.

Communicate why innovation is a priority.  Communicate to all levels of your organization, so employees are aware of your plans, understand their roles, are committed to taking action and can define success.  Provide regular and meaningful updates on progress.  Be clear and transparent. Create a common language in order to achieve greater organizational cohesion. 

Implement a system that enables innovation. For a business initiative to become successful, it will need a system to nurture, support and measure it. For instance, you could select a system like Lean, which started in manufacturing and now is being adopted in Health Care and Technology, as the backbone of driving transformative thinking.  Or give people time to innovate (i.e. Google gives its employees 20% of their time to innovate)

Lead by example. Take the time to focus on becoming a better business leader, so you can model the behaviors you expect of others, particularly during difficult or critical periods.  Nothing will make the cultural change more successful than this one act. Be persistent, be authentic and be open minded to opportunity.

Hire, train and build innovative talent. Make the recruitment and retention of key staff that support your innovation strategy a key priority.  Help your current staff to develop new skills and find the right way to contribute in a more innovative environment, while hiring new staff that can fill the gaps and have the skills and abilities to drive innovation. Be consistently focused on market problems and customer needs.

Fail faster: Encourage more risk-taking and make failing for taking measured risks both acceptable and an opportunity.  Find ways to decrease the failure cycle time, which will drive new opportunities from the failures, and move the company ahead faster.

Don’t innovate for the sake of it. Rather use innovation as a core strategy to build a dominate market position, enabling your company to adapt and transform, creating long-term shareholder value well into the future. 

– Eamonn Percy 

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…also from Eamonn:

The 1% Solution

Marc Faber: Small investors have a huge opportunity to make money

1473337614-8614How long do you see the global central banks continue with their easy money policies?

Marc Faber : Major central banks started with their easy money policies long ago. The first indication of money printing was essentially in 1998 with a bailout via the long-term capital management (LTCM). At that time, I don’t think anything would have happened to the system. The central banks printed money massively and deliberately created the NASDAQ bubble. When this bubble burst, they deliberately created the housing bubble that was built on excessive credit growth. And when this bubble burst in 2007 – 08, they started in a co-ordinated fashion to print money by purchasing assets around the world.

The asset purchases by these major global central banks – the US Federal Reserve (US Fed), Bank of Japan (BoJ), European Central Bank (ECB) and the Bank of England (BoE) – have been increasing overtime, though the US Fed has stopped now.

My view is that the asset purchases by BoJ and the ECB will not stop. The balance sheet of the major central banks increased 16 times between 1998 and 2015. So why can’t it go up another 20 or 100 times? Money printing is an unlimited action, until the system breaks down.

By when do you see this system breaking down then? Will this bubble created by central bank liquidity across asset classes burst anytime soon?

Marc Faber : The bubble can last a long time, one just needs to increase the size of money printing continuously. As a result, asset prices – stocks and real estate – go up phenomenally. So in essence, we have a bull market across asset classes. However, the value of paper money depreciates, as it has done for the last 30 years. Whatever the central banks do now, asset prices will depreciate against precious metals – gold, silver and platinum.

….read more HERE


Marc Faber: Dow Could Reach 100,000


The 1% Solution

summary1In 2010, my eldest daughter was preparing to leave for university and I wanted to do something special for her. So trying to be a good Dad, I decided to write her a brief letter on what I had learned over the course of my own career that I thought would be helpful to her. My successes, failures and a few principles that guided my actions. She graciously agreed that it was a good idea and that I should write the letter.

In the letter, I wrote down a handful of principles of what had worked for me, as I had literally gone from the stock room to the board room, and felt that I had some good ideas to offer her. However, when the letter was complete, I read through it and realized that something was missing. While the suggestions were good, it was missing my overarching philosophy or approach to my career, not just the steps that I took along the way. It wasn’t the things that I did in my career, it was my mindset that was important. My approach had been one of a growth mindset and that I believed in developing good habits and constant progress towards worthy goals. So I added to the letter that whatever she does, she should strive to develop good disciplines and habits to help her along the road.

After finishing the letter, I decided it was an important message for other people too. If was take this idea of continuous improvement through the development of good habits and turn it into a book, it would help many more people, so that is what I decided to do. Rather than just talk about it, I decided to describe each of the 100 Daily Habits that I felt were important and that I would improve each day.  I believed that it was not about doing 1 thing 100% better, but it was about doing 100 things, 1% better each day.

Fast forward to 2016, and 73,000 words later, the book is in the final stages and will be released this fall. It’s called The 1% Solution – How Small Daily Improvement Produce Massive Long-term Results. I fundamentally believe that in life there’s no short cut. Rather, the path to significance is achieved through the continuous and daily improvement of habits, which compound over time to create big results. It takes time, effort, and perseverance to develop these good habits and the more time to see the cumulative effects turn into results.
Creating this book has been a labor of love since I was really focused on creating something that would help people overcome their own obstacles, so they can achieve their own big dreams and goals.
If you want to know more about it, you can get early notification of my book by here.

Thanks and stay tuned,



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