My Model Week, which is a model of how I plan to spend my time each week, has a special time allotment from 1:00 pm until 2:30 pm each Friday.  It’s a spot I look forward to because it allows me to do what I love.  That block of time is titled “Write/Research/Internal Growth & Development”.

That title sounds pretty weird for a CPA who is running a CPA/Consultancy firm.  But, actually, I think time to be internally innovative and focus on growth and development in your organization should be normal for everyone in business.

As you and I work in our companys from day to day, busy with the many activities we have to manage, we lose the forward-thinking lenses of Innovation.  Allowing time in your schedule for Innovation (or self-evaluation of your personal and business operational habits, as I think of it sometimes) will allow you to stay fresh in your industry. 

Innovation will allow you to stop thinking the same way you were thinking when you started your company.  What has stopped working in your business?  Have you even noticed?

Innovation will allow you to out think your competition.  What is your next business move, acquisition or strategic development of a new line of revenue?

Innovation will allow you to change your business model to better meet your client/customers’ needs.  You think you know what they are, but do you really?

Innovation will allow you to question, question, question your future in your industry, why anyone would ever want to do business with you, and how you fare against your competition.  Well, why would anyone want to do business with you?

Innovation will allow you to do something that might be taboo in a lot of industries, but which is critical for all industries and their owners… change.  Are you able to change from year to year as needed and dictated by the market and your clients?

I would go as far as to say that time to reflect on Innovation in your business is urgent.  That means you must do it now!  Your competitors are innovating, questioning their models of business, changing how they do things and improving.  You must also… of you will not survive.

So you don’t have time for innovative thought now?  Will you answer the same way 10 years from now?