Article Directory :: Business - General Articles Put in Values and an Organizational Structure That Will Stimulate Innovation By Donald Mitchell Republish: EasyPublish™ Published: 26Aug2008 Word count: 424 Viewed: 132 time(s) Get Free Content For Your Site Many people associate innovation with high technology products and services, and certainly those industries create lots of innovation. On the other hand, almost every business seems to enjoy the potential to be more innovative if people think about the business that way. Few industries had a greater reputation for being stodgy than steel making during the 1950s and 1960s. Today, the industry has been totally reshaped, by relying on technology that did not exist until it was developed in the United States. Talk to North American profit leader, Nucor, about this success as a technology story, and they will tell you that you have it all backwards. The success was due to the organizational culture and system that Ken Iverson focused Nucor on. Mr. Iverson's successor as CEO, Dan DiMicco, sees the foundation as lying in the company's values: (1) Don't overextend yourself (2) Be a risk taker and take on the unknown (3) Focus on long-term rather than short-term, whipsaw thinking (4) Treat customers, employees, and other stakeholders the way you would like to be treated (5) Minimize barriers to effective communication (6) Build relationships (7) Hold people accountable to honor the relationship and perform (8) Take your time in evaluating people you hire (9) See continuous improvement as a nonstop journey up a mountain (10) Give people the freedom to do it (11) Help people learn (12) Don't penalize failure because big flops are part of necessary learning. To implement these principles, Nucor has made many innovations. The company has only two organizational levels between the head of a division and the floor worker in a mill. Responsibility and authority are delegated as much as possible. Education is generously supported for employees, their spouses and children. The company emphasizes promoting from within. In hiring, Nucor looks for people who want to move ahead in life. To encourage them, everyone in the company gets variable compensation based on the firm's profit performance n the Profit Sharing program. And production bonus incentives are paid weekly to constantly reinforce the "pay for performance" culture of profit consciousness. The vision that powered this culture and structure was to be a growing company and to take advantage of commercializing new technology to leapfrog the competition. If such opportunities can be found in steel, why should your company and industry be any different in terms of providing profitable innovation? Work on your values and organizational structure, and who knows what you can accomplish. Copyright 2008 Donald W. Mitchell, All Rights Reserved Donald Mitchell is chairman of Mitchell and Company, a strategy and financial consulting firm in Weston, MA. He is coauthor of seven books including Adventures of an Optimist, The 2,000 Percent Solution, and The Ultimate Competitive Advantage. You can find free tips for accomplishing 20 times more by registering at: www.fastforward400.com EasyPublish™ this article - publishers click here More articles by Donald Mitchell

Free Report! Ten Essential Secrets Of Article Marketing ... Grab Your Free Copy Now: We respect your privacy. Need Content? Regular Top Quality Content for your Blog, Ezine or Website ... Delivered Direct, For Free! Click For Details Arts & Entertainment Automotive Business - General Computers & Technology Finance & Investment Food & Drink Health & Fitness Home & Family Internet Marketing/Online Business Legal Pets & Animals Politics & Government Reference & Education Religion & Faith Self-Improvement/Motivation Social Sports & Recreation Travel & Leisure Writing & Speaking

More business articles:

• Choosing furniture for a conference setting (Graham Baylis)
  Furnishing your conference room is very important as this is where clients are likely to be met and also where staff training and meetings will take place. The furniture you use for your conference room depends upon how many delegates are likely to be attending and what sort of conferences you are going to host. This short article gives you an insight into how to choose your conference furniture.

• Green Fashion Designer (Ezra Drissman)
  The new millennium marked significant changes and twists in people's lifestyle and preference especially in fashion and trend. In this vital industry, one very relevant breakthrough is the incorporation of environmental awareness and protection in most clothing lines in the fashion business and it has definitely inspired innumerable designers and students of fashion schools to adapt the concept of fashion with a conscience in their masterpieces.

• Six Secrets For Sellers Of Small Business--Errors To Avoid (Peter Siegel)
  Much has been said and written about the obvious steps business owners should take when they want to sell out, so they can retire or get involved in other opportunities. What's missing in that discussion is mention of six lesser-known mistakes sellers make when engaging with prospective buyers.

• Three Ways To Get A Bird's Eye View Of Your Business (Sue Painter)
  Solo business owners run a risk of getting lost down in the trenches of their business. Failing to pull themselves up and out for a broader, evaluative view can be deadly in missed opportunities. Find out about three easy ways to get a bird's eye view and how that helps you keep your business fresh and successful.

• The Benefits of Double Glazing (Louise G)
  When you look at a cross section of a wall, what do you see? Is it a single, thick slab of building material or do you see a double wall with studs set for support? Double walls provide insulated protection between you and the elements outside. The air between the walls allows the outside wall to be cold while the inside surface of the wall is comfortably at "room temperature".

• How You Can Turn Business Cards Into A Home Business (Tristan Mills)
  A new marketing idea has been developed to help assist entrepreneurs and working professionals make better use of their business card and create more exposure without having to pass it out by hand. Now it's possible for people to start a small home business and make an extra income using ordinary business cards.

• Career tip: A return to basics (Chris Makell)
  It's tough today to focus on doing a good job when there is are so many "other" challenges pulling at your attention. In these times it's helpful to just return to the basics to see us through.

• Celebrities Giving Luxury Watches as Gifts (Chandra L Coleman)
  In the world of the rich and famous, luxury watches, are easy gifts to give. It seems it has become almost customary for celebrities to gift each other high end watches at any point during their relationship, even within the first few months.

• Cardiff Capital and Accountants (Steven Magill)
  Bridgend is the biggest business hub city of Wales and also its capital. One of the indicators of how progressive a city is can be seen with the number of accountants that are present.

• How to Reaffirm Your JV Commitment (Christian Fea)
  Small business owners and entrepreneurs need to work for a bigger picture or goal. Simply going through the motions each day becomes monotonous and leads to a placid and stale work life.