The Agency for Financial Advisory Firms

 

    30 Tips for Today’s Financial Advisor: Tip 12

    Vulnerability can feel uncomfortable, risky, and scary. But if you want to innovate, you need to be vulnerableaccording to researcher Brené Brown.

    This fear of vulnerability can show up in many ways in your organization — it could be the underfunding of new ideas in the name of sustaining current efforts. Or senior leadership not owning up to their mistakes. Or companies focusing on the successes of the past rather than the challenges of the future.

    On his blog, senior executive Torben Rick lists several hidden obstacles that could be preventing your company from innovating. These include: 

    1. Lack of a shared vision, purpose and/or strategy 
    2. Short-term thinking/focus 
    3. Lack of time, resources, or staff 
    4. Lack of “spec time” to develop new ideas and opportunities 
    5. Innovation not articulated as a company-wide commitment 
    6. Lack of ownership by senior leaders
    7. Leadership expects payoff sooner than is realistic 
    8. Lack of a systematic innovation process 
    9. Management incentives are not structured to reward innovation 
    10. No reward and recognition programs 
    11. Constantly shifting priorities 
    12. Belief that innovation is inherently risky 
    13. Internal process focus rather than external client focus 
    14. Inadequate understanding of clients 
    15. Focus on successes of the past rather than the challenges of the future 
    16. Unwillingness to change in the absence of a burning platform 
    17. Unwillingness to acknowledge and learn from past “failures” 
    18. Politics — efforts to sustain the status quo to support entrenched interests 
    19. Rewarding crisis management rather than crisis prevention 
    20. Hierarchy — overmanagement and review of new ideas 
    21. Micromanagement 
    22. Underfunding of new ideas in the name of sustaining current efforts 
    23. Fear that criticizing current practices and commitments is a high-risk activity 
    24. Risk aversion 
    25. Addiction to left-brained, analytical thinking 
    26. Absence of user-friendly idea management processes 
    27. Innovation not part of the performance review process 
    28. Lack of skillful brainstorm facilitation 
    29. No creative thinking training 

    If you want new results, you need to be vulnerable. You need to get rid of these hidden barriers to innovation. And you need to try something different.

     

    Today’s Tip: Try A Different Approach  

    Tip #12: It can be challenging to change the way we tackle our daily problems. But if you want different results, you have to try different approaches. A bold, new idea today could lead to tomorrow’s success.

    Want to innovate and achieve more in 2020? Reach out to our team today.