The 5 Secrets of Hidden Innovation - Secret #5

The fifth secret of hidden innovation is the undiscovered business model.

How would you run an accounting firm if you weren't allowed to do it like anyone else? Assume for the moment that there is a new regulator who says you can't bill by the hour, advice can't be made by letter or e-mail and partnerships are forbidden. It is a thought exercise, so put legal requirements etc. aside just for the moment. What would you do?

Taking time to understand how your business model is set up and the unwritten rules of how you run things may lead to new ideas which can save you money or win new clients. You need to suspend judgement and explore whether there are new ways you could interact with clients or suppliers and anyone else who has inputs into your business.

I'll use Walmart again because it is such a good example of hidden innovation. Not only did Walmart seek out unwanted customers in less sought after locations, but think about how they have used automation to drive their business, being one of the first to introduce electronic tags for all items of merchandise and having a global computer system which knows just when a store is running out of items so it can ship from the depot just in time to restock.

Questions to ask:

* Are we doing things a certain way just because others do?
* Do your clients appreciate the steps you take?
* What would you like to eliminate? What is stopping you? Can you work around these blocks?
* What assumptions do you make in doing our work? Are they justified?
* How could you use technology in every area of your business?
* Is your business structure the optimal one?

You could also try experiments like the one above, or thinking about how you would run an accountancy practice from, say, the Arctic. Every time you step back and ask questions or change the scenario you are shaking off the status quo and potentially improving how you do business.

The best part is, if you don't come up with anything, all you've lost is a bit of time. But if you hit a big idea, you may have really taken a lead on your competition.