Considering today’s changing times, competitive business environment, it is important for firms or companies whether small or big, to think differently i.e. out of the box thinking called “Thought leadership”. By encouraging, promoting & applying an idea of thought leadership in your firm or company, you can transform it & can take your business in a bigger league.
What is Thought Leadership?
As we are always thinking about our business, a variety of ideas often comes up in our mind. Thought leadership is all about believing in a powerful idea and giving it a shape, dimension through our conviction & executing that thought or idea to deliver value to our business.
How to encourage Thought Leadership:
Companies / firms can earmark certain amount as a percentage of sales or net profit for pursuing innovative, unique ideas. They should ask employees to tell unique ideas to the management. Then management should discuss all these ideas, select 3 - 4 ideas, and start working on it. This will give employees an encouragement to work on ideas they actually like apart from their routine duties.
By encouraging employees to work on the projects they like, companies / firms will be able to retain talent. As employees received an opportunity to work on their ideas, they will not go elsewhere.
After successful outcome from a selected idea, give that employee a proper incentive. This way we can encourage thought leadership ideas. If project like this, implemented continuously, companies / firms will have newer, unique and innovative products or services to offer and this will help them to stay ahead of the curve.
Benefits of encouraging, promoting Thought Leadership:
By encouraging, inculcating thought leadership idea in you & in your firm or company, your business will benefit from new ideas, innovative solutions & out of the box thinking by its members, as everyone has a different background, mindset & approach towards looking at things.
In thought leadership concept, by challenging established thoughts and beliefs, we can create a solution or process that caters to the unmet needs of the society & also adds value to the society, thus making one stand tall amongst peers and even can transform our opponents, competitors into a follower of our beliefs.
Thought leadership idea creates ability in people to see things in a different angle or perspective. Therein we can explore the opportunities that exist, structure our business plans, and execute the same to benefit from a first mover advantage.
Thought leadership will enable us to focus in many ways on the long-term horizon of the company and contributes significantly to drive market and cost leadership.
Thought leadership encourages concepts, ideas and innovation in products and processes, which differentiates the firm or company from the rest of the crowd and gives it the distinct longer-term advantages.
Therefore, it is important to encourage thought leadership idea in your firm or company to create sustainable long-term value for your business.