Eight Steps to Increasing Innovation in your Finance Team

Innovation isn't just important, it's essential. That's because the world, your business, you – and the work you do – are all changing. If you always work the same way, when everything else around you is changing, you won't perform to your best. Innovation involves creative and business thinking, change and risk management and a lot of hard work.

Because innovative projects are so different from what most organisations do daily, they are sometimes difficult to get off the ground. Often the usual processes, systems and approval rules don't really work, and it can be hard to get buy-in from others, including those who need to invest time or money in the idea.

So, what can you do to inspire and increase innovation in your team? Follow our eight steps to help create an innovative mindset in your finance team.

1. Find ways to motivate and capture ideas. For example, develop processes and hold events such as workshops or regular team meetings.
2. Create a supportive atmosphere where people feel free to express their ideas. Reassure them that their ideas won't be met with criticism or ridicule. Show your team that you are interested in what they have to say.
3. Encourage experimentation and risk-taking. Make sure your team knows they won't be penalised for trying new things, even if they fail. Encourage your team to keep up to date with changes and new trends in your market to ensure that you are staying ahead of the game.
4. Avoid creating a competitive environment, and instead promote openness and sharing of good ideas throughout the business.
5. Share responsibility for innovation, so that everyone is involved in taking the business forward. People tend to feel that their ideas matter more in flatter organisational structures.
6. Provide incentives, celebrate and reward successful innovation. Encouragement can play a significant role in encouraging staff to think creatively.
7. Where possible, prioritize creativity and imagination when recruiting. You might hire a creative thinker over a highly skilled worker for a backroom role in product development.
8. Provide training and development opportunities for your staff. Show your team that you are invested in them and their futures by finding courses that can help them improve their business skills. New training and development opportunities provide your team with the opportunity to discover new ideas and share them more widely.

With over 1,500 CPD resources tailored to accountants and finance professionals on a wide range of topics, an accountingcpd team subscription will help your team grow, even in the toughest of times. Find out more about how an accountingcpd team subscription can help your team grow.