If you've always thought that there was an answer to your business problems but couldn't put your finger on it, then think no longer, the answer to business success is not sweat and toil, it's IG = 3E (to the power of D)
or at least that's what the experts at Henley say it is.
The equation created by Henley Business Schoolresearch project and sponsored by Orange helps business owners like yourself to be able to score all those business ideas running around your head, so you know which ones to pursue, and which ones to avoid.
According to the Henley study, three quarters of small enterprises (75%) are generating more business ideas now, compared to five years ago but over half of these ideas (52%) aren't practical and can't be implemented. To help small businesses generate more useful ideas Professor Dominic Swords from Henley Business School has developed the world's first equation outlining how firms create consistently great business ideas.
The formula - the result of interviews with innovation leaders like 3M, Diageo and Bupa and an analysis of 2,000 British businesses - identifies experience, engagement, energy and diversity as the elements needed to generate useful ideas in a group environment (e.g. a brainstorm).
The ideas generation equation
IG = 3E (to the power of D)
IG = rate of Ideas Generation
3E = Experience + Engagement + Energy
D = Diversity
To help small businesses implement the formula in their day-to-day operations, Professor Swords has turned it into a seven-step plan to run the optimal ideas generation session. This easy to follow plan gives techniques on picking the best participants, identifying the optimum ideas and then implementing them.
The plan also highlights innovation examples from world leading firms such as inviting external guests to give first-hand insights; asking participants to pretend to be the target audience when giving feedback; using separate rooms to test ideas; and eliminating negative comments by giving yellow cards to participants who say "no, but".
To download the free guide, please visit: www.orange.co.uk/innovation
Article continues below