Many organisations risk the opportunity of great success by discounting the value of real innovation. The most successful organisations focus on raising the bar by creating a culture where innovation thrives, creating a true competitive advantage.

Today we face an unrelenting pace of change driven by new technology and ever-increasing competition. We convince ourselves we offer more value with a change in product presentation, reformulation, or price discounting. What is the true net gain? Have these “innovative” changes truly raised the bar?

Does the culture of your organisation enable an environment of inherent innovation? Or is it confined only to the “creative types”?

I recently dealt with a director of a successful organisation that had an enviable track record of ground-breaking success, but that in the past three years had been steadily losing market share. Large budgets, resources, great team work and excellent customer service were not sufficient to reverse decline. The real issue was not lack of technology but culture.

Modern day managers need to lead they need to create an environment that enables innovation and creative thinking to flourish. One can learn the latest techniques of how to be creative, but unless the environment embraces change, is genuinely open to challenging how things are done, at best all you can probably guarantee is more of the same, or - as HMV found, a business becoming irrelevant and unsustainable.

Here are four strategies that make a profound difference:

1. Focus on outcomes: the leadership team should consistently communicate the end result, ensuring everyone knows the strategic goals.

2. Cultivate trust: empower your teams through proper delegation, not micro management. Motivation and performance will soar.

3. Challenge the status quo. Be confident and fearless. Separate issues from people so individuals can disagree without being disagreeable.

4. Be bold! Walk the talk. Demonstrate through consistent behaviours. Take risks. Make the bold decisions.

So, how will you raise your bar? Don’t wait for someone else to break your best record to date.