Decades ago, Stephen Covey explained we need to balance “P” (production) against “PC” (production capability). Today many companies just focus on this year’s results (P), without building the capabilities needed for future growth (PC). Don’t just hit the reset button and start over again every year. Instead, build the future you want.
Which business leaders do you admire… Henry Ford… Jeff Bezos… Elon Musk… Steve Jobs? Why do you admire them? Because they were great at slashing budgets, running financial review meetings, or giving quarterly EPS guidance? Here’s the irony: Many business leaders behave quite differently than those they admire.
The #1 culprit for wrong facts is the untested assumption. Someone thinks the customer would like this or that, and the assumption morphs into a “fact” over time. A missing fact occurs when an important question is not answered. The overwhelming reason is… it’s never asked. With proper B2B customer interviews, you can avoid most wrong and missing facts.
More in article, Should Your Stage-Gate® Get a No-Go?
In the front end of innovation, though, there are just two ways to fail. An error omission is failing to uncover an unarticulated customer need. An error of commission is choosing the wrong customer need to work on. Funny thing about errors of omission: No one knows you erred… until a competitor launches a blockbuster product.
More in white paper, Guessing at Customer Needs (page 5).