Stimulating Innovative Finance Thinking

Some believe that innovative thinking is reserved for the creative few. The truth is, most people have a creative streak. The trick is learning how to tap into that creativity.  Innovative finance thinking is behind creative innovations such as ATMs and PayPal.  As accounting professionals spend less time on mundane, repetitive tasks they have more time to work on their creative streaks.  What innovative finance ideas is your business likely to develop?

Below are tips to spark innovative finance thinking in your financial professionals

Weigh the Benefits of Innovative Finance Thinking

Buy-in for becoming an actively creative organization begins at the top. Where do you stand on these points?

  • Most executives describe innovation as being linked with their growth strategy.
  • Companies that value fresh ideas realize greater growth and profits.
  • Be realistic about the rate of innovation success.

Time is of the Essence for Creativity

Sparks of insight and invention often emerge in quiet moments or during time on the trail. Your staff needs time to let flashes of creativity emerge. Steps to take include:

  • Offering employees free time to promote novel thinking. Let them know the amount of time per day or week without placing limitations such as where or when.
  • Checking in with finance staff about the effects of free time on their thinking process.
  • Keeping track of what you are learning about the relationship of free time and novel idea generation.

Create Collaboration and Cooperation

  • Foster inventive success by linking innovation with your overall business strategy.
  • Promote an atmosphere for collaborative thinking and cooperative action.
    • Ideas generated by other departments may prompt financial innovation.
    • Or, other departments’ challenges may be addressed by finance solutions.
  • Break down barriers that limit cross-departmental relationships and information exchange.

Make Space for Inventiveness

Create spaces that are inviting for colleagues to collaborate or step away from their usual work environments. An atmosphere of relaxation with natural light and plants fosters the fresh air that stimulates clear, creative thinking.

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