What is the small wins compound effect?

What is the small wins compound effect?

Everyone knows that if you invest some money in an account that your initial sum can rise due to the effect of compound interest (i.e. interest on your interest).

I suspect the same is true of innovation and change.

Someone or some group or team needs to start innovating.

It can be small.

Then they learn from the experience and share their results.

They try again on another problem, issue or opportunity.

But they also inspire another group to try.

Now leaders start to talk about innovation more.

A few more groups try as positive results or small wins start to come in.

Customers, partners and suppliers can see the difference.

New creative employees are attracted to the business.

What started as an innovation trickle now has become a flood.

The initial small wins innovation investment (i.e. time, effort, dollars) can lead to a big difference.

The effect has compounded across the organisation.

Lots of small wins innovation projects can make a big impact.

It can leader to higher performance across any group or team.

But it has to start now!

 

Share This