It seems like no one can agree on the economy — and some of us are ready to #OccupyKlout this week — but everyone can agree that we love innovation. In my series about innovation and entrepreneurs, I talked with client Don Steiner, founder and president of Profit Recovery Partners LLC. PRP is a Remarx Media client that provides economic stimulus to CFOs today. Don stresses that innovation doesn’t happen in isolation; you have to deliver on your outstanding ideas with a well-honed team. Read on to learn more and let us know your comments and questions.
1. How do you define innovation?
Innovation is thinking outside the box with commitment to execution.
2. Give us an example of innovation within your organization this year.
Our reinvention is our best example. We examined our limits to growth with our current structure. We identified our limitations, restructured our company to find deeper savings, processed to achieve savings 200 percent faster, increased service to our clients, raised the bar for employees (through sales skills, presentation skills and strategic thinking) and now have a scalable organization. The execution of this is a two-year project changing the current function of 80 employees while maintaining the highest levels of service to our clients.
3. How do you see the results of innovation created by PRP?
All innovations must have a plan, timeline and measurable results (revenue increase or reduction in cost).
4. PRP often works with entrepreneurs. Tell us one story about how you made a difference to an entrepreneur.
Creating jobs. PRP has reduced costs for its clients, which have saved jobs and helped our clients fund growth.
5. I hear you mix philanthropy with business. How is that part of innovation?
Yes, donations should be given to organizations that use the money wisely and have everlasting impact to improve people’s lives.