Opportunity
A publicly traded restaurant franchise company had recently experienced declines in comparable store sales and store openings. Efforts were underway to increase sales and accelerate franchise growth, but some of the leadership team felt that the company should explore broader changes to its existing business model and core product offerings. They wished to identify and investigate a number of innovation opportunities that would differentiate the company in an increasingly competitive market.
Solution
Company executives and industry experts were invited to an offsite innovation workshop designed to facilitate brainstorming and out-of-the-box thinking. The workshop included a number of exercises meant to inspire creative ideation and spur open conversations about the future of the company.
Outcome
During the workshop, executives explored any personal biases they may have brought to the table, and committed to discarding those in order to explore new approaches to the business with open minds. They discussed their vision for the future of the business and offered new product, marketing, and strategy ideas. Each idea was considered in further detail and prioritized based on its feasibility and expected outcome. Ultimately, the group agreed on an innovation portfolio filled with short-term, incremental goals, and long-term, transformational goals.