An intrapreneur is an internal entrepreneur. As an intrapreneur, you must begin to think and act like an owner or senior executive, even though you were originally hired to perform within a more narrow job description, which you’re probably already doing well enough. The purpose of this article is to help you immediately do one thing outside of your current assignment that will add surprising value to the company, thus qualifying you for a maximum year end bonus, or pay raise, or maybe even a promotion (if you can make this a habit). Sound good? Let’s go.
Intrapreneurs are innovators. They bring positive change in areas critical to the success of the organization. As an intrapreneur, you create value by innovating in one of four ways. You can:
- Increase Revenues
- Decrease costs
- Streamline processes
- Solve problems
Innovation opportunities abound in every organization, and you can engage in one of them right now through a simple, four-step process.
Step 1. Identify an innovation option that would add value. Look around. Ask your peers, subordinates, and superiors. Go online and explore these topics. It should take you about ten minutes to identify something that could be improved. We have taken thousands of people through this process in training sessions, and we have never seen a group come up short on innovation ideas.
Step 2. Create a professional-looking innovation proposal. You can do this using a free online tool that will make you look like a financial genius. This tool will automatically calculate key financial measures such as Implementation Cost, Break Even Point, Return on Investment, Internal Rate of Return, Net Present Value, and Sales Equivalency. If the numbers don’t look good, don’t submit the proposal. If there is value in your idea, you will have provided all of the financial information necessary for management to accept it.
Step 3. Get your proposal approved. I suggest that, rather than taking your idea to your direct supervisor, you should aim higher in the ORG chart. Minimally, you should take it to you boss’s boss, but the higher the better. That’s because there tends to be greater appreciation for business improvements with upper management. Also, when senior leaders recognize you for your intrapreneurial contributions, it’s easier for your boss to support your increased compensation. An alternate strategy would be to work together with your boss on your idea so you can share the credit and build a more collaborative relationship that will serve you both well in the future.
Step 4. Help implement your innovation. Improvement ideas are worthless without execution; therefore, you should act with a sense of urgency to turn your innovation proposal into real change that starts to add value. In cases where the implementation is assigned to someone else, or the time required to make the change is longer than you would like, you should still benefit from your efforts come bonus time.
Bottom line: Leaders need intrapreneurs that can improve the bottom line. You can do this right now to help ensure your year-end bonus, and you should also consider becoming a life-long intrapreneur in order to boost your career in the long run. -Forbes Magazine