At certain periods during the year, business slows down. This especially holds true for companies beginning a new year after the holidays. Leaders often emerge from that time of year with new vigor and new ideas for profit growth. But even though idea flow hasn’t stopped, execution can be slowed. It takes some time for employees on leave to return to their posts, or to reassess what they were working on and pick it back up. As a result, cycle times take longer.

We know that continued growth and profitability are driven by how competitive a business is in its industry. Competitiveness is fueled by innovation. New or improved products, features, accessibility and affordability attract and retain customers. For this reason, many industry-leading businesses are hiring for innovation, forming dedicated teams to address and anticipate customer needs.

Unless you’re cultivating a true innovation culture that emphasizes and encourages forward thinking and new ideas, you won’t be able to reap the benefits: positioning your business as an industry leader and attracting & retaining customers ahead of your competitors. In other words, hiring for innovation is good for your bottom line. Here are the first few steps and considerations to make when building that team: