Smart companies innovate
Smart companies will do different things and do things differently. As revenues slow and margins get squeezed, companies naturally switches its focus to cutting costs and outsourcing. The winners take a different approach.
As revenues slow and margins get squeezed, companies naturally switches its focus to cutting costs and outsourcing. The company protects its balance sheet—an approach leading to the deferral of growth and of low-priority investments, the shelving of innovation and acquisitions and its competitive advantages eroded. The insistence on short term results can have potentially devastating effects on a company’s innovation culture.
The winners take a different approach. They see a downturn as a time to increase their leads and make acquisitions. They pounce on the opportunities it creates with an alacrity that is the stuff of legends: think of GE’s speedy dispatch plane load of strategist and dealmaker to Asia right after the Asian financial crisis in 1998. While there's no question that a bad economy makes it tougher to raise capital and launch new products, the reality is that good ideas executed well always have room to succeed.
Here are three secret weapons of innovation...
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As revenues slow and margins get squeezed, companies naturally switches its focus to cutting costs and outsourcing. The company protects its balance sheet—an approach leading to the deferral of growth and of low-priority investments, the shelving of innovation and acquisitions and its competitive advantages eroded. The insistence on short term results can have potentially devastating effects on a company’s innovation culture.
The winners take a different approach. They see a downturn as a time to increase their leads and make acquisitions. They pounce on the opportunities it creates with an alacrity that is the stuff of legends: think of GE’s speedy dispatch plane load of strategist and dealmaker to Asia right after the Asian financial crisis in 1998. While there's no question that a bad economy makes it tougher to raise capital and launch new products, the reality is that good ideas executed well always have room to succeed.
Here are three secret weapons of innovation...
read more >>
