Innovation for Success

The present highly competittive world to sustain be successful " Adopting to Change and innovate is the key mantra". The statement is rather easy to said then adopted.

For most SME's and entry level strugglying first level businesses / family businesses , it appears the proposed bail out for them is dead, at least for today,  as the resourses and other laking ability does not pave way to innovate. Also the process of innovation adoption is also not easy as communicated and emphasized. No matter where you weigh in on this bailout, there are no easy answers "Struggle for sustainance is the crux and those survive this stage with almost negligible profitability still struggle will remain till the time the strong business foundation is laid.The impact of the adversity however minute effects the ineffective and struggling the most and at times these are unable to cope with the same leading to vanishing.

 Also due to few specific reason the companies cease to change and concentrate on what they are doing and establish a Niche for them in that specific category and create existence for them. These firm/ companies survives depending on the selected Niche as selected niche should be able to sustain the company and lead to growth they the demand for product/ services should keep on growing.e.g. Detroit  recognizing that it was just easier to dominant in the market demand for trucks and SUV's by the American consumer rather than innovate and battle it out with the more efficient, better-built imports over cars and creating a mark was almost impossible.

Innovation. Easy word to say but hard to put into practice. Yet the failure to innovate pushed them to the brink of a precipice. A question we need to all be asking ourselves is this: how do we move forward towards innovation and change to create long-term sustainability and success is most important aspect.

 We all need to consider how we're going to innovate as we head into a new year that could well be far more opportunistic if we nnovate then the present. But if we truly can innovate and change, then the coming years may very well set the stage for enormous opportunities.

1) There are two kinds of companies - those in touch with the future and those operating in the past, which is already obsolete (Google vs. GM, as examples). The future is not only now, but also yesterday because as you sense the future just about to unfold tomorrow, then you need to be already looking towards the next future ready to be released after tomorrow.  What is your next future and what does it look like for you, your staff and your clients.

2) To afford innovation you have to have less to lose.  If you eliminate all possible overhead, you'll more easily afford innovation. If you have high overhead then you're married to past business practices. And even if these practices are generating profits now, it may not last because flexibility is the real security in today's economic climate and a "if it ain't broke, don't fix it" mentality no longer cuts it.

3) Innovation - both small and large - is the new mantra for success; competition is the old currency. If you just compete in your industry, you'll only be incrementally better. But if you innovate, you'll set new standards and be the leader ahead of the curve.

3) Business knowledge is essential, but innovation and flexibility are real power. The new formula for success puts less emphasis on knowledge and more on innovation and flexibility, with a ratio that may look something like this: 20% critical knowledge/80% innovation and flexibility. 

4) Learn from those  companies you see as innovative and created somtething outstanding which was not thought by other - "Out of Box thinking".

5) Innovation and change is multi-level.  This means It probably won't be enough to create innovation and change from the top down. Company leaders will need to involve their whole teams in the process. It's not that innovation can't happen in a conference-room vacuum but why limit brainstorming to just top-level executives and managers. Adopt the mandate that your company is about innovation and change and that every staff member has the opportunity to contribute to this innovation.

The business model adopted for  doing business today a model for growth or a model for contraction?  If past and current business strategies point towards contraction then you must begin to innovate your products or services or potentially face the struggling situation with low profitability and ultimately the worst out of business situation might occur. The critical factor of innovation may very well determine just how well -- or  poorly -- your company rides out every hinderence created in the growth path by variety of the environmental factors, business environment, and market sentiments...............

Ultimately those survive the roadblocks just remain and enjoy fruits too...........................