All businesses need to engage in effective innovation to survive and drive long-term business performance and success for their owners and leaders. While this isn’t a new phenomenon, the pace of change in today’s business environment necessitates innovating at an increasingly rapid rate to make the most of the innovation opportunity.
Innovation needs to be a high priority. It must be focused, receive the necessary resources and be actioned in an effective manner. It’s a choice, and choosing to do nothing or doing it wrong is a high-risk strategy that places your success in the hands of competitors and leaves everything to chance. Occasional, ad hoc and unplanned innovation are no longer sufficient.
We are moving into an era in which innovation needs to become a core business competency and an ongoing business routine for all businesses, not just the large corporates. However, jumping on the innovation bandwagon without first completing the preparatory work is a recipe for disaster. If you do, it will divert you away from your most important goals, waste resources and jeopardise the future of your innovation efforts!
Remember, innovation is a choice you need to make if you want to secure and sustain long-term success!