Research & Development (R&D) Q&A
What is the key to successful innovation in small business?
1.07K views
Being innovative isn't keeping up with competitors, it is creating new ways, ideas, technology and always thinking ahead. If you stop development and thinking of new and better ways you are just the same as most companies out in the market.
A lot of companies just rely on clients not wanting ... expand
Do you lean more toward Marketing or Reinvestment?
As business owners, there are always many things to keep us busy. However, if you had 5,000 dollars right now would you be more likely to spend it on marketing efforts or refreshing your business...
1.54K views
Put it all on red, marketing.
Peter Drucker, the father of business consulting, once made a very profound observation:
“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
With the proceeds, put it all on black; innovation. Re-invest in your business – improve your product, process, people.
Repeat.
Do you innovate in your business? Yes
If so, how? By knowing the industry and being passionate about it. Like I mentioned in another post. I don't let my competitors dictate where the industry is heading. I force them to try and catch up with me.
Know the industry you are in, master it and develop the industry yourself. It is a lot easier than most think, all it takes is passion and knowledge of the industry you are in.
