Today we share some thoughts on innovation as survival for business leadership. People inherently like to take the easiest approach in any given situation. This can be disastrous in one's personal life and in business. In business, resting on one's laurels means giving the competition a step ahead. A company that does not take the time to reflect on their triumphs and tribulations and respond appropriately is destined to be in business for a short time. Innovation and creativity are cornerstones to a successful business. Sanjay Dalal gives us three reasons to innovate to keep your company in tip top shape.
I get this question asked a lot: Why innovate? Is it really necessary. We are doing just fine. Why should we take the extra effort, pour in more money and add resources to do something better?
Here's what I think: If you don't innovate, you may survive today, but will die tomorrow!
Creative thinking often leads to serious innovation. Leaders need to be able to recognize the creativity of their team and channel that into innovative new products and services. In today's connected world, a competitor has many resources available to stay abreast of market trends and new developments that can allow them to out-compete if you stop innovating. Tapping into new markets is one strategy that can help you remain competitive. You must understand that stagnation is eventually going to ruin a business and that innovation is a great survival technique for business leadership. No matter what you do, harness your creativity and keep on innovating!