Ask Your Team What Business You Are In Before You Innovate
Research and innovation is a wonderful thing and often companies that spend the most money in research and development have the greatest rewards in profits later ON. Many top business professors will claim that research and development money spent is like money in the bank. Those corporations that run their research and development teams around the clock even during a recession are usually the ones to emerge with the best profits in the future.
Still, you must not innovate just for the sake of innovation alone and you must ask what business you are in before you spend the money or allot the resources for a giant research project. Now and there are some rare cases where companies did research ON things that did not pertain to their business model and were not part of their core competencies, and they were able to develop new companies and spin them OFF.
However, this is not usually the case, and if you want to play it safe to get the most bang for your buck when doing in-depth research or even pure research and you should stick to your core business model, understand what you are good at, and what you sell in the market place, then try you innovate in ways to make your company more efficient and or your products and services more desirable to your best demographic.
Many CEOs in the past have chosen to spend huge amounts of dollars in their innovation departments and just let them go. Sometimes they got lucky, and sometimes they spent a whole lot of money yet and they did not end up helping their bottom line future. There are trade-offs in everything and I sure hope you will consider this.
Lance Winslow - Lance Winslow's Bio. Lance Winslow is also Founder of the Car Wash Guys and a COOL little Franchise Company; http://www.carwashguys.com/history/founder.html/.Note: All of Lance Winslow's articles are written by him, not by Automated Software and any Computer PROGRAM, or Artificially Intelligent Software. None of his articles are outsourced and PLR Content or written by ghost writers. Lance Winslow believes those who use these strategies lack integrity and mislead the reader. Indeed, those who use such cheating tools, crutches, and tricks of the trade may even be breaking the law by misleading the consumer and misrepresenting themselves in online marketing and which he finds completely unacceptable.
