When it comes to success in the business world, there are a few key factors that you need to take into account. Without doing this, you may experience short term success, but you will not have a long lasting, profitable business. What are they? You need to deliver a QUALITY product or service, and be a leader in industrial innovation.
It should go without saying that delivering a quality product or service is a huge piece of the puzzle. Many companies are more concerned without turning out products quickly, and making big profits. You may have short term success with this method, but at any time, your company will be associated with turning out low quality products. An old proverb says, "It is easier to revive a man's life than his good name." Once you destroy your reputation, good luck building it back up.
Once you have a quality product or service, many companies get too comfortable, and fight change. They figure, "What we are doing works, so why change it?" To a point, they have the right idea. If their business model is effective, and they have a good team, stick with it. The market is ever changing though, and so are the needs of your customers. Is your company known for being a leader in Industrial Innovation? If not, it is time for an Innovation Taskforce, because your company's days may be numbered. IMPORTANT – I am not talking about recreating your market, or hiring 10 corporate people to help you come up with new ideas. Industrial Innovation is simple finding ways to take the products and services that your company currently focuses on, and finding ways to improve their quality, and / or the way that they are delivered.
Let's say you are running a management company. What is it that you are offering your clients that the other companies are not? If your answer is, "nothing," you are in trouble. I guarantee you that at least one of your competitors has an Innovation Taskforce working on a way to stand out over you, and potentially win over your clients. Is what they are doing wrong? Are they trying to steal your clients? Not at all! They are trying to find ways to deliver more quality to their existing, and potential customers. By doing this, they will not need to steal anyone's clients, because those clients will come running.
How do you create an Innovation Taskforce? There is a good chance that you already have the right people working for you. How do you know? Start asking your team members questions. By team members, I am referring to pretty much everyone that works for you. You are looking for people that demonstrate creativity, are open minded, that are willing to ask questions, and that are willing to listen. A person or company that possess these abilities, and puts them to use, will go far. Start brainstorming. Take time to think. A lot of companies want to see everyone on the go all of the time. It makes them feel like they are getting the most for their money. You want people to be productive, but when it comes to Industrial Innovation, you also need people to take time to think. Sounds simple, but let it happen, and you will be amazed at the ideas that they start coming up with.