Innovation

How innovative are you? Now, more than ever, businesses need to innovate – find new markets, develop new products, find more efficient methods of production and delivery.

With belt-tightening, there is less disposable income and people are spending less for luxury items. If you have been selling to a luxury market, think of ways to innovate to add necessities to your line of luxury items. What can you sell that people need rather than just want? Can you satisfy needs and wants at a lower cost?

With innovative thought, the core competencies, skills, and talent that lie within your firm can be redirected to produce goods and provide services that may be in more in demand than products that have faltering sales. If your bicycle shop sells high-end mountain and racing bikes, add a line of low-cost bicycles and advertise them as low-cost, low-carbon, transportation alternatives. If you design, sell, and install high-end kitchens, consider adding capabilities of doing less-expensive cabinet refacing.

Whatever your industry or business, innovation can carry the day and may mean the difference between keeping your folks employed or closing the doors.