Your business is coming to an end. It may not look like it now, but in the next few years someone is going to come up with a new idea or approach that is going to radically change the way you do business. Your survival will depend on being adaptable and able to roll with the changes.
If this seems like doom mongering, think about all the things that have happened in the past few months. The credit crunch has hit the world economy, banks have been nationalised, and the car firms are heading to the wall. Even without these events, the internet continues to make communication easier and less expensive bringing together parts of the world which would normally not be able to compete in your country. If things start to slow for them will they be looking for growth outside their own country? It’s all change, change, change at the moment.
The only way to protect against many of these threats is to become irreplaceable. Part of the way to do this is by being creative and coming up with new products or services that can’t be copied. And by the time they are copied you are already on your next product. Innovation means you have the mindset to change with the times, while being able to set the agenda as to the market you can create and tap into. Innovation is a key strength in changing times.
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