Innovation – In Threes

05/02/2010

By Roger Browne, Managing Director, Futurology Limited

There's an old joke that describes two men walking across the savannah in Africa when they spy a hungry looking lion. The lion starts to approach them and they fear for their lives. One of the men takes off his rucksack, produces a pair of track shoes and starts to put them on. His companion is dumfounded - "What are you putting those on for", he asks, "you're never going to outrun a lion". "No", the first man replies, "but with these I can outrun you!"

As jokes go it's about a six, but...

...in just a few words it captures the situation in which many businesses suddenly find themselves. The message - to survive in today's jungle don't focus on the downturn, focus on doing better than your competitors, whoever and wherever they are.

Few businesses it appears are immune to the downturn, so what can 'innovation' teach us, where can it help?

In terms of addressing the downturn, characterised for many by falling sales and a squeeze on credit, I suggest that innovation can help in tackling three separate issues.

1. Addressing the day to day issues - slow payment, problems with the bank, cancelled orders, the need to focus on CASH.

2. Increasing Sales - taking a growing share of a shrinking market. Running faster than the guy without the track shoes.

3. Preparing for the future upturn - making sure that when it happens ... you're ready and your products or services are the best.

The first is difficult, not least because time isn't generally on your side. The message is to try and get in control. Don't panic - think and think innovatively about your response to each issue.

Cash. In difficult time Cash really is king. The old... continued on page two >

 

 

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