One of the biggest challenges for businesses is innovation. Businesses need to be focused on innovating within the industry. At the same time, they need to be prepared to adapt to new innovations coming from competing businesses within the industry. If a business fails to position itself for innovation, it can fall victim to disruptive innovation. Usually, when disruptive innovation occurs, a business will have seen the new innovation coming, but due to constraints within their business structure, they were unable to adapt quickly enough and meet the new market demands.
As a business development and management firm, you need to be able to help your clients position their businesses for protect themselves from disruptive innovation and position their own company for future success within their industry. In most cases, businesses are too focused on sustaining innovation, which is important to stay ahead of competitors within their industry. However, at the same time they are improving their businesses through sustaining innovation, they need to be focused on innovation that is disruptive. Your job is to bring forth an innovation process idea that will enable businesses to focus on both necessary forms of innovation.
In most cases, businesses that fall victim to the disruptive kind of innovation are able to spot it coming, but cannot react quickly enough either due to the structure of their business or due to financial constraints. In either case, a long-term innovation process is the answer to being able to react quickly when a new disruptive innovation arises in the market. When you help your clients create a long-term strategy, they will be prepared to move in and become a front-runner in the newly established value market. A well thought out strategy is particularly important for larger businesses, because small businesses are usually able to adapt, innovate and overcome much more quickly than their larger competitors.
In other words, as a business development and management company, you want to be preparing your clients so that they can thrive instead of survive in new markets that emerge as a result of a disruption. Innovation can be a double-edged sword and if you aren’t preparing your clients for the realities and necessities of being strategic and nimble at the same time, it could spell disaster.
When you’re working with your clients, innovation should be a primary focus. Monitoring industry trends and new advances will be critical. In addition to coming up with new and innovative ideas, you should work with your clients to help structure their businesses so that they can respond quickly to new developments within the industry. This means having the necessary money budgeted and the plans in place in times when every minute counts.
Finally, keep in mind that innovation ideas cannot be an afterthought. Make innovation the primary focus for your clients. Innovation should be driving their business strategy for the future. In this way, they will be able to play an offensive and defensive role against the more disruptive forces of innovation within their industry and position themselves for a more stable, successful future.
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