How To Grow During Recession – Stepping Up Innovation
If you’re wondering how to grow during recession, stepping up innovation could be one of a package of measures that might help you do it.
Growing in recession takes a different mindset to that adopted by most business owners, and some might argue that stepping up innovation is to go against the flow.
Well maybe it is – but perhaps that’s why it works?
NOT JUST MANUFACTURERS & TECH FIRMS
Before we go any further, there’s an important point that needs to be made about innovation.
Innovation does not apply only to manufacturers and tech firms.
It applies to EVERY type of business! Every business can innovate and every business can find new ways to do things. There isn’t a business in existence that cannot develop new products or services. Innovation is the purview of every business – including yours.
Unfortunately, when faced with an economic downturn, innovation is one of the first activities to be cut back – but incorrectly in our view.
LEARN FROM THE BEST
When heading into a global economic downturn, Steve Jobs was asked about his strategy for Apple. His intent was to expand the company’s innovation efforts – even if economic growth turned negative.
Reflecting on an earlier recession he said to Fortune Magazine, “In fact were going to up our R&D budget so that we would be ahead of our competitors when the downturn was over. And that’s exactly what we did. And it worked. And that’s exactly what we’ll do this time.”
During the downturn, Apple’s increased investment in innovation meant the company emerged from the economic downturn even stronger than ever.
WHAT COULD YOU DO?
How could you and your business innovate?
What could you do to improve your product or service or how could you create a new product or service that sets you apart from your competitors?
It’s time to get creative and to use innovation to differentiate your business.
SHORT ON MONEY?
If you’re concerned about having enough money to innovate, don’t be. Innovation does not require unlimited financial resources but what it does require is time, thought and imagination.
Use the spare resources you have available to help you innovate. If you involve your team and show leadership in this area, your team will help you drive innovation forward.
So if you’re wondering how to grow during recession, stepping up innovation is something you can make a conscious decision to do RIGHT NOW – and it doesn’t necessarily require a big financial investment.
Until the next time. . . . .
Written 11.05.2020 by
Antony Holdsworth BSc (Hons) FCMA CGMA