Building Long term Success (Cycles of innovation (The Business Cycle…
Building Long term Success
Innovation time frames
Time frames must be strategically combined
Clear in aims and objectives - focus on quick returns
Recreation of the process or the product.
New product or change in way the business operates.
Cycles of innovation
The Business Cycle
Investment in innovation due to resource availability.
Innovation for catalysing future economic prosperity.
Innovation affected by product life cycle
Waves of economy
Innovation affected by new technology or product. E.g. renewable energy, solar panels.
Short term thinking
Focused on immediate profits.
Reduce the willingness to innovate and prosper.
May affect future profits.
Use The power vs. interest matrix to determine key business players.
Needs be adoptive towards changes in external environment
Must be in line with the business activities
Employee commitment to the business.
Balance and communication between business and employee needs.
Accounting for values
May be Misleading
Fair value accounting - Price based on current value.
Historical accounting - Price based on time of purchase
Access New Market
Exploit cheap labour
Sell Poor Quality Goods
Quality and improvements
Establish quality of the good or service that customers are happy to pay for.
Implement quality measures through the process.
Develop a framework to evaluate the severity of risks and likeliness of occurrence.
Based on framework, create a plan to mitigating risks.
Create operational resilience plan for events that cannot be avoided.
Marketing in the long term
Employees with leadership skills
Must be placed at all levels
Will generate followers and share companies vision