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WHY YOUR BUSINESS NEEDS INNOVATION

Innovation is crucial to a business's survival, and it's even more important in times of crisis.
 
History proves this to be true. During the 2009 financial crisis, organizations that maintained their focus on innovation outperformed the market average by more than 30%, and continued to grow over the next three to five years.
 
Necessity is the mother of invention. Here are a few other examples of innovation during crisis:
 
  • The climate change crisis drove the growth of solar equipment and electric cars
  • The SARS epidemic of 2002 led to the widespread adoption of e-commerce in China, making the country the epicenter of innovation around social commerce
 
But during the coronavirus pandemic, innovation tumbled down most companies' priority lists.
 
In a 2020 McKinsey survey of 200 organizations across the industries, only one fourth reported that capturing new growth was a top priority, compared with 60% pre-pandemic. The survey showed decline in innovation in every industry, except medical products and pharmaceuticals, which showed an increase of 30%.
 
Many executives have bypassed innovation in favor of cutting costs, implementing safety measures, and stabilizing the core business. Those surveyed believe they will return to their innovation efforts once the world is stabilized. But by then it may be too late.
 
NOT INNOVATING IS A MISTAKE
We believe that in time of crisis, innovation is more important than ever. If you wait until conditions are right, you will miss out on opportunities. Innovation is the long game - and you need to continually invest in it before you reap the benefits.
 
Some industries have innovated during the pandemic:
 
  • Car manufacturers made ventilators
  • Breweries made hand sanitizer
  • Restaurants offered curbside pick-up
  • Meetings were conducted via Zoom
  • Sales processes were going virtual
  • Drones delivered medical supplies
  • Companies made 3D prints of nasal testing swabs
 
JUST INNOVATE. YOUR COMPETITION IS.
Innovation needs to stay a priority in your business because your competitors are finding a way to do it. If you don't keep up, you'll be left behind, if you even survive at all.
 
ARTIFICIAL INTELLIGENCE
Invest in systems that can bring you better information, data management, and reduce your employee turnover. AI is becoming more and more prevalent, and is able to understand customer needs, even deciphering full sentences and responding to customer inquiries accordingly. The salon and airline industry are using AI as a front-line for customer interaction.
 
How has your business innovated in the face of the pandemic? Share with us on Facebook, Twitter and LinkedIn!
 


INDEX
  • THE 4 Cs OF EVERY SUCCESSFUL BUSINESS
  • WHAT IS A CEPA ADVISOR AND HOW CAN ONE BENEFIT YOUR BUSINESS?
  • THE FALLOUT ON CULTURE WHEN YOU DON'T HIRE A PLAYERS
  • THE ROLES OF SALES IN YOUR SMALL BUSINESS
  • FINDING THE PERFECT GIFT FOR THE ENTREPRENEUR IN YOUR LIFE
  • THE BENEFITS OF OWNING A SMALL BUSINESS
  • WORKFORCE IN MOTION
  • GOAL SETTING FOR 2022: WHAT TO DO NOW TO BE SUCCESSFUL NEXT YEAR
  • LESSONS LEARNED AFTER PUBLISHING MY FIRST BOOK
  • WHY YOUR BUSINESS NEEDS INNOVATION
  • THE COVID-INSPIRED SPIKE IN ENTREPRENEURIALISM
  • THE PROS AND CONS OF OUTSOURCING YOUR FINANCE AND ACCOUNTING SERVICE
  • HOW TO SET GOALS IN 2021
  • THE LEADERSHIP EVOLUTION OF YOUR BUSINESS
  • HOW TO GET THE MOST OUT OF YOUR ADVISORY BOARD
  • THE PANDEMIC-INDUCED INNOVATION OF MEETINGS
  • HOW TO USE THE 8 P'S OF MARKETING TO GROW YOUR BUSINESS
  • BEST PRACTICES FOR COLLEGE FINANCING
  • SCALING A BUSINESS - ARE YOU READY?
  • THE HALFWAY POINT: IT'S TIME TO REVISIT THOSE BUSINESS GOALS
  • GROWTH WITH PURPOSE: SUCCESSION PLANNING
  • GROWTH WITH PURPOSE: EVOLUTION OF FAMILY LIFE
  • GROWTH WITH PURPOSE: FINANCIAL RISK
  • GROWTH WITH PURPOSE: INTEGRATION
  • GROWTH WITH PURPOSE: WHY ARE YOU GROWING YOUR COMPANY?
  • GOAL SETTING 2020: HOW TO KEEP YOUR GOALS FRONT AND CENTER ALL YEAR LONG
  • ASK GERBER: HOW TO STAY LASER FOCUSED DURING THE HOLIDAYS
  • Ask Gerber: How to Identify Your Business's Culture When You Don't Think You Have One
  • Ask Gerber: When Should I Hire a Professional Manager?
  • Ask Gerber: Should You Mix Business with Friendship?
  • ASK GERBER: HOW DO I ESCAPE THE ENTREPRENEURIAL SLUMP OF FEELING TRAPPED IN MY BUSINESS?
  • ASK GERBER: HOW CAN ENTREPRENEURS CREATE SHARED EXPERIENCES WITH THEIR CHILDREN?
  • Ask Gerber: How Can I Recognize Permanent Failure as an Entrepreneur?
  • Ask Gerber: How Can I Recognize and Overcome Temporary Failures?
  • ASK GERBER: HOW DO I HELP EASE EMPLOYEE STRESS DURING BUSY SEASON?
  • ASK GERBER: DO I NEED TO HIRE HR?
  • ASK GERBER : DO I NEED A CEO?
  • ASK GERBER: DO I NEED TO HIRE A COO?
  • ASK GERBER: DO I NEED TO HIRE A CMO?
  • ASK GERBER: DO I NEED TO HIRE A CFO?
  • ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?
  • ASK GERBER: WHY DO I NEED TO INVEST IN HOSTING AN ANNUAL RETREAT FOR MY TEAM?
  • ASK GERBER: HOW CAN I ENGAGE WITH MY CLIENTS/PROSPECTS WITHOUT BREAKING THE BANK?
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART DEUX
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART ONE
  • ASK GERBER: THE HIRING PROCESS. WHY IS IT SO DAMN HARD?
  • ASK GERBER: WHY IT'S IMPORTANT TO KNOW AND GROW YOUR COMPANY CULTURE
  • ASK GERBER: HOW DO I ACHIEVE THE WORK/LIFE BALANCE AS A BUSY ENTREPRENEUR?
  • ASK GERBER: HOW DO I PREPARE MY FRIENDS FOR LIFE AS AN ENTREPRENEUR?
  • ASK GERBER: FIRST GENERATION ENTREPRENEURS AND BUSINESS EXECUTIVES, HOW ARE THEY DIFFERENT?
  • ASK GERBER: I PUT SO MUCH OF MYSELF INTO MY BUSINESS THAT I WORRY I AM FALLING SHORT AS A SPOUSE AND PARENT. WHAT CAN I DO?
  • ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?
  • ASK GERBER: WHAT'S YOUR STANCE ON REMOTE ACCESS FOR EMPLOYEES?
  • ASK GERBER: WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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