A big challenge for small-to-medium business is how to leverage advances in technology in the way that Enterprise companies can, but in a more cost-effective way. I don’t mean that a SMB should consider taking on the big tech footprint that Enterprise undertakes. It’s more a case of understanding what that tech can do, and then trying to find a way that you can do it with the tools you have that fit into your budget.
For our marketing portfolio, stepping back to grow, is about taking a periodic look at our business with a critical eye to make tough decisions. Growth isn’t only about what you decide to do. It can be about what you decide to let go of or step away from.
Sometimes complex customer problems require complex solutions. We can get stuck in considering how do we address it instead of thinking of the customer first. Addressing the complex problems of your customer requires finding a way to be part of the bigger ecosystem that the customer’s complex issue sits in.
When listening to Canadian would-be entrepreneurs, it seems that quite often you hear their dream is to start a company, grow it to the point where some other larger American company comes along and buys it, enabling the original founders to walk away with millions of dollars.
Innovation is a new or better way of doing valued things.
Innovation occurs when an idea, project or new invention is adopted by users at scale.
The concept was put forward simply. When what you are developing is so innovative that you are developing something not previously envisioned, having other players do something similar helps build credibility for your product. If you are the only one exposing a novel idea or product, then people may not listen. If there is more than one voice promoting new concepts, then the market may be more willing to embrace and adopt the new ideas.
Infographic charting key milestones on a startup Founder’s path to success.
It’s now 5 years since the implosion of the banking industry, fed partly by the short-sighted focus on near term profits and executive bonuses. With this lesson now imprinted in our memory, does it lead us to question if short term shareholder expectations have an impact on a large company’s ability to be innovative and pivot when the market goes off in another direction?