I was privileged to be a guest speaker recently on the topic of innovation as part of an overall theme of "Preparing Your Business for the Economic Recovery." Thank you to Mickey Moore, a consultant and leader in value driven planning and the "Doodlebug" methodology, plus the teams from the Institute of Independent Business," and "the La Cima Business Alliance," for putting together a great event. The luncheon meeting was well attended by DFW business leaders, and it was evident that the topic is at the forefront of everyone's mind.
Key takeaways from the panelists and participants include:
1) Social technology is becoming more pervasive - indeed it was a "hot" topic at the event. You don't have to invest in all of them, but determine the best technologies to use to support your business strategy.
2) Make STRATEGIC investments now to be prepared as the economy improves - the costs to "catch up" with the market and technology will increase exponentially if you lapse in skills and leadership.
3) Focus on human capital investments to increase revenue and maximize cost savings - the right people are the key to your business success.
4) "Follow the money" for signs of recovery and timely and targeted investments.
5) Innovation is essential to differentiate your products and maximize ROI for investments - determine now which investments to enhance and protect as key business strategies and others to commoditize.
As I think about our discussion from that day and observe positive signs of change, I recommend we continue to explore the topic. Send me examples of innovations and investments that are making a difference in your business and career. Watch for my next post for additional insights from the presentation and recent research. It's great to be back again after a break from blogging!
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