Sustainable profitability in business depends on innovation
Sustainable profitability is a business goal that is only achievable through consistent success in new product and service develeopment. This may also require targeted process innovation, channel development or business model innovation.
New product development and all associated innovation processes are expensive and time consuming and therefore many small and medium sized enterprises struggle to find the resources for it.
We focus on helping you to stay on top of the most important issues that need to be managed systemically so that you can reach a sustainable profitability level through new product development.
These issues are:
- Creating new revenue and value through the development of new products and services.
- Reducing costs and increasing efficiency of the existing business processes to increase profitability and provide funds for starting new product development projects.
- Increasing efficiency in new product development processes to reduce “Time to Money” of the new product or service.
- Setting and implementing strategies that move the business consistently upwards towards your sustainable profitability goals.
Trying to avoid change may cause some of the current problems that many businesses now face. The business environment changes so fast that current business processes and product ranges no longer fit into the emerging ecosystem. To prevent us from becoming obsolete we need to do things differently – and better, including becoming better at setting and implementing strategy.
This will always require some innovation – including innovation of products and services and also of processes and even the existing business model.
For example, new revenue creation may require stepping out into using new marketing and distribution channels. Your products may need to be modernized to meet the expectations of a wider customer base and services may need to be upgraded to meet the demands of today’s busier lifestyles. To meet customer requirements, a more intimate knowledge of your customers and their activities may be required.
Cutting costs may require implementing savvier project planning and management methodologies and better tools to get new product development projects completed quicker and with less rework.
Our tools and training materials will help you to gain higher skill and confidence levels so that your innovation and new product development projects meet your “Speed to Money” and profit goals.