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will be the first to say that business is not for the faint hearted. Usually, it’s tough to start, get an idea off the ground and make it profitable for long. This process alone often makes it difficult for businesses to focus on innovation. The challenge is in taking the initial product or service to the next level.
Interestingly, innovation proves tricky and risky at each stage of the business development process. Due to this, new businesses might decide to stick to existing business models or markets in order to make quick profits or stay afloat. Established businesses could get comfortable with their market share and not be bothered with the new. And those in between may fall into the trap of pseudo-innovative initiatives that actually lead nowhere or simply get too busy trying to survive.
Now, with concepts like disruptive innovation [made famous by Clay Christensen], no stage of the business cycle is safe. You never know when a new entrant could steal your ‘cash cow’ or your current profitable business model becomes obsolete and less profitable. So how should entrepreneurs deal with this challenge and is there a right time for innovation?
Business history reveals how some companies realized the change in the times and decided to alter their business approach. Others suddenly faced fierce competition and had a ‘war’ they were unprepared for. While for some businesses, the political climate, consumer behaviour or technology changed and they had to respond accordingly. So many events could signal the right time for a business to change direction. However, it’s not wise to leave the future of our business in the hands of unpredictable events.
In modern business culture, innovation is oxygen. Our world has been re-designed for speed and that means we must also constantly re-invent ourselves. Hence, innovation has become a permanent feature. It’s not somewhere we visit briefly, an event or program we initiate or an exciting new idea that suddenly and periodically pops into our minds. Now, we’re required to constantly renew our perspective and find new ways to express ourselves. So if innovation is oxygen, asking when it’s best to innovate is like asking a person: when would you like to breathe?
The time for innovation is now. It is unwise to wait for business cycle fluctuations, changes in the economic climate, technology or threats to start thinking innovatively. Businesses ought to make innovation an integral part of their core. That way, it’s systemic and therefore, occurs all the time.