Using Innovation as a Strategic Investment in Your Business

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If you’re a business owner or manager, you’re probably painfully aware of the fact that your company can’t survive without innovation.

If you’re a business owner or manager, you’re probably painfully aware of the fact that your company can’t survive without innovation.If you’re a business owner or manager, you’re probably painfully aware of the fact that your company can’t survive without innovation.
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If you’re a business owner or manager, you’re probably painfully aware of the fact that your company can’t survive without innovation. But innovation may also be a huge drain on your business: it costs money to innovate, and that can make it difficult to convince your business partners and your board of directors to invest in innovation.

Before you can convince your business partners and your board that strategic innovation is worth the expenditure, you’ll need to get them to think of innovation as a business investment and not as a cost.

The problem with this is that, for many business managers and company owners, the word “investment” is synonymous with “cost”, and that makes them worry that innovation is going to be a huge drain on their finances. But innovation doesn’t have to cost your company any more than any other part of the business. In fact, innovation should be viewed as an essential business investment, and it should have a place on your budget.

To help you convince your business partners and your board of directors that strategic innovation is an essential business investment, here are some facts to consider:

While the idea of innovation seems intimidating, remember that it doesn’t have to be a drain on your company’s budget. If you treat innovation as an essential business investment, your business partners and your board of directors will likely view it in the same way.

So this really all boils down to this: budgeting money for research and development is a mindset thing. A company with a mindset focused on innovation views R&D as an essential investment, and a company with a mindset focused on cost views R&D as a cost. You need to change your business partners’ and your board’s mindset if you want to convince them to invest in strategic innovation and thus grow the enterprise value of the organisation for your shareholders’ benefit.

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If you’re a business owner or manager, you’re probably painfully aware of the fact that your company can’t survive without innovation. But innovation may also be a huge drain on your business: it costs money to innovate, and that can make it difficult to convince your business partners and your board of directors to invest in innovation.

Before you can convince your business partners and your board that strategic innovation is worth the expenditure, you’ll need to get them to think of innovation as a business investment and not as a cost.

The problem with this is that, for many business managers and company owners, the word “investment” is synonymous with “cost”, and that makes them worry that innovation is going to be a huge drain on their finances. But innovation doesn’t have to cost your company any more than any other part of the business. In fact, innovation should be viewed as an essential business investment, and it should have a place on your budget.

To help you convince your business partners and your board of directors that strategic innovation is an essential business investment, here are some facts to consider:

  • Innovation is necessary to stay competitive. If your company isn’t innovating, your business will fail. That’s just a fact: either you innovate or you’re out of business.
  • Innovation is necessary to keep your employees happy. Research shows that employees who are challenged and engaged with their work are significantly more productive and likely to stay with the company.
  • Innovation is necessary to attract and retain customers. Your customers want new products, new services, new experiences, and new ways of interacting with your company. If you’re not delivering innovation, you’re going to lose your customers to a competitor that does.
  • Innovation is necessary to grow your company’s bottom line. Innovation is the only way to grow your company’s revenue. If your company isn’t growing, it’s shrinking. And shrinking businesses don’t last long.

While the idea of innovation seems intimidating, remember that it doesn’t have to be a drain on your company’s budget. If you treat innovation as an essential business investment, your business partners and your board of directors will likely view it in the same way.

So this really all boils down to this: budgeting money for research and development is a mindset thing. A company with a mindset focused on innovation views R&D as an essential investment, and a company with a mindset focused on cost views R&D as a cost. You need to change your business partners’ and your board’s mindset if you want to convince them to invest in strategic innovation and thus grow the enterprise value of the organisation for your shareholders’ benefit.

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Farm+Stable is a client of Innovolo, a product development as a service provider offering R&D teams globally extra capacity, capability, and momentum in their product development and obsolescence management projects. As a company that specializes in the development and engineering of products for the agriculture and construction industries, Farm+Stable has benefited from Innovolo's expertise in helping to bring new products to market quickly and efficiently. In particular, Farm+Stable has been able to rely on Innovolo's team of experienced engineers to help with the design and development of a new line of products that are designed to be more durable and longer-lasting than previous models. With Innovolo's help, Farm+Stable has been able to bring these new products to market in a timely manner, and they have been well-received by customers. Thanks to Innovolo's innovative product development solutions, Farm+Stable has been able to stay ahead of the competition and continue to grow their business.
Innovolo is a product development as a service provider. It offers R&D teams globally extra capacity, capability, and momentum in their product development and obsolescence management projects. Its services are used by clients in a variety of industries, including automotive, aerospace, consumer electronics, and medical devices. One of its clients is Kawneer, a leading manufacturer of aluminum products for the architectural and construction industries. Kawneer has been using Innovolo's services to help develop new products and to manage the obsolescence of its existing products. Thanks to Innovolo, Kawneer has been able to speed up its product development cycle and to reduce its costs. As a result, Kawneer has been able to bring new products to market faster and to better meet the needs of its customers.

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