We are all experiencing the business world differently now. If you are old enough to remember “the past” you are experiencing a bewildering change in every aspect of business. If you are young enough and just entering business, it sure isn’t like your parent’s days. Either way there has been a cataclysmic altering of business models, organizational dynamics and market behavior. A recent article in Reuters by Alan Wheatley provides an excellent summation of why this change is happening.
See: Reuters.com recent article: US Economy & Global Stagnation Insight
No quick exit from West’s economic malaise
From our perspective at Plazabridge Group we see these influences as everyday realities in our clients. And like Mr. Wheatley, we see the only way out of this dilemma is through a maniacal focus on innovation and creative thinking, from everyone in the organization. We recommend you read the article and implement the following NOW:
- Build Innovation Growth Teams with the right talent
- Refrain from exporting your intellectual property and stop believing every country respects the same Copywrite and IP laws that we do
- Buy American and, ,more importantly, Invest American; the return will be a more robust business ecosystem
- Don’t abdicate your R&D responsibility to the local university; you may be surprised at the results and at the price tag of the licensing requirements
- Cutting costs through off shore outsourcing has pretty much run its (marginal) course; diminishing returns on costs reduction efforts will not help build shareholder value in the future like it has done in the past
- Dare I say it…Exit China
- Prepare for political change of fairly drastic proportions. Invest in lobbying.
- Apply trends knowledge to your product strategy. Up and coming technologies will alter the way your products are used and produced, regardless of what those products might be. Stay tuned for our next article/blog: SCADA, IoE, 3D-GIS & M&S: A CEO Guide to New Influences on Innovative Growth