Turbulent Times Require Innovation Not Stagnation

Innovation is the key in turbulent times. Yes, the economy is like riding the worst roller coaster of your life; yes, credit is disappearing; yes, consumer spending is reaching an all time low; and yes, there are still opportunities for growth!

Read it again. Yes, there are still opportunities for growth!  The Chinese have a symbol that represents great crisis and great opportunity.

I believe this symbol is a perfect illustration of where we are today. We can sit back and stagnate as the media tells us that our world is going to hell in a hand basket or we can stand up, innovate and start taking back control.

Ray Kroc, the founder of McDonald’s, once said, “The only way to control your destiny is to create your destiny.” Has anybody been watching McDonald’s lately? Anybody remember a few years ago when everyone thought they were going under? What was McDonald’s response? From an outside perspective, the two key components were a focus on executing the fundamentals and product innovation. Do you remember any of their great innovative ideas? The McGriddle, for one, was genius!

Remember Apple a few years ago? They were going under too! Then a little product came out called the Ipod! It’s amazing how everything “I” is catapulting its business.

You can say, “Hey, I know I’m not a very creative person, so how can I innovate anything?” I say, “Hey, it is not about being creative. It is about viewing your situation differently and letting go of ideas that are no longer moving you forward!”

Here is how you innovate:

1. Start Building Sales to Offset Rising Costs.
   1. Go old school – start asking your customers what they want!
      What would make them visit you more frequently?
      Ask them what they like and don’t like about your menu.
   2. Go new school – start using the internet!
      Do you know what Yelp is? Use it!
      Do you know what Trip Advisor is? Use it!
2. Focus on the Fundamentals of Execution
   1. Customers are looking for the same thing they always wanted – Service, Quality, Value and
      Cleanliness! This has not changed since the beginning of time.
   2. Assess your fundamentals – ask your friends to help assess your fundamentals.
   3. Be honest with yourself. Are you really delivering value to your customers? Are you really differentiating yourself in the marketplace?
3. Leverage your Network for Building Sales
   1. What are you doing in your area to connect with:
      1. Schools
      2. Associations
      3. Places of Worship
      4. Clubs and Rec. Centers
   2. Are you proactive in:
      1. Building Sales by creating special deals
      2. Speaking at events to promote your business
      3. Making Donations in return for promotional placements
   3. Are you networking with other businesses in your area to:
      1. Create mutually beneficial opportunities for special offers
      2. Create opportunities for cross promotion
      3. Create in-kind trades to offer your customers and employees
4. Pay more attention to your competitors
   1. How are they innovating?
      1. Do they have new products?
      2. Do they have new offers?
      3. Are they improving on their fundamentals?
   2. How is their business doing? Are you seeing your customers at their businesses?
   3. Do you have new competitors in your marketplace that offer something bigger, better and of more value than what you are offering?
   4. Can you offer something that your competitors do not offer? Look at Dunkin Donuts and its success with coffee. Look at Starbuck’s with oatmeal.
5. Reach out for support!
   It takes a team in turbulent times! What would you rather say, “Yes, I am proud I did it all by myself. I learned a lot; and even though it failed, I will know better next time.” Or “It was more important that my business succeed, so I moved my pride and ego to the side. It was the best thing I ever did, because I learned a lot and saved my company in the process.”

Successful people have teams. Successful people ask for help. Successful people are focused on success, not proving they can do it all themselves.

You can find support in all sorts of places:

1. Local Chamber of Commerce
2. Small Business Association (SBA)
3. Business Associations
4. Internet
5. Consultants

The definition of insanity is continuing to do the same thing over and over again and expecting different results. We have a choice to make, either be paralyzed by 24/7 bad news or stop the insanity! I know this is one vote for me that is easy to cast. I vote for stopping for the insanity! How do we it? We stop stagnating and we start innovating!

Plant the Seeds of Success for You and Your Business

Kathleen Wood is a nationally recognized business strategist, motivational speaker and author. Throughout her career, Kathleen has developed proven strategies to help take leaders and businesses to the next level of success. Her consulting practice, Kathleen Wood Partners, LLC provides growth strategies to accelerate growth and profits, often times measured in months, not years.

Her leadership and consulting career includes working with the Fortune 500, INC 1000, founders and entrepreneurs. If you have any questions, please contact kathleen@kwoodpartners.com or call her at (562) 852-5252 for a consultation.