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Last updated on 2024年8月30日

Your company is focused on immediate gains. How can you ensure long-term innovation doesn't get left behind?

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Your company's success hinges on the ability to juggle the pursuit of immediate gains with the commitment to long-term innovation. While focusing on short-term profitability is crucial for survival, it's equally important to invest in innovation, which ensures sustainability and growth. Striking this balance requires a strategic approach that aligns with your company's vision and market demands. By fostering a culture that values both immediate results and future advancements, you can ensure that long-term innovation is not just a concept, but a core aspect of your business operations.

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Helen Mill

Business Owner at TAB driving business growth with strategic leadership

1 Embrace Duality

To keep long-term innovation in the picture, you must embrace the duality of focusing on both present and future goals. This means allocating resources to projects with immediate returns, while also dedicating time and funds to research and development that may not pay off for years. Encourage your teams to think beyond the next quarter by setting aside a percentage of profits specifically for innovation. This creates a financial safety net that allows for experimentation and the pursuit of groundbreaking ideas without jeopardizing current operations.

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Helen Mill

Business Owner at TAB driving business growth with strategic leadership
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If the past few years have taught us anything - it is that we are in a period of rapid change. As the the song says "Objects in the rearview mirror may appear closer than they are". So foresighting to identify things that might not be possible or financially viable now allows you to have solutions "on the shelf" when technologies or external factors change.

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2 Cultivate Culture

A culture that promotes continuous learning and open-mindedness is essential for fostering long-term innovation. Encourage your employees to seek out new ideas, experiment, and learn from failures without fear of retribution. This can be achieved through regular training sessions, workshops, and by rewarding creative thinking and risk-taking. By nurturing a workplace environment that values innovation as much as it does immediate results, you'll build a resilient and forward-thinking workforce.

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Helen Mill

Business Owner at TAB driving business growth with strategic leadership
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In my first role, the company supported anyone who wanted to learn something new - it didn't have to be a subject with an obvious direct benefit. This approach created an environment where curiosity and self-development bred. This was evidenced by people moving both sideways and up the organisation fostering a better understanding of each others roles.

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3 Strategic Planning

Strategic planning is key to ensuring that long-term innovation is not overshadowed by short-term objectives. This involves setting clear innovation goals and integrating them into your company's overall business plan. Regularly review and adjust these goals to reflect changes in the market and in technology. By making innovation a core component of your strategic plan, you ensure that it remains a priority, even when immediate gains are the focus.

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4 Collaborate Widely

Collaboration with external partners can inject fresh perspectives into your company and accelerate innovation. Consider partnerships with academic institutions, industry groups, or other businesses to expand your research and development capabilities. Such collaborations can lead to shared resources, knowledge exchange, and potentially, breakthrough innovations that neither party could achieve alone. By looking beyond your company's walls, you broaden the scope of innovation possibilities.

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Jon Evans

Enterprise Cloud Sales Leader Technologist | Expert in Cloud Operating Model Transformation | Driving New Business Growth in CX + EX | Building Strategic Alliances & Scaling GTM Success
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There’s one thing for sure that I’ve seen it’s that teams of people achieve extraordinary things … the ability to challenge your bias and that of a companies way of doing things with external perspectives is priceless

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5 Leverage Technology

Technology is a powerful enabler of long-term innovation. Invest in tools that facilitate collaboration, streamline processes, and gather data for insights into future trends. Artificial intelligence, cloud computing, and data analytics can help predict market shifts and identify new opportunities. Leveraging these technologies not only supports current operations but also provides a platform for future innovation.

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6 Measure Progress

Finally, to ensure long-term innovation is on track, you need to measure progress effectively. Establish metrics that go beyond financial performance to include innovation outputs, such as patents filed, products developed, or improvements in processes. Regularly reviewing these metrics helps you understand the impact of your innovation efforts and guides decision-making for future investments. This continuous evaluation ensures that long-term innovation remains an integral part of your business strategy.

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Your company is focused on immediate gains. How can you ensure long-term innovation doesn't get left behind?

1

2

3

4

5

6

1 Embrace Duality

2 Cultivate Culture

3 Strategic Planning

4 Collaborate Widely

5 Leverage Technology

6 Measure Progress

Business Innovation

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Your company is focused on immediate gains. How can you ensure long-term innovation doesn't get left behind?

1

2

3

4

5

6

1 Embrace Duality

2 Cultivate Culture

3 Strategic Planning

4 Collaborate Widely

5 Leverage Technology

6 Measure Progress

Business Innovation

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