- The 5 Step Framework to building a strong business system - September 2, 2021
- Entrepreneurs Survival Strategy: Prerequisite for 2nd wave COVID-19 lockdown. - February 18, 2021
- The Metabolism of Career Choices - January 20, 2021
Not About Downsizing
Whenever businesses are struggling, their number one option is usually to downsize or rebrand. But time has shown that downsizing has little to no effect on helping a brand rise back to its place of prominence in the business world, yet most businesses still choose this option immediately their finances aren’t doing as well as was expected. What these brands, however, fail to realize is that they’re not having problems because they have too many workers. No. Rather, most times, the problem is that they have simply run out of ideas. This is why even after downsizing and cutting almost every essential staff, these brands still fold up in the end.
For a business to thrive, it needs to have fresh ideas daily. Symptoms of a dying brand are a common lack of new ideas. Once a brand always recycles its old ideas and never creates new marketing strategies, it isn’t hard to spot that brand as a dying one. People erroneously believe that the concept of innovation is only targeted at startups, but this remains highly untrue. A company’s employees are the primary sources of that company’s ideas. Thus, the saying, “No man is an island” rings true in this context. The major reason for companies shutting down, folding up and downsizing is simply the lack of new ideas.
As an entrepreneur, employee or business owner, it is crucial to your business that you’re aware of the ways of innovation and you’re familiar with the process of generating new ideas. These are the only ways for your brand to survive. The world is evolving and the stagnant have no place at the top.
The Innovation Journey
The path to innovation begins when a person sees an opportunity and grabs it. Opportunities are all around us, and so it shouldn’t be hard to spot them out. But our mindsets, our daily routines have so much distracted us that we don’t spot them even when they’re staring us in the face. We look through our opportunities and see nothing but problems. And we wonder why we’re not progressing. Even when we luckily spot these opportunities, we fail to work with them. We fail to move with these ideas. We fail to take that first step that leads us to our journey.
Ideas are born in our heads- our minds, our imaginations. But almost immediately the ideas come, we dismiss them with a careless wave of the hand because “We have more important things to do.” Most successful innovations were only successful because someone decided to act on them with resilience and confidence. To truly make a mark in your line of work, start with the brilliant ideas already in your mind and take these ideas seriously. Research on them. What are their pros and cons? How can you make them a reality? How can they stand out? Once you discover these, you’re one step away from creating a revolution.
Still, on the innovation journey, figure out what’s stopping you from sparking that revolution? Once you’re determined and resolved in your mind to carry on with a particular idea, nothing can stop you. This is the power of our minds. We can do anything we set our minds to.
Make your research, draw up a plan, have a testing budget, and be confident about your idea. With these in place, you’re sure to save your brand from the hurdles that lie ahead. Innovation keeps a brand’s head above the casual storms of life. It protects that brand from the typical downfalls that befall similar brands in the same line. Whether you’re an entrepreneur or employee, endeavour to remember that a brand without ideas is a dying brand.