Business owners tend to be conservative, particularly where innovation is concerned. Why should you encourage innovation with its inherent risks?
According to the National Center for the Middle Market, significant innovation in the form of new products, services or processes provides significantly greater rewards:
“… companies that invested in new knowledge in existing markets reported an average initial investment of $1.6 million with a return of $5.2 million in revenues and $2.7 million in profits for their last completed innovation project. Per dollar invested, that’s 100% more revenue and 125% more profit than companies received when they innovated more conservatively.”
Here are a few tips to help you capture those extra profits. [Read more…]