It amazes me how many companies think they can build a great product or service and from there they never have to change a thing. Then after some wonderful years of BAU, their company is on the rocks and they don’t understand why.
Originally posted on Imersia NZ:
Jon, once of my colleagues sent me a link to this YouTube Video of Steve Jobs back in 1996.
The key message I got from this was about innovation. Whether it is evolving new products and services, improving on what you currently offer, or coming up with totally new disruptive ideas, you must continually find ways to reinvent your business.
Many companies don’t do this. They create a product offering, a business model and then they start on the business cycle which is often displayed as a classic SIN wave. They build the product or solution, they start marketing it, people start buying it and things are looking good. The business grows, the customer base grows and they get into a model of BAU or Business As Usual. For a period of time things are going great and the board increases its return expectations, budgets go up and are achieved.
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