The title above is a common mantra but, what does it mean to the average modern business? In our company, as in many others, it might simply mean to focus on how we do things and then continuously question and tweak those actions in a never ending quest for improvement. Processes can be broken down into revenue generating and administrative categories and an organization can choose their preferred area of focus based upon where the management believes the weaknesses are most pronounced at a given time.
I have also heard small & medium size business managers/owners say things like, “We prefer to maintain the status quo, neither grow nor shrink our business for now”. Unfortunately, I have observed that all too often, that point of perfect “stasis” in business is elusive if not, actually unattainable. So, a corollary of this desire for ‘status quo’ may be formed in that there is no such condition in a modern organization. Perhaps the most truly applicable maxim is that (due to a variety of market factors like: competition, acquisition, relocation, etc.), every business is constantly in either a state of decline or of ascent, period.
One way that we at Parmac Marketing seek to innovate is to continuously search for new potential market sectors for our lead generation services. In the modern global economy, much has been written and said about fundamental changes and challenges being presented to North American manufacturing. However, we have been inspired by the creativity and persistence of successful manufacturers still operating and thriving on this continent. In an insightful, scholarly analysis of Statistics Canada data and anecdotal home grown success stories, this Globe and Mail article describes a resurgence in Canadian manufacturing, led by smart, savvy entrepreneurs who seemingly possess a boundless capacity for innovation and growth by exploiting new niche markets where they can sustain a competitive advantage. We plan to be part of their success by helping some of these forward-thinking business managers to establish new (and mine these existing) specialized markets.
I’d be very interested to hear from you on what “innovate or die” means in your business and your thoughts on the Globe and mail article above.