Nibbles: Innovate now?...Absolutely!
In a recent McKinsey report on 200 organisations, over 90% of Executives said that they expect this pandemic to fundamentally change the way they do business, but only about 20% believed they had the internal resources to pursue new growth successfully.
However, history suggests companies that invest in #innovation THROUGH a crisis outperform their peers by upwards of 30% during recovery.
Of course, most businesses are busy watching pandemic developments closely, conserving cash and minimising risk. But ‘fortune favours the brave’, and with the shifting landscape comes new opportunities.
Start by dissecting existing processes…challenge everything to find opportunities for #continuousimprovement and #businessresilience! Remember that the source of amazing ideas is all around you via your greatest asset – your staff.
It was a UPS driver that suggested only turning right at junctions in the US (where there is right of way and you don’t stop), thereby saving the company over $300m annually in fuel, wages and vehicle running costs.
Organise some social distanced brainstorming sessions…I bet you’ll be surprised by the results. What are you waiting for?