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Adventure of Innovation is for you if you are a design professional, a technology innovator, involved in product management and more...
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RECESSION-PROOF YOUR BUSINESS WITH INNOVATION
2.2.2009
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7. Use Innovation to Improve Your Suppliers Business
We often underestimate the value of our various business partners, and in particular the value of our suppliers. When the market gets tight, your suppliers may struggle more than you. But if you help them be successful, you might find you are more successful.
The Bottom Line: Use Innovation to Leapfrog the Competition
While others are tightening their belts, truly successful companies use the recession as a chance to leapfrog their competition. For instance, the company, Koch Industries, increases their investments during difficult times. They know that if they focus on innovation while others are cutting costs, they will quickly catapult past everyone else. They must be doing something right. They have grown seven times faster than the S&P 500 for the past 40 years. This is a company that has proven it is recession-proof. Innovation is a powerful tool that can help you ride out the tough times and position you for future growth. With the recession looming, you need innovation now more than ever.
