Innovation, whether most people think about it or not, is a key component to business. It can not only lay the (new) foundation for which your business will be built upon, it can also re-energize your existing business and take it to new levels!
Apple, as an example, which traditionally was a hardware/software company, re-innovated the entire music industry around the launch of its new product – the iPOD. Not only did the iPOD become a cultural phenomenon, it became the foundation for innovation within the company towards other products like the iPhone, iPad, and more. At $356/share for Apple stock – it’s clear that innovation is a key ingredient to the company’s success.
I recently came across a great video about Tesco and how it re-innovated its business in South Korea. For those of you unfamiliar with Tesco, it is a global grocery and general merchandise store based in the United Kingdom. It is the third-largest retailer in the world measured by revenues (after Wal-Mart and Carrefour) and the second-largest measured by profits (after Wal-Mart). With over £60.93 billion in revenue and 400,000 employees – the company focused on innovation (versus other traditional business tactics) to propel itself forward.
After watching this video, pause, and ask yourself, “How I can innovate to propel myself or my business forward?”