Time for Action?
Some firms are hunkering down to wait out the upcoming recession. Others are making use of the waiting time by fine-tuning their organization. Most are conserving their capital. However, it could be a good time to drive your future innovations. Resourcing has always been a major issue for firms with more to do during a growth period, and access to lead users is difficult. So, now is the time to use existing resources to
- Build a bridge between technical and market facing teams to accelerate focus on what is needed to bring the innovation concept(s) forward faster.
- Reach out to the potential market segments who may value your innovation. Now they are in the same boat as you – looking for unspoken needs in their customer base so they can be the preferred supplier.
- Focus your resources on those concepts that have the most promise for faster beta testing before losing leadership attention as the market returns to normal.
- Drive early market testing while equipment is underutilized to enable rapid ramp up as the market comes back.
- Obtain and maintain internal leadership agreement on resource allocation.
- Evolve your strategic plan along the way to adoption.
- Prepare your broader organization for the launch before they are consumed by the dynamics of recession regression.
