Yesterday's leader can become tomorrow's laggard without innovation and reinvention. Here's how to always stay ahead of the competition.
Even iconic companies can disappear from the landscape if they aren't constantly staying ahead of the customer. Remember when Blockbuster franchises dotted strip malls around the country? Yesterday's leader can become tomorrow's laggard without innovation and reinvention.
Why can't some companies reinvent themselves?Management consultant and bestselling business author Jason Jennings finds that the problem often boils down to four issues -- attachment, ego, control and complacency. Lead your market by ditching those innovation killers and following these rules:
Forget yesterday's breadwinner. Every product has a life span--don't hang onto your Big Idea until it's on life support, Jennings says in his new book, The Reinventors: How Extraordinary Companies Pursue Radical, Continuous Change (Portfolio/Penguin, 2012).
Don't get attached to a product or way of doing business, he says. Form an advisory committee with several trusted customers who will give you feedback on what your business is doing well and what needs to be improved. Then, act on their suggestions. Visit and read about competitors and successful businesses in other sectors to see how they're growing and changing and get ideas that you can apply to your own products and services.