business

5 Signs Your Company Needs Some Innovation

Vince DiCecco is a dynamic and sought-after seminar speaker and author with a unique perspective on business development and management subjects, primarily in the decorated- and promotional-apparel industries. With more than 20 years of experience in sales, marketing and training, he is presently an independent consultant to various apparel-decorating businesses looking to improve profitability and sharpen their competitive edge. Visit his website at ypbt.com, and send email to Vince@ypbt.com.

As in most 12-step rehab programs, recognizing there’s a problem initiates the road to recovery. There are similar signs and symptoms that alert a business that its persona has become stale. Grab a pencil and record your answers to these questions about the recent activities in and around your shop. 

  1. Do customers ask for your products to perform better, last longer, and cost less than ever before? Are your customers’ demands and desires changing faster than you’ve been able to adapt? 
  2. Do customers appear unimpressed because they see little to no difference between your company and your competitors when there was once a significant competitive advantage? 
  3. Is your business focus turned inward rather than outward? For example, is more time spent redefining company policies and procedures for the convenience or survival of the enterprise rather than enhancing customer relationships and improving customer service? 
  4. Has your staff suddenly turned bored, surly, or obsessed with their well-being? Do they express opinions in an apathetic, cynical tone? 
  5. Have the last new product introductions been minor modifications in style, color, or size that don’t offer any additional functionality or benefit to your customers? If you answered yes to as few as two questions, your image may be on the decline with your goods and services approaching obsolescence.

Your company stands to measurably gain if you were to launch a campaign strategy of innovation.

Find more business tips and insights from Vince DiCecco here