Tools to help improve your Small Business
A small business is an exceptional investment that will not only increase in value with improved performance, but it will also provide the owner employment, an above average return, a sense of achievement and, in some cases, noncash benefits. But every business owner needs to look at the future, and ways to grow the business. A few years ago, the Harvard Business Review published an article which offers some interesting thoughts on how to grow and innovate in business. The article talks about a “tool” they have named the “Innovation Ambition Matrix” which (essentially) suggests that businesses should invest;
- 70 per cent of energy and effort into serving your existing markets and customers,
- 20 percent of energy and effort into branching into “new to the company” business activities
- 10 per cent of energy and effort into developing “breakthrough” products or services.
(copyright: https://hbr.org/2012/05/a-simple-tool-you-need-to-mana)
This concept is particularly relevant today where disruptive technologies and methods are challenging traditional business models.
- Look after your core business,
- Look for strategic opportunities
- Develop a “breakthrough” for markets that don’t yet exist.
Read the full article from the Harvard Business Review about the Innovation Ambition Matrix here:
https://hbr.org/2012/05/a-simple-tool-you-need-to-mana
Benchmark Business Sales and Valuations
