You have to improve (your core business) today in order to innovate for tomorrow. Otherwise, you won’t have money to bring your innovation to life.
While it sounds logical, it’s often the other way around – companies try to innovate without improving what they’re already doing. And this doesn’t only mean improving the service or product, but implementing efficient processes to all parts of the business. Starting from hiring processes, production, marketing, sales, logistics, to the management systems.
Efficiency equals profit.
Without improving current business, the company is not as efficient and not as profitable as it could be.
Without profit you won’t have money to innovate. Bringing any innovation to life requires resources.
Improve first and then innovate.