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Eight Ways to Balance Business Innovation With Financial Stability

  • 📰 RollingStone
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Experimenting with a new product or service shouldn’t come at the expense of your core business.

Content created by members of Rolling Stone Culture Council Rolling Stone Culture Council is an invitation-only network of industry professionals who share their insights with our audience.Opinions expressed are solely those of the author and do not reflect the views of Rolling Stone editors or publishers.

Innovation must be based on tangible customer needs. The key is to find out what your customers’ biggest problem is and figure out how to solve it — before you create the solution. That way, you reduce financial risk while ensuring your end product will be well-received by your customers. – There is something called your “bread and butter” — the incremental money that pays your bills. Start there. Then, analyze your choices for innovation to implement by the approximate cost of time and money. Next, prioritize them based on whether or not you can handle that innovation’s delivery relatively easily if successful. –

 

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