Innovation seems to be the new buzz word in business. But what exactly does it mean? To put it simply, it is a process used to create opportunities for growth. However before innovation can occur, a company must be ready to change and “confront reality” as to where they are in the company’s business lifecycle.
Due to the recent economic downturn, companies had been cutting costs to slow down a decline in profitability, and now many are finding their survival is at stake. These are the companies that need to retool and ‘innovate’ in order to grow once again.
CMTC – California Manufacturing Technology Consulting – is a not-for-profit consulting company that works with Riverside manufacturers to develop creative solutions that lead to profitable growth. CMTC does this through a process that helps their clients understand where they can maximize creativity, streamline efforts to analyze and commercialize ideas, and enhance employee output.
CMTC understands that the world is changing and you need to be changing faster than the marketplace if you want to stay relevant and competitive – speed to market is critical and businesses need to be prepared with a sound strategy to accomplish this. Your company’s readiness to innovate begins with asking the following questions:
- What has been the revenue trend of your company over the past three years?
- In your opinion, where does your company fall on the “Confront Reality” chart?
- What new services or products have you introduced in the past three years?
- What percentage of your sales today are from services and products you didn’t offer three years ago?
- Do you think your profit margin is higher or lower than your competition?
- What is the number of full-time employees you have now as compared to three years ago?
- What is your strategy for business growth?
- Do you have a process of developing innovations?
- How long does it take you to deliver new innovations?
- Would you buy your company if it was on the market today? How much would you pay for it?
After analyzing the answers to the above questions, CMTC in partnership with the client is better equipped to create an organizational structure that allows the business to process ideas and innovation at an increased speed and decreased risk. To find out more about CMTC’s Innovation Engineering, click here for an informative video.
To measure your company’s readiness and start on your path to innovation and growth email Shanon Summerour or reach her at 310-971-6178 to schedule an appointment. For more information on CMTC, check out their website at www.cmtc.com.