Lessons for Rebirth
8. Embrace technology and modernization.
Always be on the search for ways to improve the operation of your business and the delivery of your product or service. Accordingly, budget for new expenditures, whether you spend the money or not. Each week and each month put money aside for the eventual upgrading of your equipment. Make it a line item in your cash-flow projections. This way, when it’s time to make the purchase, you won’t be struggling to come up with the cash or secure financing.
Despite the need for advancements, remember that there are many companies that hardly change and are very successful. Never lose focus of what is most important to your customer.
Task: Study other industries for innovation. Think outside the box by actually going outside the box.