Innovation [re-]emerges as a survival strategy

The report, Managing in multi-speed economy: Current State of Play, found jump in the number of New Zealand companies who are less optimistic for this financial year (72% up from 59% last year).

But it also found companies are turning to innovation as part of their survival strategy.

Newport Consulting MD David Hand says the report shows significant change in the business community’s mood over the last three years, since the report’s inception, especially the impact of rising costs on selling prices.

According to Newport Consulting, New Zealand companies must consider the following key questions in order to capitalise on growth through new products and services:

What is your go-to-market strategy and transactional business model for your new products or services?

Can these new products and services link to the global market through participation in or support of exporting sectors?

Are staff engaged around new products or services and is your team aligned to new strategic direction?

What is your business strategy for realising this growth and are you operationally equipped to sustain it?

Survey respondents ranked seeking new products and services as the highest source of future growth. This was followed by improved service, then increased sales with existing customers.

Other opportunities identified by New Zealand business leaders for the financial year ahead include skills development (58%) and productivity (51%).

www.newportconsulting.com.au/

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