Having an Innovation plan when you move into the Resource Maturity stage is critical. Any resource maturity plan will help define your resource management strategy, analyze the core elements of operational stages, and highlight the actions that need to be prioritized. However, specifically addressing innovation will be the key to your sustainability as an organization.
Effective resource maturity plans are not white paper commodities. The concept is not rigid, and the product is not purely academic. Strategic planning is required to advance any organization, regardless of its size. To do so, you’ll need to develop a dynamic system that allows for quick innovation.
What is the Resource Maturity Stage?
Identifying your business’ relativity to the resource maturity stage is the first step. The fastest way to start is to recognize the 5 crucial stages of development: Existence, survival, success, take-off, and resource maturity, and assess where you are in your business. Too many businesses overlook the latter stage or fail to implement an effective strategy to grow beyond the first few stages. This results in an inability to expand effectively and innovate which leads to the business becoming stagnant and losing market value.
Key Elements of the Resource Maturity Stage
At the resource maturity stage, your business faces several potential challenges:
- Adapting to rapid expansion
- Anticipating and accounting for progress limitations
- Acknowledging responsibilities to clients and shareholders
- Allocating resources to work, in line with these fundamentals
If your business is at this stage, it’s likely that you have good controls in place to address most of the challenges. At this point, you’ll want to review which of these needs improvement or can provide economies of scale. When you do this, you’ll end up with systems that are efficient and productive, and you’ll continue to mature organically.
The Importance of Innovation for Growth
A company or business irrespective of size can’t expect to develop, remain profitable or hold market share if it is not constantly innovating and improving. Competitors of every business in the world are watching to see what has been successful, what is trending and what is yet to be done. They learn from examining your products and services and can sometimes employ strategies with a significantly reduced investment.
If you don’t constantly analyze your processes, workforce, products and services, you’ll lose your market share and potentially your business. Innovation is imperative for growth, for development, and for business in general.
Ultimately, a successful business is built on strong planning, analysis, comprehension, and execution. As the business evolves so must its ability to refine its role and clarify its objectives. Market trends, economic changes, and development potential are all fluctuating elements in an operational business life-cycle. Innovation and proper resource allocation is key to the success of any business enterprise.
If you’ve reached the Resource Maturity Stage within your business and need assistance with improving your financial systems so that you can focus on innovation, give me a call. I’d be happy to help.