The April 28 issue of Business Week lists the 25 Most Innovative Companies as compiled by the Boston Consulting Group. It’s a fascinating read. What stands ot from reading the article is the commercial value of investment in the business.
- Apple has rocketed to #3 in the smartphone marketn because of innovation which came our of investment in the business.
- Google is, well, Google, the leader in online search. Lasst year they increased R&D spending by 72%.
- Wal-Mart is turning itself around by investing in sustainability.
Check out the full list in Business Week for yourself. Some of the companies on the list have faced life or death challenged. They invested their way out to a brighter future. This spoke to me and the challenges newsagents face – except that we are not investing our way out. Our shop fits are, for the most part, not changing. Our product mix is, for the most part, not changing. Our margins are, for the most part, where they were twenty years ago. Our operating costs are worse.
How great would it be for Australian newsagents to be judged the most innovative retailers? For that to happen we need to boldly act and invest – in our own businesses and collectively.