Reducing Uncertainty for Small Businesses

5:03 am in Advertising, Business by Taimour Zaman

?The blog post Reducing Uncertainty by Lynda Morgan deals with the dilemma small businesses face when it comes to marketing. The issue is that many small businesses will try to spend small amounts on marketing here and there but are often disappointed with the results. I like this article because it delivers a methodology that small businesses can use when marketing instead of just spending money and hoping it pays off. The methodology is essentially to survive we must innovate but to innovate we first need to learn what will work. To learn what will work you must prove hypotheses in some measurable way.
The article talks about how leads towards innovative ideas are often hidden and how it?s a mistake to assume leads will come from where they were found in the past. Much like the stock market past leads are historical there may or may not be more there. The article uses the example of a website it may currently not be producing many leads but with some investment it?s possible it could generate many more. As a result the only way to find leads is to explore.
Lynda explores one of GE?s innovative ideas, cutting the bottom 10% of their workforce every year. She explains that theoretical arguments can be made for both sides. On one side you cut the bottom 10% and bring in new more productive people but on the other hand people now spend ranking all of the employees. For GE this appears to work but you have to apply it to our businesses structure before assuming it would work for you.
I encourage all of you to read Lynda?s article and share your thoughts on her system of innovation. It?s a long read by well worth your time if you?re currently struggling with how you can make your business more innovative.??Matt Smith
http://thealternativeboardoshawa.blogspot.ca/2012/07/reducing-uncertainty.html

Source: http://www.onemillionactsofinnovation.org/reducing-uncertainty-for-small-businesses

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